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Brazil contemplating changes in oil law
08/24/2009
Brazil's President Luiz Inancio Lula da Silva expects to send proposed changes in the country's oil laws to Congress within 2 weeks, he announced during an Aug. 18 speech in Rio de Janeiro state.Specifically, Lula is contemplating laws that would regulate the exploration and development of a presalt oil region offshore. Discussions include possibly setting up a new state-owned company that would manage subsalt development.Previously, some concessions were granted to various oil companies, including ExxonMobil Corp., BG Group, Hess Corp., and Royal Dutch Shell PLC as well as Brazil's own Petroleo Brasileiro SA (Petrobras).Shell spokeswoman Kelly op de Weegh recently told Forbes.com that Sh...
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