Two other oil companies – Sweden’s Maha Energy and Britain’s Chariot Oil & Gas – have filed applications with the National Petroleum, Natural Gas and Biofuels Agency (ANP) to adhere to new rules that make the local content policy more flexible.
In April, ANP published a resolution regulating the waiver (request for exemption from compliance with nationalization rates). In practice, the new rules open the possibility for lower percentages to be applied to existing contracts.
By regulation, the oil companies will have two options: to maintain the conditions of the current contracts, with the guarantee to resort to the waiver to obtain eventual pardon; or may enter into a contractual addendum, subject to the new percentages of local content, lower than those set out in the original contracts, provided they waive the right to request the waiver.
In all, 12 different companies have already submitted 61 requests for signature of contractual additives to join the lowest percentages. Maha calls for the flexibilization of local content indices for six land blocks in the Recôncavo Basin, while Chariot for four maritime concessions in the Barreirinhas Basin.
The list also includes Petrobras, ExxonMobil, Equinor (formerly Statoil), Parnaíba Gás Natural (subsidiary of Eneva), Karoon, Vipetro, Alvopetro, the Great Group (Great Energy and Great Oil), Ouro Preto and Sonangol.
If the applications are approved, the companies will work with 18% for exploration, 25% for well construction, 40% for the collection and disposal system, and 40% for the commitments associated with the contracting of the platform (which includes the segments of engineering, machinery and equipment and construction, integration and assembly).