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Only This Week, the National Agency of Petroleum (ANP) Approved Four More Extensions in Mature Field Contracts
US$ 28 billion in investments is the estimated figure by the Brazilian government with the extensions of onshore mature field contracts. Only this week, the ANP (National Agency of Petroleum, Natural Gas and Biofuels) approved four more contracts: Massapê, Cantagalo, Fazenda Azevedo, and Fazenda Boa Esperança. The calculations come from the agency.
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The four fields that had their contracts extended also saw a reduction in the royalty rate on incremental production, which exceeds the initially projected production curve for the field. Therefore, for the production already anticipated for the fields, the royalty rate remains the same as stipulated in the contract. The extra production will have a reduced rate.
According to the National Agency of Petroleum, “Most of these fields come from Round Zero, held in 1998, and would have their contracts expire in 2025. In line with the guidelines of Resolutions CNPE No. 02/2016 and 17/2017, the extensions occur within the framework of the review of the development plans (PDs) of the fields, aiming to increase the field’s lifespan and recovery factor.”
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There are now 34 mature fields with extended contracts, comprising 21 offshore and 13 onshore. The ANP is still studying the extension of another 44 areas (three offshore and 41 onshore).
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