On March 9 2016, the Brazilian Council for Energy Policy (CNPE) published the Resolution No. 2, establishing measures to stimulate the oil and gas exploration and production.
The Brazilian Petroleum Agency (ANP) was authorized to extend the periods of validity of the concession contracts signed in 1998 – with Petrobras – and compelled to notify operators of oil fields that did not produced in the last six months to restore production in the next twelve months or, in the same period, transfer the rights of these oil fields for companies that are committed to and have the capacity to accomplish production.
Furthermore, it was proposed to extend the term of the REPETRO - special customs regime for exporting and importing assets intended for research and exploitation of oil and gas fields activities.
Finally, the mentioned Resolution established a term of 180 days for the Mines and Energy Ministry to complete the necessary studies regarding the technical and economic parameters to be considered in hiring, under the Share Scheme, of the joint development zones that exceed the area of the granded blocks and are located in the area of the pre-salt. Such parameters must be submitted to CNPE.
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