On September 5, 2016,the National Energy Policy Council - CNPE published Resolution No. 4, authorizing the National Agency of Petroleum, Natural Gas and Biofuels - ANP to conduct the bids for the Forth Bidding Round for Marginal Fields.

The Bidding Round, nicknamed Rodadinha (“little bidding round”), will offer thirteen inactive areas with marginal oil and gas accumulations located at the Recôncavo, Potiguar and Espírito Santo basins and is still subject to the approval by the environmental entities.

As soon as ANP confirms that the Fourth Bidding Round for Marginal Fields will be held, including the release of the Tender Protocol and the Schedule, new information will be provided through our Legal Updates.

Observations in this update about Brazilian law are by Tauil & Chequer Advogados and are not intended to provide legal advice. Any entity considering the possibility of a transaction must seek advice tailored to its particular circumstances.