- Brazil’s congress is likely to pass a landmark bill that could ease financial pressure on state-controlled Petrobras (PBR -6.6%) by opening the country’s biggest offshore oil discoveries to greater foreign and private investment, Financial Times reports.
- The bill, which could pass as soon as September, is aimed at stimulating much needed investment into one of the world`s most promising oil exploration areas; oil majors such as Royal Dutch Shell (RDS.A, RDS.B), which so far have been permitted to participate in the pre-salt only as financial partners to PBR, have indicated their interest in becoming operators should the rule change.
- The bill has gained strength in recent days with support from the leader of the senate, whose party dominates both houses of congress; Pres. Rousseff has publicly opposed the proposal, but her ability to block the bill is seen as limited.