Eric Watkins
Senior Correspondent

LOS ANGELES, July 3 -- The chief executive officer of Brazil's Petroleo Brasileiro SA (Petrobras), revisiting proposed changes in the country's oil law, said the state firm will present a new business plan later this year.

Sergio Gabrielli, speaking at the 4-day World Petroleum Congress in Madrid, said the company is revising 25 projects to be included in the new plan, which also would include developments in Brazil's promising presalt offshore area.

Gabrielli's statement appears to differ from an earlier decision by the government to withdraw 41 promising oil blocks in the presalt area from a coming exploration and production block auction.

According to reports, the blocks were withdrawn while ministers consider changes in the country's oil legislation that would guarantee a higher percentage for the government from crude oil production.

Under the current system, oil companies purchase a concession from the Brazilian government to explore for oil within the area of a defined block, often in partnership with Petrobras.