Aug 31 The Brazilian government and state-controlled oil company Petróleo Brasileiro SA could finalize a thorough revision of contractual terms for the exploration of a vast offshore oil region before year-end, a senior official said on Wednesday.

The revision of a clause granting Petrobras the right to operate a minimum 30 percent of exploration and production areas in the so-called Subsalt Polygon could be concluded as early as September, said José Botelho, the head of oil exploration and production policies at Brazil’s Mines and Energy Industry. (Reporting by Marta Nogueira; Writing by Guillermo Parra-Bernal; Editing by Chizu Nomiyama) Reuters