This excerpt taken from the PBR 20-F filed May 22, 2009.
Discussions on Possible Changes to the Oil Law
The recent discovery of large petroleum and natural gas reserves in the pre-salt geological layer of the Campos and Santos Basins has prompted discussions on possible changes to the existing oil legislation. The Brazilian government created an inter-ministerial committee by presidential decree on July 17, 2008 to consider changes in the regulation of exploration and production activities in areas of the pre-salt geological layer not subject to existing concessions. The Chair of our Board of Directors, Dilma Vana Rousseff, and our Chief Executive Officer, J.S. Gabrielli de Azevedo, are members of the committee. The committee has not yet made a formal recommendation to the Brazilian government on this matter.
We cannot estimate the impact that any change to the Oil Law would have on Petrobras, or when any new regulations may become effective.