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Home » Brazilian Legislature Backs Oil Royalties Reform

Brazilian Legislature Backs Oil Royalties Reform

PanAm Post Staff by PanAm Post Staff
August 15, 2013

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Both chambers of Brazil’s legislature have now passed a reform that allocates drilling royalties from newly discovered oilfields to education and healthcare. The bill that allots 75 percent of royalties the government receives from the “pre-salt” layer — the oil and gas beneath the water, rock and salt off the Brazilian coast — to education. Twenty-five percent will go to healthcare.

Brazilian President Dilma Rousseff proposed these changes and is set to sign the bill, as part of a series of proposed moves to offset widespread unrest and dissatisfaction in the country.

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