The Brazilian Petroleum Institute, or IBP, has called on the government to change the regulatory framework to deal with the crisis caused by the collapse of oil prices and the corruption scandal at state-controlled oil giant Petrobras.
BP and Total, Europe’s biggest oil companies after Shell, won exploration rights in the Amazon basin as Brazil’s first oil auction in five years attracts a record level of bids. Total, based in Paris, gained exploration access to operate five blocks at the Foz do Amazonas basin in northern Brazil together with partners BP and Petrobras, the oil regulator said on Tuesday.