Brazil Eases Local Content Rules For Libra Offshore Oil Field

Brazil has relaxed local content requirements for companies developing the Libra offshore oil field, the government said on Aug. 20, in a move it expects will unlock $16 billion in investment for Latin America’s top oil producer.

The move lowers thresholds that dictate what percent of certain equipment and services must be provided locally to levels “more appropriate for the industry’s current capacity,” according to the mining and energy ministry.