Brazil may change law to let Petrobras sell stakes in offshore fields

Brazil may change law to let Petrobras sell stakes in offshore fields

Brazil’s government could change the law to allow troubled state oil firm Petrobras to sell stakes in some offshore oil blocks that were originally given exclusively to the company without auction, according to Reuters.

With Petrobras heavily in debt and struggling under the cloud of its huge bribery scandal the best way to maximize development of these so-called transfer of rights areas could be to allow in other oil companies or investment firms to share the load. The country’s Oil and Gas Secretary expressed that view in interviews in Rio de Janeiro.

The areas, which Petrobras acquired in 2010, are believed to contain five billion barrels of oil and gas equivalent.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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1 Comment

  1. Avatar
    Leila
    October 4, 2016 at 9:36 pm

    The superior race keeps stealing the third world!