Strong interest after Brazil lifts Petrobras pre-salt obligations

Petrobras is already seeing positive reaction to last week’s decision by the country’s Congress to relieve the state oil giant of its offshore obligations in the pre-salt area, according to Bloomberg.

Pedro Parente, the CEO of debt-laden and scandal-plagued Petrobras, says that international companies began contacting the firm since the Congress voted remove the rules requiring Petrobras to assume at least 30% ownership of all pre-salt projects and to operate them.

Parente said that on the day after Congress’ vote Petrobras received inquiries from seven “big companies” interested in investing. The liberalizing policy is intended to increase investment and to improve production efficiency of the country’s oil and gas sectors.

The vote to open Brazil’s energy production sector to competition comes at a time when Petrobras is also selling assets to ease its huge debt burden.

The pre-salt region is believed to contain vast hydrocarbon resources trapped beneath a thick layer of salt which is itself beneath the floor of the Atlantic.


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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