Brazil’s oil sector hopes that the government will scrap a geographic designation for upstream contract terms, in favour of more fexible rules. Production-sharing terms govern sub-salt licences in a specifc offshore area known as the sub-salt polygon, while all other assets fall under a traditional concession model. Giant sub-salt discoveries from 2006 prompted Brasilia to pass legislation that established the polygon, a region situated between Rio de Janeiro and Sao Paulo states. The area mainly covers assets in the Santos basin.
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