LatinNews Daily - 27 September 2019

* Brazil’s congress has promulgated part of a constitutional amendment (PEC 98/2019) which allows the government to hold a mega tender for the concession of 'pre-salt' deep water oil exploration areas currently held by state-owned oil company Petrobras. The date set for the tender is 6 November. The government hopes to earn around US$25bn in signature bonuses with the auction of these concessions (most of the exploration areas are off the coast of Rio de Janeiro state). Another part of the PEC, yet to be approved, will establish the rules for the distribution of earnings from the pre-salt between the federal state, the states, and municipalities.

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