Portuguese 
English 
Spanish 
3 min of reading 
0 comments 
Understand How the Change in Legislation Opened Space for New Operators in the Oil and Gas Sector
The discovery made by BP in the Bumerangue block, announced in 2019, without the participation of Petrobras, symbolizes a remarkable regulatory transformation. Until 2016, Petrobras was required to operate as the operator in all pre-salt blocks. However, Law No. 13.365/2016 converted this obligation into a right of preference, profoundly altering how the sector operates. Thus, when the state-owned company decided not to exercise this right in Bumerangue, BP was able to fully take over the operation.
Criticism and Questions About the Absence of Petrobras
<pNaturally, this absence has generated criticism, particularly from entities like the Single Federation of Oil Workers (FUP). The organization believes there is a risk of losing national control over strategic resources if foreign companies take on a leading role. However, it is important to emphasize that Petrobras faces financial and operational limitations. Therefore, it is impossible for the state-owned company to explore the entire extent of the pre-salt by itself.
Race Against Time in the Face of Energy Transition
Furthermore, the global context imposes urgency. Starting in 2020, it became evident that global demand for fossil fuels is expected to decline with the advancement of renewable energies. Therefore, specialists argue that Brazil needs to accelerate the monetization of oil reserves to avoid a significant part of them losing economic and strategic value in the coming years.
-
Energy turnaround: Venezuela’s oil exports hit highest level since 2018 and put the country back at the center of the global energy dispute.
-
Oil surges more than 5% after an incident involving a United States warship in the Strait of Hormuz raised global geopolitical tensions and supply risk.
-
Rising global oil prices reignite an alert in Brazil, making biodiesel gain strength as a strategic solution to prevent diesel shortages amidst the biggest energy crisis of recent years.
-
Oil retreats after Donald Trump states he will help ships detained in the Strait of Hormuz and signals possible relief in the biggest global energy crisis of 2026.
Regulatory Debate and Legislative Changes
From a regulatory perspective, the National Congress is still discussing the direction of the sector. The Bill No. 3,178/2019, which has been under discussion since 2019, proposes to remove Petrobras’s right of preference. If approved, the National Energy Policy Council (CNPE) would decide the exploration model for each auction. This discussion remains prominent today, as it represents a significant change in the balance of power in the sector.
Impacts on the Sector and the Productive Chain
In practice, the entry of different operators, both national and international, generates important effects:
- Increased competitiveness, as companies compete for strategic projects.
- New foreign and national investments, which expand the exploration base.
- Higher collection of royalties and special participations, benefiting the Union, states, and municipalities.
- Strengthening of the supply chain, from the shipbuilding industry to metallurgy.
Although Petrobras remains a central piece, its strategy now focuses on the most profitable and strategic projects. Meanwhile, Brazil diversifies its partners to take advantage of the window of opportunity before the global decline in oil consumption.
A Sector in Accelerated Transition
In summary, the operation of BP in the Bumerangue block, a direct result of the law’s flexibilization in 2016, demonstrates how the pre-salt has become a plural investment environment. Thus, while Petrobras focuses on profitability, the country ensures the presence of different actors. In this way, public revenue is strengthened, and the monetization of reserves is accelerated, in the face of an increasingly competitive global scenario transitioning to clean energy sources.
Credit: Julia Borges da Mota – Lawyer and Co-founder of the Murayama, Affonso Ferreira e Mota Advogados law firm, specialist in the oil and gas sector.
Be the first to react!