The Tupi Discovery and Possible Impacts on the Brazilian Legal Framework
Article from: OGEL 3 (2008), in Roundup of Articles
Abstract
As reported by PETROBRAS on November 8 th 2007, the giant Tupi discovery may place Brazil among the largest oil and gas producers in the world. As a result, new challenges to the Brazilian regulatory framework for oil and gas exploration and production have appeared on the horizon. The current legal system concerning E&P activities in Brazil, which has been in fore for 10 years since the enactment of Act n. 9.478, of August 6, 1997 (the so-called "Petroleum Act"), is widely recognized for its stability and for its success in attracting both foreign and national ...