Resolution reduces old contracts in the oil sector

The board of ANP (National Agency of Oil, Gas and Biofuels) yesterday approved a resolution that allows the oil companies to reduce the commitments of purchases in the country in old oil contracts. The companies will have 120 days to request the change in the contracts. The reduction of national content requirements is justified as a measure to unlock investments in Brazil. By 2016, the Michel Temer government had already halved the percentage for new contracts.

The resolution deals with the contracts for the six concession auctions between 2005 and 2015 and the first two pre-salt auctions in 2013 and 2017. The ANP also opened the possibility of renegotiating the local content of the onerous assignment blocks granted to Petrobras in the capitalization process in 2010.

The purchase commitment in Brazil is now 18% for the exploration phase, 25% for well construction and 40% for underwater equipment and platforms, below those in the oldest contracts, which could reach 60% or 70% , depending on the round.
The government claims that the oil companies are unable to meet the commitments and that the problem was generating a fine industry in the industry. Until the second half of 2017, 30% of the contracts audited generated penalties for non-compliance, in the amount of R $ 568 million.
In early 2017, Petrobras asked the ANP to buy a platform for the pre-salt Libra field abroad, claiming that prices in the country were well above those of the international market. The permission was granted partially. In deciding to change the contract, the oil company will have to waive the clause that provides for forgiveness for non-compliance with the established indexes, known as the waiver clause.
Changes in local content policy are the source of conflicts between Brazilian and oil manufacturers. The shipbuilding and machinery and equipment sectors are worried about losing contracts with the relaxation of the purchase commitments in Brazil. Source: Jornal do Comércio.
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