Offshore Activity

Brazil should pass law easing Petrobras subsalt rights this year -IBP

A bill ending the requirement that Brazil’s state-led oil company Petrobras lead all new projects in the country’s Subsalt Polygon should become law by year end, Jorge Camargo, president of the country’s oil industry association IBP, said on Wednesday.

Petroleo Brasileiro SA, as the company is formally known, has repeatedly said its debt and financial problems have made it impossible for it to take part in large new investments in the Polygon, an offshore region near Rio de Janeiro where several of the world’s largest recent oil discoveries have been made. (Reporting by Jeb Blount)

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