Brazil’s Senate approved a presidential decree on May 23 allowing state-owned company Pre-sal Petroleo SA, which manages contracts to develop the coveted offshore pre-salt layer, to sell the government’s share of oil and gas from the area.
PPSA receives a portion of pre-salt oil, which is trapped under a layer of salt beneath the ocean floor, under production-sharing contracts with oil companies to develop the area.
The rules passed by the Senate allow PPSA to conclude contracts with trading agents on the government’s behalf or sell the oil directly.
The decree, first issued in December, but requiring Congressional approval to become permanent, has already been passed by Brazil’s lower house and will now go to President Michel Temer for final approval.
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