Relaxing of Brazil local content rules will boost oil output capacity: report

Relaxing of Brazil local content rules will boost oil output capacity: report

Chamber Articles Category: Energy Post Date: 06/21/18 Source: Reuters By: Marta Nogueira
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RIO DE JANEIRO (Reuters) - Brazil’s move to ease rules forcing oil producers to buy from domestic suppliers means Latin America’s top producer will be able to sustain output of 5 million barrels per day (pbd) by the mid-2020s, compared to just 3.7 million bpd under prior rules, consultancy Wood Mackenzie said in a report on Wednesday.

Brazil’s embattled center-right President Michel Temer’s administration has moved to loosen local content rules that dictated what percent of certain equipment and services must be provided locally. Read Full Article