The Brazilian Chamber of Deputies (Câmara dos Deputados, the lower house of the Congress) has approved the draft of a law allowing the state-run oil and gas company Petróleo Brasileiro (Petrobras) to sell stakes in fields located in the offshore transfer of rights (TOR) area in the Santos basin presalt (5 Gboe of estimated reserves).
This landmark draft law will now proceed to the Brazilian Senate and if it is approved, Petrobras will be able to directly sell up to 70% of its stake but must keep a secure interest of at least 30% in the area. The main driver behind this legislative change is Petrobras' limited investment capacity, which is insufficient to develop the area. The company is also heavily indebted and needs support from other oil and gas companies. The government currently estimates that the TOR region could attract BRL400bn (US$106bn) in investment and Petrobras has already earmarked US$11.5bn for the Buzios field (the largest one in the TOR zone) for the 2018-2022 period.