November 29, 2016 / 8:12 PM / 2 years ago

Freeing Petrobras of subsalt role to boost investments -CEO

SAO PAULO, Nov 29 (Reuters) - The enactment of a law to free Petróleo Brasileiro SA from being the sole operator of offshore fields in Brazil’s so-called Subsalt Polygon will help the state-controlled oil producer optimize capital spending plans and accelerate production, Chief Executive Officer Pedro Parente said on Tuesday.

Parente spoke after Brazilian President Michel Temer signed a law removing Petrobras’ obligation to be the sole operator in subsalt fields. Petrobras produces about 80 percent of Brazil’s oil and was until now responsible for developing massive offshore oil finds in the Subsalt Polygon. (Reporting by Guillermo Parra-Bernal; Editing by Andrew Hay)

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