Brazil's Landmark Pre-Salt E&P Legislation

Law360, New York (October 15, 2009, 11:38 AM EDT) -- On Aug. 31, Brazilian President Luiz Inacio Lula da Silva submitted to the Congress four proposed bills setting out the regime for all future exploration and production rights in the country’s behemoth offshore pre-salt cluster.

The proposed bills (collectively, the “Pre-Salt Legislation”) will be instrumental to understanding the potential benefits and challenges associated with implementing the world’s next great petroleum play.

Background

Brazil’s promising pre-salt deposits cover approximately 150,000 square kilometers and lie between 6,000 - 7,000 meters below the ocean, sand, rock and salt....
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