Law signed by the President this Tuesday (29 November) gives Petrobras the right, but not the obligation, to participate in exploration blocks
Published: Nov 29, 2016 09:03 PM
President sanctions new pre-salt regulations during a ceremony at the Presidential Palace
The new regulatory framework for the pre-salt layer will re-energize and give new impetus to the sector. For President Michel Temer, who sanctioned the new rules on Tuesday (29), the measures will also encourage job creation in the country.
With the law, Petrobras will be able to choose whether or not to operate in the oil exploration blocks of the pre-salt layer. Beforehand, the State-owned oil company was required to participate in at least 30% of any block hired under the shared management regime, regardless of having the resources to do so. The change gives Petrobras more autonomy and flexibility to plan ahead.
“This bill re-energises the oil and gas sector. It creates new impetus,” Temer said during the ceremony held to sanction the law.
For the President, the measure encourages job creation by allowing the inclusion of other sectors in the pre-salt exploration. “I feel that, at this moment, we are enacting a measure for the benefit of Brazil,” he said.
After signing the bill, Temer said the subject was particularly important to him because he considers it “a bit exaggerated” that Petrobras be required to participate in each and every enterprise.
During his remarks, the president praised Pedro Parente’s tenure at the helm of the oil company. Over the past five months, he said, the company went through adjustments and saw its market value rise.
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