Weekly Report - 03 September 2009 (WR-09-35)

President Lula da Silva unveiled proposed changes to Brazil's oil laws this week that would give the state-run energy company Petrobras a minimum stake of 30% and operator status for all future concessions in the country's massive sub-salt oil reserves, as well as establish a social fund supported by oil revenues. The proposed changes were sent to congress for a vote in the coming months, but the opposition vowed to block the vote unless there is a proper public debate. The opposition criticised the plans for being “political," while some government-allies were unhappy with the proposals to share oil royalties equally among all Brazilian states. The private sector was also critical, saying that the laws would curb competition in Brazil.

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