Brazil - 01

Brazil: Febrageo Lawsuit: Continued Debate Over Control of Natural Resources

According to a report published last week by the newspaper Folha de Sao Paulo, the Brazilian Federation of Geologists (Febrageo) has announced its intent to sue Petrobras over its recent sale of the Carcara pre-salt area to Statoil. Febrageo questions the $2.5bn price paid for Carcara, which has proven oil reserves but is not currently in operation, and considers the sale irresponsible in light of uncertainty over the area’s exact deposits of oil. Petrobras has publicized the sale, which was announced on 29 July, as the greatest success so far in its ongoing divestment program.

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