ANNOUNCEMENT 01 Dec 2010In December 2010, the government of Brazil announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
Bloomberg news item of 2 December 2010: http://www.bloomberg.com/news/2010-12-02/brazilian-congress-allows-petrobras-to-be-sole-operator-of-pre-salt-fields.html
Petrobras news item of 23 December 2010: http://www.petrobras.com.br/en/news/regulatory-framework-determines-we-are-the-sole-operator-of-the-pre-salt/
Law no. 12.351 of 22 December 2010, published in Official Gazette on 23 December 2010 (in Portuguese): http://www.planalto.gov.br/ccivil_03/_Ato2007-2010/2010/Lei/L12351.htm#art62
On 1 December 2010, the Brazil's Lower House passed a law that makes the state-owned Petróleo Brasileiro SA (Petrobras) the sole pre-salt field operator in Brazil. On 22 December then, President Luiz Inácio Lula da Silva signed the regulations into law no. 12.351 which took effect with its publication in the Official Gazette the following day.
Besides Petrobras being the sole operator of pre-salt fields, the law requiers that Petrobras holds at least 30% of the ownership stakes in any consortia that will be formed to exploit the pre-salt fields. Currently, there are three pre-salt fields: Franco, Libra and Tupi.