CNPE Approves New Brazilian Exploration and Production Policy

Source: www.gulfoilandgas.com 6/8/2017, Location: South America

As part of the new Brazilian E & P Policy, the National Council for Energy Policy (CNPE) approved, at a meeting held , the permanent supply of areas for exploration and production. The measure refers to areas that have already been approved by CNPE, offered in bids but not sold, and also those returned by the companies to ANP. No areas will be included in the pre-salt polygon and those considered strategic according to Law 12,351 / 2010.

The permanent supply of areas will stimulate the resumption of activities in the oil and natural gas sector in the country, which still feels the effects of falling oil prices, reduced investments and the interruption of bidding rounds for five years. In recent years there has been a sharp decline in the number of wells drilled and oil discoveries. The activities currently under way depend mainly on the projects tendered at the end of the last decade and the development of the Libra fields and onerous assignment. The resumption of exploration is fundamental to guarantee a higher level of production, contracting of goods and services and of collection in the future.

This initiative, which will be valid as of its publication in the Official Gazette, adds up to other incentives to the sector already approved by the Federal Government and the Legislative, such as the end of the mandatory operation of Petrobras in the pre- Salt and the dissemination of a multi-annual calendar of rounds, which allows market predictability.


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