The management of Brazilian state-controlled Petrobras is questioning the efec- tiveness of the production-sharing contract (PSC) model that governs pre-salt acreage, raising the possibility of a return to industry-preferred concession terms. The PSC model in Brazil is “not efcient”, Petrobras chief executive Roberto Castello Branco says. Castello Branco on 20 August called for either ending the PSC terms or removing the geographic pre-salt polygon designating the contract model. Blocks outside the polygon are already governed by the concession model, even if they have pre-salt potential. Industry leaders and some politicians have discussed similar proposals since the production-sharing model was established in the country’s 2010 petroleum law.
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