Offshore Activity

Update – Brazil should pass law easing Petrobras subsalt rights this year: IBP

A bill ending the requirement that Brazil’s state-controlled oil company Petrobras lead all new projects in the country’s Subsalt Polygon region should become law by the end of the year, the president of 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.

If such changes are not passed there is a chance that oil rights auctions planned for next year could fail like other recent auctions, IBP President Jorge Camargo said at a conference in Sao Paulo.


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