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Brazil Opens Offshore Oil Market to Foreign Investors

Earlier this month on October 5th, Brazil’s congress approved the key points of a polarizing bill, which would allow foreign investment in the nations offshore oil fields. The bill overturns parts of a 2010 bill which was aimed at increasing government control over the lucrative oil fields. This law mandated that the state-run oil company, Petrobras, be the lead operator and hold a minimum of a 30% stake in any offshore drilling operations in so-called “pre-salt” fields.
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