As Reuters informs, the move is in line with an agreement made with Brazil’s antitrust regulator Cade in July to open up the Brazilian natural gas market to additional competition.

GET THE SAFETY4SEA IN YOUR INBOX!

Petrobras has now began pre-bid procedures for parties interested in participating in the auctions, which will be in compliance with state law.

Commenting on the lease, Petrobras said that is in agreement with its strategy of improving its capital allocation, along with establishing a favorable environment for new investors to enter the natural gas sector.