Brazil ANP: May Adjust Oil Industry Regulations 'If Necessary'

17th Jun 2010 16:30

By Kejal Vyas Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Brazil's oil industry regulators could alter laws "if necessary" as they take part in an investigation into the well blowout and explosion that sank the Deepwater Horizion rig in the Gulf of Mexico, a top official said Thursday. "Let's see [what we learn]...if necessary, we will adjust our regulation," Magda Chambriard, director of Brazil's National Petroleum Agency, or ANP, said in response to questions at an oil and gas conference in New York. Chambriard said after the conference that she will return to Houston where regulators are reviewing the explosion at the well that was operated by now-troubled oil giant BP PLC (BP, BP.LN). The investigation comes at a time when Brazil is increasingly putting more focus on its domestic oil industry and state-run oil giant Petroleo Brasileiro SA (PBR, PETR4.BR) roars ahead with plans to develop deep-sea reserves off the coast of Brazil. -By Kejal Vyas, Dow Jones Newswires; 212-416-2185; [email protected] (END) Dow Jones Newswires June 17, 2010 11:30 ET (15:30 GMT)