On May 6, 2016, Resolution 1,003/2016 was published in the Rio de Janeiro State Official Gazette, thereby implementing the ancillary obligations applicable to the levy of the ICMS tax on oil and gas extraction, as stated in Law No. 7,183/2015.

Pursuant to the Resolution, each consortium member must issue a tax invoice in order to register the quantity of oil produced on the previous month before the 9th day of the subsequent month, as determined at the Production Measuring Points, proportionally to the member's participation in the consortium. It is worth mentioning that a tax invoice will be issued for each oil and gas field.

The invoice fields must be filled accordingly:

  1. the field “Remetente” (“sender”) must be filled out with data about the company (its headquarters/branch) that is issuing the invoice;
  2. the field “Valor Unitário” (“unit amount”) must be filled out with the oil reference price (“preço de referência”) related to the period in the standard measure conditions or in standard market conditions, or based on the minimum amount set forth by the ANP ( the higher amount must be used).

In respect to the tax invoices related to the month of April 2016 and those issued before May 9, 2016, the quantity of oil produced in the last three days of March shall be also considered and added to the quantity produced in April.