The new regulatory framework for the pre-salt layer, which removes the obligation for Petrobras to participate in all exploration blocks, will now be submitted for presidential sanction. On the evening of Wednesday (9), the Chamber of Deputies plenary rejected the last item for separate discussion under Law 4567/16, which aimed to maintain Petrobras's obligation to participate with 30% in any exploration consortium.

The final text approved by the Chamber is the same approved by the Senate in February this year.

According to Petrobras CEO Pedro Parente, the new pre-salt regulatory framework is beneficial for the company and the country, as it will attract new investors and generate revenue for the states.

"The mere fact that [Petrobras participation] is now a right, and no longer an obligation, is already an advantage for the company. But it is important to recognise that it is good not only for the company, but for the country too", said Parente in October when the bill was still being reviewed by the Chamber.

The CEO understands that approving the bill will enable the country to attract investors to explore other fields alongside Petrobras. "Nearly half of what is invested in each field goes to the government in the form of different revenues. Thus, it would be very bad for the country if Petrobras remained under the obligation to be the sole pre-salt operator", he added.

For Ministry of Mines and Energy Fernando Coelho Filho, the new framework "is a great opportunity for national industry", as he stated during his opening speech at Rio Oil & Gas 2016 last month in Rio de Janeiro.

"These are the changes that will enable Brazilian companies to move from being only domestic suppliers to become world suppliers in a very near future", he said.