Oil sector reforms planned by Brazilian interim President Michel Temer’s marketoriented transition government are taking a backseat to new political scandals. Changes to rules governing Brazil’s oil and gas sector are a key part of Temer’s plan to attract investment. His new oil minister, Fernando Coelho Filho, and the new chief executive of state-controlled oil firm Petrobras, Pedro Parente, have been laying the groundwork for long-awaited oil sector reforms. The industry’s wish list includes a relaxation of strict local content rules that require the use of domestically sourced goods and services; the elimination of a legal provision that mandates a minimum 30pc operating stake for Petrobras in all sub-salt projects; more flexible rules for oil transshipment in Brazilian waters; and clearer rules on unitisation of interconnected fields. A proposal that would allow firms other than Petrobras to operate sub-salt projects has already passed the senate and is now under consideration in the lower house of parliament.
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