A surprising turn in Brasília.
Brazil’s Senate has just approved, in first vote, a bill (PL 3178/2019) that could end Petrobras’ preferential rights in the pre-salt and allow greater flexibility between production sharing and concession models. Other discussions and votes yet to take place.
This happens in a Congress where both houses are currently under the influence of the PT-led government — of President Lula. One might expect stronger moves to reinforce Petrobras’ role. Instead, what we see is a potential opening of the market to broader competition.
Democracy shows its strength when decisions are debated in Congress — even when outcomes defy expectations.
If passed, this could mark a structural shift in how Brazil attracts investment to its upstream segment.
At WSB Advisors, we’ll be following closely — and so should anyone with eyes on the pre-salt.
WSB’s opinion – Petrobras: priority is over?
