Insight
Brazil local content reform: paving the way to faster offshore development
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Report summary
The Brazilian government's proposed local content reform for future rounds is a step in the right direction for the country, but it will not impact already-licensed acreage. We analyse this new policy, the challenges to the Brazilian upstream supply chain, and the need for a well implemented local content waiver policy for existing projects. Many of these projects face very high local content commitments that may not be achievable, putting Brazil's future production at risk unless further local content reforms come soon.
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