Brazil still mulling Libra local content waiver

Brazilian oil regulator ANP is still analyzing a request by state-run firm Petrobras to waive local content rules for the ultra-deepwater Libra field, according to one of the agency's top officials.

Petrobras sought dispensation from the rules last year, claiming the Libra pilot production project would only be viable with greater participation from foreign service firms.

"It's very complex and depends on a lot of information ... but we hope to have an answer as soon as possible," ANP director Aurélio Amaral was quoted as saying by state news service Agência Brasil.

The government launched a public consultation to debate the request in April.

In February, the energy ministry reduced minimum percentages of locally sourced goods and services required in E&P contracts.

But Petrobras has claimed the changes are not enough to make Libra commercially viable, citing the uncompetitive nature of the local supply chain.

Petrobras holds a 40% operating stake in Libra alongside Shell (20%), Total (20%), CNPC (10%) and CNOOC (10%).

Trapped beneath a thick layer of salt deep below the Atlantic seabed, the field is home to some of the world's largest recent oil and gas discoveries and holds estimated reserves of 8-12Bboe.