Brazil Opens Oil Fields to Foreign Firms in Key Policy Shift
- Congress approves liberalization of huge pre-salt deposits
- State-run Petrobras no longer sole operator of offshore area
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Brazil’s Congress voted on Wednesday night to open up its pre-salt oil fields to foreign investors by scrapping Petroleo Brasileiro SA’s obligation to be the area’s sole operator.
The legislation was approved by a 292-to-101 vote, following a bad-tempered debate during which opponents, many dressed in the orange jumpsuits of the state-controlled oil company, repeatedly attempted to delay proceedings. Various amendments to the legislation will be debated next week before President Michel Temer signs it into law.