At OTC, Brazil touts reforms in hopes drillers will invest

Plagued by recent corruption scandals, Brazil is working to lure oil companies to new exploration contracts, offering the most offshore acreage in its history and promising to lower local content requirements, taxes and royalties for riskier investments.

The South American country plans to auction off 287 exploration blocks in 10 separate bidding rounds over the next three years, an effort that could lift Brazil’s daily oil production by 2 million barrels over the next decade, Brazilian energy officials said at the Offshore Technology Conference in Houston on Monday.

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