Lula Announces New Controls Over Oil Reserves; Petrobras Drops.

BLOOMBERG.
The government’s proposal will include the creation of a new state company called Petrosal.
Petrobras will be the sole operator of all pre-salt fields and will have a minimum 30 percent stake in all joint ventures set up to bid for licenses in the area. The company said it may also sell shares to finance development of the fields.
The proposal must be approved by Brasil's Congress.