Norwegian operator Statoil has said changes to Brazil’s oil industry laws will be mandatory to attracting foreign investment.
The company said this includes the end of mandatory participation by Petrobras in all subsalt blocs as key for attracting foreign investment.
Chief executive Eldar Saetre’s comments followed a meeting with Brazil’s President Michel Temer in which they discussed the country’s business environment and oil industry regulations.
Saetre said: “Having clear rules is very important to the development of Brazil’s oil industry.”
At the moment, Brazil’s congress is evaluating proposed changes to the country’s oil legislation, in particular relation to the vast offshore oil blocs in a region known as the subsalt.
Under current laws, state-controlled Petrobras is obliged to hold a minimum of 30% of any subsalt bloc.
The law also says Petrobras must be the operator in any consortium of companies holding a new license for a subsalt area.
For the past two years, Petrobras has been involved in a vast corruption scandal and its debt load is the largest in the global oil industry.