Brazil, Petrobras to revise subsalt oil contract terms this year

The Brazilian government and State-controlled oil company Petróleo Brasileiro could finalise a thorough revision of contractual terms for the exploration of a vast offshore oil region before year-end, a senior official said on Wednesday. The revision of a clause granting Petrobras the right to operate a minimum 30% of exploration and production areas in the so-called Subsalt Polygon could be concluded as early as September, said José Botelho, the head of oil exploration and production policies at Brazil's Mines and Energy Industry.