Energy and Natural Resources Newsletter | August 2025

Natural Gas: ANP to hold public consultation and hearing on pipeline transportation tariffs

On July 24, 2025, the Brazilian National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) approved the Regulatory Impact Analysis Report (“AIR”) and the opening of a public consultation period of 45 days. Additionally, a public hearing was approved regarding the draft resolution intended to regulate the criteria for calculating natural gas transportation tariffs and the procedure for approving tariffs proposed by transporters for transmission pipelines (Public Consultation and Hearing No. 5/2025).

The purpose of the public consultation and hearing is to discuss ANP’s proposed revision of ANP Resolution No. 15/2014, aiming to align it with the guidelines established in Resolution No. 3/2022 of the National Council for Energy Policy (“CNPE”). The initiative also seeks to comply with Article 9 of the New Gas Law, which requires ANP to conduct a public consultation to establish the maximum allowable transportation revenue, as well as the criteria for tariff adjustments, periodic reviews, and extraordinary reviews.

The public consultation period started on July 28, 2025 and extends until September 25, 2025. The public hearing is scheduled to take place on October 8, 2025.

For more information, access: ANP opens consultation and hearing transportation tariff

ANP approves studies for the Calcita Project, with potential for three new pre-salt blocks in the Campos Basin

On July 24, 2025, the ANP approved the technical studies for the Calcita Project, within the scope of the Production Sharing Open Acreage (“OPP”), which may lead to the creation of three new exploratory blocks in the pre-salt area of the Campos Basin: Calcita; Dolomita; and Azurita. According to the ANP, the studies were conducted in partnership with Pré-Sal Petróleo S.A. (“PPSA”) and the Energy Research Office (“EPE”), and will now be submitted for review by the CNPE.

Following ANP’s approval, the geoeconomic studies and coordinates of the defined blocks will be forwarded to the Ministry of Mines and Energy (“MME”), which holds the authority to disclose the geographical layout and propose their inclusion under the production sharing regime to CNPE. In addition to CNPE’s authorization, the blocks must also obtain a Joint Statement issued by MME and the Ministry of Environment and Climate Change (“MMA”) in order to be formally included in the OPP portfolio.

For more information, access: ANP approves studies under the Calcita Project

ANP to hold public consultation and hearing on aviation kerosene resolution

On August 07, 2025, ANP approved the holding of a public consultation and hearing for the revision of ANP Resolution No. 856/2021 (Public Consultation and Hearing No. 07/2025). The resolution addresses the specifications for aviation kerosene and the respective quality control obligations to be observed by market agents.

According to ANP, the main objective of the revision is to update the terminology used for the blend of fossil aviation kerosene (JET A or JET A-1) and alternative aviation kerosene, which is currently referred to as JET-C. Under the proposed revision, this blend would also be designated as JET A or JET A-1. The purpose of this change is to align the specification with international standards, which already adopt the same nomenclature for the product resulting from the blend of fossil and alternative aviation kerosene, in order to meet aircraft and fuel supply requirements.

The public consultation period will run from August 13 to September 26, 2025, and the public hearing is scheduled for October 08, 2025.

For more information, access: ANP will hold public consultation and hearing to amend resolution on aviation kerosene

ANP to hold public consultation and hearing on access to LNG terminals

On August 07, 2025, the ANP approved the holding of a public consultation and hearing regarding third-party access to Liquefied Natural Gas (“LNG”) terminals. Public Consultation and Hearing No. 06/2025 will also address the resolution of disputes related to access to essential infrastructure, such as production flow pipelines, natural gas treatment/processing facilities, and LNG terminals.

This initiative is part of the regulatory process for third-party access to essential infrastructure in the natural gas sector, as provided for under the New Gas Law (Law No. 14,134/2021).

Public Consultation and Hearing No. 06/2025 will focus specifically on access to LNG terminals. Meanwhile, ANP is working on regulations – expected to be finalized by May 2026 – for negotiated and non-discriminatory third-party access to two other types of infrastructure: production flow pipelines and natural gas treatment or processing facilities. Accordingly, the discussions under Public Consultation and Hearing No. 06/2025 will be limited to: (i) the draft resolution on negotiated and non-discriminatory access for interested third parties to LNG terminals; and (ii) the draft resolution governing the resolution of disputes related to access to essential infrastructure (LNG terminals, production flow pipelines, and natural gas treatment or processing facilities).

The public consultation period will run from August 11 to September 24, 2025. The public hearing is scheduled for October 14, 2025.

For more information, access: Natural Gas: ANP to hold public consultation and hearing on access to LGN terminals

ANP to hold public consultation on tariff proposals from natural gas pipeline operators

On August 21, 2025, the ANP approved Public Consultation No. 8/2025, regarding tariff proposals and the valuation of the Regulatory Asset Base (“BRA”) submitted by natural gas pipeline operators. The consultation addresses the five-year periodic tariff review for the 2026–2030 tariff cycle.

