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The Canadian Press - ONLINE EDITION

Brazil debates how to divvy up oil wealth, pitting haves against have-nots

By: The Associated Press

Posted: 10/30/2012 2:14 PM | Comments: 0

FILE - In this April 29, 2012 photo, a television news crew films from behind an exit guardrail the Transocean Ltd. offshore oil rig in Guanabara Bay in Rio de Janeiro, Brazil. Brazilian lawmakers are struggling over how to spread any wealth from the country's vast and recently discovered offshore oil reserves. The battle pits states close to the oil deposits against those further away. (AP Photo/Felipe Dana, File)

BRASILIA, Brazil - Brazilian lawmakers are struggling over how to spread any wealth from the country's vast and recently discovered offshore oil reserves. The battle pits states close to the oil deposits against those further away.

The lower house of Brazil's congress plans to vote this week on a measure that would give the federal government 40 per cent of the royalties. The rest would be split among states and cities, favouring those closest to the oil. A version passed earlier by the Senate would split the take equally across the country.

National Petroleum Agency director Magda Chambriard says that until the issue is settled, officials cannot grant contracts to drill for the oil. Analysts say the deposits could hold as much as 100,000 million barrels of oil.

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