Oil & Gas: New Regulation on assignments and financing of upstream projects

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On May 17, 2019, the National Petroleum, Natural Gas and Biofuels Agency (ANP) promulgated Resolution No. 785/2019, which amended procedures to be adopted in the E & P contract assignment processes and implementation of the financing based on the constitution of real guarantees on rights arising from E & P contracts. The new rules, inspired by the concept of Reserve Based Lending (RBL), used worldwide, should encourage the entry of new operators into mature fields, leading to investments to increase the recovery factor in Brazil.

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