February 22, 2017 / 8:31 PM / a year ago

Brazil to lower oil industry local content rules by half -minister

BRASILIA, Feb 22 (Reuters) - Brazil’s government said on Wednesday it would relax local content rules for the oil industry as of September in an effort to attract foreign investment and lower costs that have hindered development of vast offshore reserves.

Mines and Energy Minister Fernando Coelho said the new rules would lower the local content requirements by half, adding that the level in the exploration of offshore oil fields would be 18 percent.

Reporting by Lisandra Paraguassu; editing by Diane Craft

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