Regulatory News

Dilma Rousseff has decided to veto the article that would have changed the rules on the distribution of royalties from oil fields already tendered. The measure was celebrated in the states of Rio de Janeiro and Espirito Santo where more than 80% of Brazilian oil is produced. Governors and lawmakers from other regions have announced that they intend to fight for the project approved by Congress last month, which equally redistributes royalties from current and future bookings among all the country’s cities and states.

With this decision, the contracts signed earlier are maintained. The new distribution rule, which equates producers and non-producers of oil, only applies to future discoveries. The money from the royalties of the fields that were not tendered will be devoted entirely to education.

Now, it is up to Congress to analyze the new content prepared by the government. More controversy is expected, this time led by deputies and senators from states where there is no significant oil production.

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