Brazil Oil Panel Approves Petrobras as Sole Pre-Salt Operator
By Katia Cortes
Nov. 11 (Bloomberg) -- A Brazilian lower-house committee voted to make state-controlled Petroleo Brasileiro SA the sole operator of new oil fields in the so-called pre-salt area and holder of at least 30 percent of any venture in the region.
The bill, which still requires floor approval before being sent to the Senate, also determines how oil royalties will be shared between the federal government, states and municipalities.
The proposal was first sent to congress by President Luiz Inacio Lula da Silva on Aug. 31.
To contact the reporter on this story: Maria Luiza Rabello in Brasilia Newsroom at 1604 or mrabello@bloomberg.net
Last Updated: November 11, 2009 09:54 EST
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