Brazil to open subsalt to some non-Petrobras oil operators -source

May 10, 2016

Brazil plans to publish regulations in coming days to allow companies other than state-run Petrobras to operate some oil production-sharing contracts in the Subsalt Polygon, a source participating in discussions of the rules told Reuters.

The rules will only allow non-Petrobras companies to operate Subsalt Polygon blocks if the blocks are sold to unitize oil fields connected to existing areas already leased under concession contracts signed before new production-sharing rules took effect.

Under the production-sharing rules, Petroleo Brasileiro SA, as Petrobras is formally known, is the only company allowed to operate oil and gas exploration and production blocks in the Subsalt Polygon, an offshore area near Rio de Janeiro where some of the world’s largest recent discoveries have been made. (Reporting by Rodrigo Viga Gaier; Writing by Jeb Blount; Editing by James Dalgleish)

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