The ANP extended Public Consultation No. 24/2022 until 5/9/2023 on the revision of ANP Resolution No. 874/2022, which establishes the criteria for setting the oil reference price, adopted in the calculation of government participation (royalties and special participation). The objective of the revision is to improve regulation and make the oil reference prices established by the ANP more adherent to the prices currently practiced in the international market.

Link to Public Consultation 24/2022: www.gov.br/anp/pt-br/assuntos/consultas-e-audiencias-publicas/consulta-audiencia-publica/consulta-e-audiencia-publicas-24-2022

Due to the complexity of the topic, the Agency decided to extend the deadline for submission of contributions by interested parties, which was previously scheduled to end on 1/9/2023. The public hearing date changed from 2/8/2023 to 6/9/2023.

Oil and natural gas reference prices are adopted by the ANP to calculate the shares owed to the Union, states and municipalities by oil and gas producers, along with other variables, such as oil field production and the current exchange rate. For more information on this calculation, click here.

Decree No. 11,175/2022 amended Decree No. 2,705/1998, allowing the immediate revision of the methodology for calculating reference prices used to calculate government shares by the ANP.

The ANP's proposal for review was motivated by the current global geopolitical situation, with emphasis on the effects of the recent conflict in Eastern Europe on the international oil market and the change in the specification of marine fuels within the scope of the International Maritime Organization (IMO), which determined new maximum limits for the sulfur content of products.

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