Offshore oil fields in Brazil's so- called pre-salt region have a ``high potential of production,'' said Jose Sergio Gabrielli, chief executive officer of state- controlled Petroleo Brasileiro SA.
``The risk of exploration is very low in the pre-salt area, and there is a high potential of production,'' Gabrielli said today during a senate hearing in Brasilia.
Petrobras, as the Rio de Janeiro-based company is known, owns the Western Hemisphere's largest oil discovery in three decades. The oil producer last month eclipsed Microsoft Corp. as the world's sixth-largest company by market value.
Gabrielli urged Brazil lawmakers to change oil-concession regulations in the wake of offshore oil and natural-gas discoveries near Rio de Janeiro. He proposed changes to allow the government to have a share of the oil output in an attempt to better regulate the market and attract more investments.
Brazil won't auction rights to explore the area while studies continue, said Haroldo Lima, director general of the national oil agency, today during the hearing.
http://www.bloomberg.com/apps/news?pid=20601086&sid=aBMO5M9DFe9E&refer=latin_america
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