Regulatory News

To encourage the development of new technologies for the oil sector in Brazil, the federal government announced the launch of Inova Petro, a program with initial funding of $3 billion. This amount will be divided between two state agencies, the National Bank for Economic and Social Development (BNDES) and the Brazilian Financing Agency for Studies and Projects (FINEP), which will fund domestic suppliers of equipment and materials.

"No project that is not developed in the country will be supported by Inova Petro. We will not approve tropicalization projects or adaptation of technologies developed abroad," said Glauco Arbix, president of FINEP. The funds will be granted to companies that are aimed at developing technologies for oil exploration in the sub-salt.

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