On January 19, 2021, the National Agency of Petroleum, Natural Gas and Biofuels – ANP ("ANP") published Resolution No. 837/2021 ("Resolution"), which set forth the procedure for the nomination of areas to be studied by the ANP for its potential offering in a future bidding round process.
The nomination consists of a legal entity from the oil and gas industry confidentially indicating an area as "exploratory block" or "marginal accumulation."
Pursuant to the Resolution, the nomination of an area does not oblige the ANP to offer it in future bidding rounds and also does not create any commitment, right or duty for the legal entity responsible for the nomination if the area is offered in a bidding round.
The nomination shall be made by completing the attached form to the Resolution and submitting via ANP´s Electronic Information System ("SEI"), indicating the location of the area, geological aspects and reasons that led to the nomination.
The nomination of an exploration block shall be submitted to the Superintendence of Geological and Economic Assessment ("SAG") and the nomination of areas of marginal accumulations to the Superintendence of Development and Production ("SDP").
According to the ANP, the new regulation updates, simplifies and improves the visibility and institutionalization of the procedure, attracting the participation of a greater number of agents.
The Resolution is effective as of February 1, 2021.
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