Tag: oil-royalty bill

• Friday, August 16th 2013 - 03:22 UTC

  Brazilean congress clears the way for sale of giant Libra offshore oil prospect

  

  The Brazilian congress rejected an amendment to an oil-royalty bill that threatened to derail the world's largest-ever sale of rights to develop offshore oil resources scheduled for October 21. The amendment had sought to set the Brazilian government's minimum share of “profit oil” from the sale of the giant Libra offshore prospect and other fields in Brazil's most productive oil area at 60%.