Regulatory News

The government has decided to move up the auction on Libra field in the Santos Basin by a month. This is the largest oil reserve ever discovered in the country. The decision to transfer the auction from November to October is due to the potential of the deposits in that region which could reach up to 12 billion gallons of oil, according to estimates by the National Petroleum Agency (ANP). Currently, the largest producing field in Brazil is Marlim, which has 2 billion barrels of recoverable oil.

Under the new rules approved by Congress for fields in the subsalt areas, Petrobras will have to participate as 30% operator of Libra even if it is not part of the winning consortium.

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