Brazil’s Senate approved legislation that relieves Petrobras of its role as sole operator and mandatory stakeholder in so-called pre-salt deepwater oilfields, potentially allowing the state-run company to direct resources to more profitable operations.
Legislators on Wednesday night voted 40 to 26 in favor of the bill, which was introduced by opposition Senator Jose Serra and now goes to the lower house of Congress for consideration. The legislation eliminates the requirement for Petrobras to operate all pre-salt operations and hold a minimum 30 percent stake in the projects, while giving it first dibs to explore an area if it so chooses.
President Dilma Rousseff’s coalition is divided over the bill, with some legislators in her party saying it amounts to giving up sovereignty over fields that hold some of Brazil’s largest oil reserves. Yet Senate President Renan Calheiros, a member of the ruling alliance, has said repeatedly that Brazil must limit the state’s role in the economy to revive growth. Proponents also say the bill would reduce the oil company’s financial burden.
Brazil Energy Insight 
Is this the same government that, not too long ago, decided it needed some cash, “gave” Petrobras some pre Sal blocks and lifted the money out of their account? Without PB board evening voting?
John Chadderdon, CEO Quest Offshore Resources, Inc. Office: +1 (281) 491-5900 Mobile: +1 (832) 443-0239
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This is the mess that the Workers Party did at Petrobras. The same party that has been against the privatization of Petrobras and now is selling assets to survive. If that is not privatization I don’t know what. Thank god some politicians and the present Petrobras administration have seen the light and taken the first step towards saving the company and the oil industry in Brazil. After Senate vote goes to the house where there is more opposition to the bill and eventually to Dilma to sanction the law. Still got a long way to go.
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Does this mean they can seek what they already have?
John Chadderdon, CEO Quest Offshore Resources, Inc. Office: +1 (281) 491-5900 Mobile: +1 (832) 443-0239
Sent from my iPad
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