Brazil moves to boost control over new oil wealth

Brazil's state-run Petrobras (PETR4.SA)(PBR.N) said it will be the sole operator of new subsalt fields under a major oil reform proposed on Monday by President Luiz Inacio Lula da Silva.

The proposal to develop massive oil reserves off Brazil's coast calls for a switch to production-sharing agreements from the existing concession systems, and creates a new state-owned holding company to manage subsalt projects, it said in a filing to Brazil's securities regulator.

Lula is due later on Monday to present Congress with the proposal to revamp the country's oil laws to develop massive oil reserves off the southern coast that he wants to use to tackle poverty and propel Brazil to developed status.

Read Full Article from Reuters

- Posted: 2009-08-31 10:55:38

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