Petrobras on Conduct Adjustment Agreement with ANP

Source: www.gulfoilandgas.com 7/27/2022, Location: South America

Petrobras, informs that it approved today the execution, with the National Agency of Petroleum, Natural Gas and Biofuels (ANP), of a Conduct Adjustment Agreement (TAC) for compensation of local content fines related to 22 concessions in which Petrobras has 100% working interest, located in the Barreirinhas, Campos, Espírito Santo, Parecis, Potiguar, Recôncavo, Santos, Sergipe-Alagoas and Solimões basins.

The TAC provides for the conversion of fines for non-compliance with the local content clause of these 22 concessions into commitments of investments in Exploration and Production with local content. Under the terms of the agreement, Petrobras commits to invest approximately R$ 1 billion in local content by 12/31/2026, in accordance with the provisions of ANP Resolution 848/2021. With this, all administrative proceedings related to the collection of fines arising from non-compliance with local content in these concessions will be terminated, resulting in a reduction in the liability of R$ 639 million in the financial statements of June 30, 2022, which will be disclosed to the market on July 28, 2022.

The commitments of acquisition of goods and services of the TAC proposal are concentrated in the activities of exploration and development of production in areas of Round Zero, whose contracts do not establish minimum percentages of local content. The signature of the TAC does not alter the investments foreseen in the Strategic Plan 2022-26, disclosed by Petrobras on November 24, 2021, and is in line with the strategy of generating value by managing the Company's liabilities and improving its capital allocation.


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