RIO DE JANEIRO, Feb. 26 (Xinhua) -- Brazilian state oil company Petrobras announced Monday that it had reached a deal with environmental authorities to pay 100 million reais (about 31 million U.S. dollars) as a fine for releasing wastewater from oil production into the ocean.

The agreement, reached with the Brazilian Institute of Environment and Renewable Natural Resources (IBAMA), stipulates the money must be invested in conservation and biodiversity projects of sea and along the coast.

The fine is linked to the illicit dumping of wastewater from 28 oil platforms in Cuenca de Campos off the coast of Rio de Janeiro.

Petrobras needs to ensure that the liquid from its platforms meets the requirements of the National Environmental Council in the coming two years.

The oil giant needs to have boats on hand and an airborne control service over the area of its platforms to guarantee these requirements are met.

According to IBAMA, this agreement creates more stringent controls for the quality of wastewater from oil platforms.