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The Brazilian House of Representatives approved overnight a legislation authorizing the state-owned oil company Petrobras to sell up to 70% of its pre-salt layer exploration rights in the area of the so-called transfer of rights, assigned to the company in 2010.
The bill still has to be approved by the Brazilian Senate.
The bill changes the 12,276/10 Act, which authorized the Union to pass directly on to Petrobras, without bidding, an area of the Santos Basin, in Sao Paulo, with a limit of up to 5 billion barrels of oil equivalent.