Brazil's Senate Passes Bill to Relax Petrobras Hold on Subsalt

Source: Reuters 2/24/2016, Location: South America

Brazil's Senate approved a bill that ends a requirement that state-run oil company Petroleo Brasileiro SA operate all new developments in an offshore region known as the Subsalt Polygon and provide at least 30 percent of investment.

The bill passed with 40 votes in favor versus 26 against. If passed by the lower house of congress and President Dilma Rousseff, the bill will overturn parts of a 2010 law seeking to increase government control of giant new offshore oil and gas resources.

The 2010 law has been criticized for limiting foreign investment in the Poligon, a region off Brazil's coast near Rio de Janeiro where large resources lie far beneath the seabed by a layer of mineral salts.


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