The Brazilian Institute of Oil and Gas (IBP) welcomed the news that the National Energy Policy Council (CNPE) approved on Tuesday, 08/18, Resolution authorizing the National Agency for Petroleum, Natural Gas and Biofuels (ANP) to extend the validity periods of the Concession Contracts signed as from the 1st Bidding Round for Exploratory Blocks.

The measure aimed to maintain and revitalize the production of oil and natural gas in mature fields, which need new investments to keep them active, as they represent an important way to attract investments, with consequent generation of jobs and income in the producing regions. . This new resolution complements the 2016 CNPE decision that authorized the extension of the term of the so-called Round Zero contracts.

As a result of Resolution CNPE nº 02/2016, together with Resolution nº 17/2017, the ANP projects that the 34 mature fields with recently extended contracts (21 offshore and 13 onshore) can generate up to R $ 28 billion in new investments.

Measures like the one announced this week by the CNPE make it possible to attract new investments to increase the recovery factor in the post-salt and onshore areas, allowing the opportunities to generate wealth from these projects to be used more fully and differently .