Offshore Activity

Elections over, Brazil tackles unpopular spending reforms and the rules for the exploration of Brazil’s vast offshore oil reserves

Brazilian President Michel Temer’s government introduced to Congress on Tuesday a landmark constitutional amendment to cap public spending, seeking to press ahead with unpopular reforms in the wake of last weekend’s municipal elections.

The lower House is also expected to vote on Tuesday on a bill that changes the rules for the exploration of Brazil’s vast offshore oil reserves in the costly subsalt layer, aimed at boosting private investment in the oil industry.

The proposal removes the obligation for scandal-plagued, debt-ridden state oil company Petrobras to be the only operator of these oil fields and have a minimum 30 percent stake in their development.

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Categories: Offshore Activity

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