Brasil To Take 71% Control Of Pre-Salt Reserves.

LAHT.

Until now, companies with concessions to drill for oil in Brasil have been able to retain ALL of the crude in exchange for paying taxes and royalty.

But under the new regulations, firms working in the pre-salt fields will have to SHARE the oil with the government.

President Lula da Silva said that while 29 percent of what are known as the “pre-salt” deposits lie within concessions already granted to private firms, the remainder will be reserved for consortiums that include the state as a partner.