Brazil pre-salt rules to be 'corrected' - lawmaker
Brazil will lift restrictions on foreign firms in pre-salt projects as early as this year, the president of the country's lower house said on Friday.
A June 30 sitting of Brazil's senate will discuss whether to end an obligation for state-run firm Petrobras to hold a minimum 30% operating stake in pre-salt fields. The bill would then be directly passed to the lower house, said the chamber's president Eduardo Cunha, of the centrist PMDB party.
"We made a mistake by changing pre-salt to a production-sharing model from concessions," Cunha told reporters on Friday. "The obligation for Petrobras to participate will be corrected. Whether there will be a change in the model I don't know."
The proposal by senator José Serra of the opposition PSDB party was presented to congress in March. According to Serra, a change in the law would allow Petrobras to cut its "absurd" investment program as it struggles to overcome the impact of a corruption scandal and sinking crude prices.
Located off Brazil's southeast coast, the pre-salt fields are tucked below a 2km-thick carbonate crust under the Atlantic seabed.
Local hydrocarbons regulator ANP estimates the area's oil and gas potential at more than 35Bboe.
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