Brazil mulls a new state firm to administer oil reserves

June 29th, 2008 - 1:33 pm ICT by IANS  

Rio de Janeiro, June 29 (IANS) Brazil will set up a new state-owned company to manage prospecting and drilling in its oil fields along the Atlantic coast in an effort to consolidate control over its vast oil reserves, Spain’s EFE news agency reported. “It would be a 100 percent state-owned company,” energy minister Edison Lobao said in an interview with business daily Valor.

“The new firm would be the owner of the reserves and would hire companies like Petrobras, Esso and Shell to explore those areas as service providers,” the minister said.

India’s state-run Oil and Natural Gas Corporation (ONGC) and Petrobras, have agreed to swap interests in oil exploration blocks, as part of efforts to boost economic cooperation between the two countries.

The blocks are located in Maranh

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