BRASILIA Oct 14 Brazil on Monday named engineer
Oswaldo Pedrosa as president of a new state-owned oil company
created to help guide development of the offshore Libra area oil
The government plans to sell rights to develop the area at
an auction on Oct. 21.
Pedrosa will head Pre-Sal Petróleo SA, also known as PPSA,
which will receive the government's share of oil produced from
the Libra area under a new production-sharing model as well as
supervise the winning group's production in the Libra area.
Libra is believed to hold 8 billion to 12 billion barrels of
oil, the largest oil area ever discovered in Brazil.
PPSA will have an initial budget of 15 million reais ($6.9
million), Mines and Energy minister Edison Lobão told reporters
Pedrosa worked for 30 years at state-run oil giant Petroleo
Brasileira SA, known as Petrobras. Since 2010 he has
worked for private oil and gas exploration company HRT
Participações em Petroleo SA.