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ARTICLE · 02 OCTOBER 2018

Resolution On Reduction Of Royalties For Mature Fields Published

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On September 24, 2018, Resolution No. 749/2018 ("Resolution") of the National Agency for Petroleum, Natural Gas and biofuels ("ANP") was published in the Official Gazette, regulating the procedure for the reduction of royalties up to 5% on incremental production of mature fields.

BrazilEnergy and Natural Resources
Bruno Belchior
Bruno Belchior
André Lemos
André Lemos
Livia Seabra V. De Lima
Livia Seabra V. De Lima
Henrique Rojas
Henrique Rojas
Patricia Pereira Winter
Patricia Pereira Winter
Isabella Vieira Mendonça
Isabella Vieira Mendonça
Tiago Do Monte Macêdo
Tiago Do Monte Macêdo
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On September 24, 2018, Resolution No. 749/2018 ("Resolution") of the National Agency for Petroleum, Natural Gas and biofuels ("ANP") was published in the Official Gazette, regulating the procedure for the reduction of royalties up to 5% on incremental production of mature fields.

The Resolution establishes that only mature fields will be eligible to obtain the reduction of royalties on incremental production, upon request of the operator and proof of the economic benefit to federal entities. For the purposes of the Resolution, a mature field constitutes one with 25 years or more of production or that has accumulated production equal to or greater than 70% of the volume expected to be produced, considering the proven reserves.

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This article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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