By Leo Byrne, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Brazil’s majority state owned oil giant Petrobras last week officially requested that regulators relax strict requirements on "local content" laws. The term refers to the use of domestic goods and services, and Petrobras has requested changes before the next bidding rounds for new oil and gas exploration concessions in May.

As it currently stands, Brazil has some of the most demanding local content laws in the world. Awarded contracts will require that activities in the exploration phase use between 37 and 85 percent local goods and services, while those in . . .

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