Brazil passes decree to improve oil & gas rounds

Brazil has passed a decree to increase the competitiveness and attractiveness of the areas to be offered in future oil and gas bid rounds.

The decree, 10.320/2020, establishes the Program for Improvement of Bid Rounds for the Exploration and Production of Oil and Natural Gas (BidSIM) and the creation of a Joint Executive Committee, which will be responsible for proposing improvements in the governance and methodology of the bid rounds.

The committee will be composed of two representatives each from the Ministry of Mines and Energy, the Executive Office of the Presidency of the Republic, the Ministry of Economy, and the National Agency of Petroleum, Natural Gas and Biofuels, according to a note from law firm Tauil & Chequer, authored by associate Bárbara Eiroa Leite (pictured), partner Bruno Triani Belchior and associate Leandro Duarte.

The coordinator of the Joint Executive Committee may invite specialists and representatives of public and private bodies and entities to participate in its meetings, without voting rights, to advise on specific topics. The committee has 180 days to complete its work, from April 13, a deadline that may be extended once for an equal period, by means of an act of the Minister of State of Mines and Energy.