On January 18, 2022, Brazil’s National Agency of Petroleum, Natural Gas and Biofuels ("ANP") published Resolution No. 865/2022 which extends the deadlines for investments in research, development and innovation, due to the COVID-19 pandemic("Resolution").
In this sense, the Resolution extends the following deadlines from June 30, 2022, to August 15, 2022; (i) deadline for investments in research, development and innovation (PD&I), related to the reference year 2021; and (ii) the deadline for application of the Balance of Unapplied Funds (SRN) calculated on September 30, 2021.. In addition, the Resolution extends from September 30, 2022, to November 15, 2022, the deadline for submitting the Consolidated Annual Report (RCA).
The Resolution's procedures must be adopted by agents that operate in oil and natural gas exploration and production activities and that are regulated by ANP and for the duration of the COVID-19 public health measures established by the federal government.
For more information regarding this Legal Update, please contact our Energy group.