The National Petroleum Agency (ANP) this week approved a resolution that deals with procedures for presenting guarantees and instruments that ensure the decommissioning of production facilities in oil and gas fields in the country. The presentation of these financial guarantees was already foreseen in the exploration and production contracts. The agency’s new resolution brings more legal certainty and greater predictability about the moment of presentation of the guarantee.
“The issue has gained special importance in the current context, with the close of the Round Zero contracts and the execution of Petrobras divestment projects, which transfers the rights and obligations of a significant number of contracts to other companies,” said the ANP, in a statement.
Decommissioning is a contractual obligation performed at the end of the field’s productive life, when production is no longer sufficient to support operating costs. Decommissioning requires contractors to make expenses, exactly at a time when the field is no longer showing any financial return. Therefore, contracts for exploration and production of oil and natural gas determine, in addition to the obligation to conduct the abandonment and deactivation of facilities, the obligation to present financial guarantees to ensure the necessary resources for this purpose.