The Brazilian E&P industry is headed for big changes. Last year, the government approved the opening up of Brazil’s massive pre-salt areas to foreign operators. The country also recently changed its rules on local content requirements, which will apply to the 14th bid round for oil and gas concessions, scheduled for September 2017. Among the changes is a drop to only 18% of local content required for offshore exploration. On 29 March, DC Managing Editor Linda Hsieh met with Milton Costa Filho, Secretary General of the Brazilian Institute for Oil, Gas and Biofuels (IBP), to discuss the changes under way in Brazil as the country aims to attract more foreign investments. Watch this video as Mr Costa lays out the local content changes and shares what IBP is doing to improve Brazil’s environmental licensing process.