Brazil Extends Contracts and Tax Breaks for Oil & Gas Industry

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – The Brazilian government has announced measures that it hopes will encourage the exploration and production of petroleum and natural gas in the country, including the extension of concession contracts for exploration signed in 1998. The measures are part of a resolution by the National Council of Energy Policies (CNPE) signed by President Dilma Rousseff this week.

“The initiative is part of a development policy for the oil and gas industry, representing almost fifteen percent of Gross Domestic Product (GDP), and should unchain investments that can total US$120 billion,” said . . .

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