05.07.201811:50:00UTC+00BRAZIL: House Approves The Sale Of Up To 70% Of Area In The Pre-salt Layer

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.