Nov 30 Brazil’s President Michel
Temer has signed a law authorizing companies other than Petroleo
Brasileiro SA to participate in offshore subsalt
region oil projects.
According to Wednesday’s edition of the government’s
official gazette, the law modifies 2010 rules requiring all new
developments in the so-called Subsalt Polygon offshore area be
led by Petrobras. The new law gives Petrobras right of first
refusal to operate subsalt projects and take a minimum 30
percent financial stake in all subsalt projects.
(Reporting by Ana Mano; Editing by Greg Mahlich)
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