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Brazil to Lower Oil Industry Local Content Rules by Half

Source: Reuters 2/22/2017, Location: South America

Brazil's government said it would relax local content rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves.

Mines and Energy Minister Fernando Coelho said the new rules would lower the local content requirements by half, adding that the level in the exploration of offshore oil fields would be 18 percent.

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