Brazil oil group expects bill ending subsalt exclusivity soon

June 2, 2016 9:58am EDT

Brazil’s lower house of Congress could pass a bill in July ending the exclusive right of state-run oil company Petrobras to operate new projects in the deep-sea offshore area known as the subsalt, the head of Brazil’s oil industry association IBP said on Thursday.

Jorge Camargo, speaking at a swearing in ceremony for new Petrobras Chief Executive Pedro Parente, said the government of interim President Michel Temer is showing urgency in helping Brazil’s oil industry recover. (Reporting by Jeb Blount, writing by Stephen Eisenhammer; Editing by Chizu Nomiyama)

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