Brazil Eyes More Taxes for Future E&P

Brazil could be changing its rules for oil exploration and production with increased taxes, according to Mines and Energy Minister Edison Lobao.

"Concessions can be brought up to date, improved, but we don't want to change the rules of the game already under way. It will be for future (concessions)," Lobao told Reuters.

The Brazilian Government has been seeking to raise taxes in oil concessions after finding big reserves of oil and gas in the subsalt cluster.

By staff writer