Brazil Mulls Easing Local Content Rules In Older Oil Contracts
Brazil’s oil regulator may allow companies to apply more flexible local content rules to preexisting E&P contracts, the agency chief said on July 18, in a bid to revive projects put on hold due to costly requirements.
Decio Oddone, director of oil regulator ANP, said the agency would open a 30-day comment period on the proposal, followed by a hearing and publication of the rule in September. Contracts signed since 2005 but before more flexible rules went into effect this year would be eligible.
“We believe this new option will unlock investments, attracting capital and generating new hires, jobs and revenue,” Oddone said at a press conference in Rio de Janeiro.