Petrobras is reportedly the most indebted oil company in the world and has been mired in the Operation Carwash investigation. Its ability to operate and finance each of the capital intensive, and technologically challenging, projects - required for the basin to reach maturity - has been called into question. 

Petrobras has missed every five year production target since 2006. Petrobras may respond to the new arrangements by exiting - or lowering its equity position - in both new and existing projects, triggering a wave of asset sales and opening the door to foreign investment and operatorship.