Senate passes bill to relax Petrobras hold on subsalt in Brazil

Brazil’s Senate on Wednesday approved a bill that ends a requirement that Petrobras operates all new developments in an offshore region known as the Subsalt Polygon and provide at least 30 percent of investment according to reports by Reuters.
The bill passed with 40 votes in favor versus 26 against. If passed by the lower house of congress and President Dilma Rousseff, the bill will overturn parts of a 2010 law seeking to increase government control of giant new offshore oil and gas resources.
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