Regulatory News

The Brazilian and French governments will sign a cooperation agreement in order to prevent accidents in exploration of offshore blocks located in the region of Foz do Amazonas, which will be auctioned on May 14 and 15 in the National Petroleum Agency’s 11th Bid Round.

When the regulatory agency announced the auction block in that area, the French authorities expressed concern about the risk of oil spills since ocean currents in the north of Brazil flow toward French Guiana.

The cooperation agreement between the two countries will be the first document of its kind ever signed in Brazil. This is because up till now all production has occurred in areas that do not share boundaries with other nations.

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