Brazil to Push Laws to Regulate Oil Exploration

The Brazilian Government is set to make changes to oil laws aimed at regulating the exploration of vast sub-salt oil reserves, President Luiz Inacio Lula da Silva has announced.

The proposed changes, which will be sent to Congress in the next two weeks for approval, are expected to boost the role of state-run Petrobras in the development of the off-shore reserves, writes Reuters.

Lula wants to increase state control over the sub-salt fields, create a state fund for oil wealth and found a new state-run energy holding firm.

The government also plans to use some of the resources to boost science and technology, provide education and eradicate poverty in the country, Lula said.