Related Articles
Forward article link
Share PDF with colleagues

New laws place Brazil's oil and gas firmly under state control

Policy decisions hand Petrobras significant control of Brazil's offshore oil resources, pushing private-sector explorers to look to shallower waters

BRAZIL'S government has passed long-awaited legislation that will enhance the state's control over the country's oil industry. The Senate passed two important bills last month that will transform the industry. Despite predictions of roadblocks – with President Luiz Inácio Lula da Silva's term set to end on 1 January 2011 and much of the football-mad country brought to a halt by the World Cup – the ruling party was able to muster enough votes to pass a law authorising the government to transfer drilling rights for up to 5bn barrels of oil equivalent to state-controlled Petrobras, as well as participate in the company's planned rights-issue. Petrobras says it will continue talks with the gove

Also in this section
Interview: Energean's Mathios Rigas targets East Med success
19 July 2018
Energean’s boss reveals the secrets of his small company’s big success in the Eastern Mediterranean
Serica sanguine on Iran sanctions
13 July 2018
The firm's historic links to Iran are in the spotlight as US sanctions resume
The return of cautious optimism in the North Sea
13 July 2018
The UK’s North Sea hub, braced for production declines, has received a boost from new investments and revived interest from the supermajors