The ANP has extended contracts for eleven blocks of the 12th Round and five of the Eleventh Round for two years in the Recôncavo, Parnaíba and Sergipe-Alagoas basins.
The areas are operated by Petrobras (REC-T-52, REC-T-80, REC-T-50, REC-T-51, REC-T-60, REC-T-32, REC-T-61, GALP (PN-T-182 and PN-T-136) and Geopark (REC-T-40, SEAL-T-420, PN-T-150 and PN-T-166) -94 and SEAL-T-268).
The possibility of extending the contracts was made official by a resolution of the National Council of Energy Policy (CNPE) in February last year. In October, the ANP issued a resolution regulating the signature of additives to the concession contracts of the 11th and 12th Bidding Round for the exploration phase.
The agency has determined that in order to achieve the new term, operators must comply with the obligations of the contracts, especially with the payment of the special participations, besides presenting the financial guarantees for the execution of the PEMs.
Source: Brazil Energy
Brazil Energy Insight 
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