Senator José Serra has introduced, as a matter of urgency, Bill of Law No. 131/2015 ("Bill") to be voted by the Senate. The Bill seeks to amend Federal Law No. 12,351/2010 which regulates Production Sharing Models and Production Sharing Agreements ("PSA") applicable to E&P activities in the pre-salt and other strategic areas.
The Bill releases Petrobras from the obligation to participate in all PSA consortia and eliminates the article stipulated in Law No. 12,351/2010 that required Petrobras' interest in each consortium to be not less than 30%. It also removes Petrobras' obligation to be the exclusive PSA operator.
Senator Serra argues that the change is necessary in light of recent corruption scandals involving Petrobras, which has undermined the company's operational and financial capabilities to undertake all of pre-salt projects.
The Bill will be included in the Senate voting agenda under its regime of urgency. After the Senate vote, the House of Representatives will review and vote on the Bill.
If the Bill is approved by both houses of Congress, it will be submitted to the President for final approval or veto. The President may reject the Bill entirely or partially. Congress may override a presidential veto by an absolute majority of votes.
The official text of the Bill, in Portuguese, can be accessed by clicking here.