Brazil - 01

Brazil: Cunha’s Maneuvers Complicate Plans to Reform Petrobras Regulation

In a recent interview with foreign press correspondents, Chamber of Deputies President Eduardo Cunha state that Petrobras’ strong presence in pre-salt operations will soon be “corrected” by Congress. Currently, a proposal introduced by opposition senator Jose Serra of the Brazilian Social Democratic Party (PSDB) that aims to eliminate the requirements that Petrobras operates all fields and holds a 30% minimum stake in all pre-salt projects is under scrutiny in the Senate (please see our 17 June Latest Analysis). Cunha stated that he expects the proposal to be approved quickly and then sent for consideration in the lower house, with Congress slated to vote on it in the second half of this year. Although this is the first time that Cunha has positioned himself more strongly in favor of a regulatory overhaul…

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