November 30, 2016 / 9:50 AM / 8 months ago

Brazil allows oil firms other than Petrobras to participate in sub-salt projects

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SAO PAULO, Nov 30 (Reuters) - Brazil's President Michel Temer has signed a law authorizing companies other than Petroleo Brasileiro SA to participate in offshore subsalt region oil projects.

According to Wednesday's edition of the government's official gazette, the law modifies 2010 rules requiring all new developments in the so-called Subsalt Polygon offshore area be led by Petrobras. The new law gives Petrobras right of first refusal to operate subsalt projects and take a minimum 30 percent financial stake in all subsalt projects. (Reporting by Ana Mano; Editing by Greg Mahlich)

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