Tupi oil is 'second independence for Brazil'

Brazilian President Luiz Inacio Lula da Silva called Friday for officials to finalise new oil laws giving the country a greater stake in recent oil finds, saying the legislation was urgently needed to guarantee Brazil’s future.

“This is a second independence for Brazil,” Lula said, commemorating the first crude oil pumped from the Tupi field off the country’s southeast Atlantic coast.

Lula wants a working group he formed last year to complete work on proposals to change Brazil’s concession-based oil law, said a Dow Jones Newswire report.

UpstreamOnline