Bill would loosen Petrobras’s presalt grip

Domination by state-owned Petroleo Brasileiro SA (Petrobras) of presalt licenses offshore Brazil would cease under legislation approved Feb. 24 by the Brazilian Senate.

The bill, opposed by an important labor party, would remove requirements that Petrobras hold interests of at least 30% in presalt blocks during exploration and operate presalt development projects.

The requirements have been blamed for limited interest shown by international operators in presalt licensing. They also have strained Petrobras, now rocked by a sweeping bribery scandal.

The Lower House next will consider the bill.

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