ANP Approves Conversion of Fine Into Investments in the Oil and Gas Sector Under Agreement with Petrobras and Expects Positive Results in the Market

Written by Ruth Rodrigues

Published on 28/07/2022 at 23:54

Foto: Fernando Frazão/Agência Brasil

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The Agreement Between Petrobras (PETR4) and the ANP Will Exchange Fines for Investments and Is Likely to Boost Results. The State Company Will Replace a Liability of R$ 639 Million with Investments of R$ 1 Billion to Be Made by the End of 2026.

On Thursday, (07/28), Petrobras announced that it has closed an agreement with the National Agency of Petroleum, Natural Gas, and Biofuels (ANP) to avoid paying fines for non-compliance with rules regarding the use of equipment produced in Brazil in its operations, which has the potential to benefit the company’s results through investments.

ANP Rules Require That Part of the Equipment and Services Be National

In this sense, these were the rules that Petrobras failed to comply with. The state company was fined for violating the rules on the use of materials produced in Brazil, opting for the use of international equipment, which should favor the company’s results for the second quarter of this year. Under ANP rules, services and part of the goods acquired by oil and gas companies in Brazil must be national—known as “local content.”

Additionally, companies must give preference to hiring Brazilian suppliers whenever their offers present conditions of price, timing, and quality that are comparable to those of other suppliers also invited to submit proposals. These were the rules that Petrobras failed to comply with.

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The Decrease Will Be Recognized in the Second Quarter Results

In this regard, the expectation is that this decrease will be recognized in the second quarter results of this year, which will be published today, 28, after the market closes. The agreement will have a significant impact on the oil company’s balance sheet; with all administrative processes related to the collection of fines closed, there will be a reduction of R$ 639 million in Petrobras’ liability.

Furthermore, Petrobras added that the commitments to acquire goods and services made with the ANP focus on exploration and production operations in areas of the so-called Round Zero, whose contracts do not establish minimum percentages of local content.

The state company also added that signing the agreement with the ANP does not change the investments planned in the 2022-2026 Strategic Plan released at the end of last year, and is in line with the strategy of value generation through the management of the company’s liabilities and improving its capital allocation.

The TAC provides for the conversion of fines for non-compliance with the local content clause of these 22 concessions into commitments for investments in Exploration and Production with local content. Under the terms of the agreement, Petrobras commits to investing approximately R$ 1 billion in local content by 12/31/2026.

The state company expresses its desire to comply with the agreement and ensure that a large part of its equipment and services are national, thus avoiding greater problems with the ANP and ensuring quality in all its operations, with benefits for local products, primarily.

ANP Approves Conversion of Fine Into Investments in the Oil and Gas Sector Under Agreement with Petrobras and Expects Positive Results in the Market

The Agreement Between Petrobras (PETR4) and the ANP Will Exchange Fines for Investments and Is Likely to Boost Results. The State Company Will Replace a Liability of R$ 639 Million with Investments of R$ 1 Billion to Be Made by the End of 2026.

ANP Rules Require That Part of the Equipment and Services Be National

The Decrease Will Be Recognized in the Second Quarter Results

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ANP Approves Conversion of Fine Into Investments in the Oil and Gas Sector Under Agreement with Petrobras and Expects Positive Results in the Market

The Agreement Between Petrobras (PETR4) and the ANP Will Exchange Fines for Investments and Is Likely to Boost Results. The State Company Will Replace a Liability of R$ 639 Million with Investments of R$ 1 Billion to Be Made by the End of 2026.

ANP Rules Require That Part of the Equipment and Services Be National

The Decrease Will Be Recognized in the Second Quarter Results

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