Regulatory News

After an eight-year process, IBAMA denied a license to El Paso Óleo e Gás do Brasil to explore for oil in the Pinaúna field, 11 km from the island of Boipega in the southern part of the state of Bahia. The company had been awarded the concession in 2000 and for six years IBAMA did not deny the oil exploration license. However, due to its proximity to the coral reefs, mangroves and marine life as well as sea turtles which are threatened with extinction, IBAMA made the decision to deny the license. The objective is to avoid a potential leak in the area since the American company has not explored existing cutting edge technology to minimize the impact.

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