The BRA determines the current value of an asset based on its depreciated historical cost adjusted for inflation since its construction. This value includes compression stations, delivery points, pipelines, and other facilities.

The BRA is used to calculate the maximum tariff that may be charged by the transporter to companies using its pipelines, along with the service provision fee. The maximum tariff approved by ANP is published on the pipeline operator’s website. It is worth noting that the BRA may only be considered in the tariff calculation while the asset has not been fully depreciated — that is, while the investments made in the pipeline’s construction have not yet been recovered by the company.

For more information, access: ANP to hold public consultation on tariff proposals from transport pipeline operators

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ANP approves AIR on LPG distribution and resale

On July 10, 2025, the ANP approved the AIR report addressing the revision of the regulatory framework for the distribution and resale of liquefied petroleum gas (“LPG”), as established in ANP Resolutions No. 957/2023 and No. 958/2023.

With the approval of the report, ANP will proceed with the regulatory process and the drafting of the proposed resolution.

For more information, access: ANP approves AIR regarding distribution and resale of GLP

ANP adjusts gasoline specifications to ensure quality amid increased ethanol blend

On July 24, 2025, the ANP approved the holding of a public consultation and hearing on the draft revision of Resolution No. 807/2020, aimed at adjusting the specifications of Type C gasoline (which contains anhydrous ethanol and is sold at fuel stations). According to the ANP, the purpose is to ensure the continued quality of pure gasoline (Type A) used in the blend, in light of the increase in the ethanol content from 27% to 30% (“E30”).

For more information, access: ANP adjusts gasoline specifications

Government take: Resolution approved to amend methodology for calculating oil reference price

On July 24, 2025, the ANP approved the revision of ANP Resolution No. 874/2022, which establishes the criteria for determining the oil reference price (“PRP”) used in the calculation of government take (royalties and special participation). According to ANP, the revision aims to enhance the regulatory framework, aligning it with the pricing dynamics of the international market.

The proposed revision was prompted by changes to the specification of marine fuels under the International Maritime Organization (“IMO”), specifically the IMO 2020 regulation, which established new maximum sulfur content limits for products, including marine fuel oil.

The adjustments affect the PRP, as its calculation is based on the monthly average price of Brent crude oil, plus a quality differential — either positive or negative — that adjusts the value according to the characteristics of the product. Thus, fields producing higher-quality oil are assigned a higher reference price, while those with lower-quality output receive a reduced reference value. The quality comparison is based on derivatives such as gasoline, diesel, and fuel oil, whose standards were modified by the IMO.

The new ANP resolution entered into force on September 01, 2025.

For more information, access: ANP approves resolution amending calculation methodology for oil reference price

National production reaches 4.9 million boed in June

On August 05, 2025, the ANP released its monthly newsletter reporting an increase in production for June. According to the data, Brazil produced approximately 4.9 million barrels of oil equivalent per day (“boed”), including 3.7 million barrels per day (“bpd”) of oil and 181 million cubic meters per day (m³/day) of natural gas.

These figures represent increases of 2.8%, 2.1%, and 5.4%, respectively, compared to the previous month. Compared to 2024, the increases were 12%, 10%, and 20.9%, respectively. The growth also impacted pre-salt production, which rose by 2.2%.

Additionally, the field with the highest oil and gas output in June was Tupi, located in the pre-salt area of the Santos Basin, with 794 thousand bpd and 40 million m³/day. The facility with the highest production was the FPSO Guanabara, operating in the Mero field, also in the pre-salt area of the Santos Basin, with an average of 183 thousand bpd and 12 million m³/day.

For more information, access: National production reaches 4.9 million boed in June

Federal Revenue publishes normative instruction on Repetro-Sped

On August 06, 2025, RFB Normative Instruction (“IN”) No. 2,274/2025 was published, amending RFB IN No. 1,781/2017, which governs the special tax and customs regime for the economic use of goods intended for the exploration, development, and production of oil and natural gas reserves – Repetro-Sped.

The purpose of the amendment was to eliminate interpretative ambiguities regarding the eligibility of pipes and ducts intended for the construction of natural gas evacuation pipelines under the Repetro-Sped regime.

As highlighted by the Brazilian Federal Revenue Service (“RFB”), the previous wording of the normative instruction raised doubts about the possibility of applying the regime to pipes and ducts used in the construction of natural gas evacuation pipelines aimed at reaching facilities where the gas will be treated, processed, liquefied, packaged, or stored.

The new wording introduced by RFB IN No. 2,274/2025 clarifies the application of the regime to pipes and ducts used in the construction of natural gas evacuation pipelines – as they fall within the scope of natural gas development and production activities, in line with the purpose of the Repetro-Sped regime – aimed at reaching facilities where the gas will be treated, processed, liquefied, packaged, or stored.

For more information, access: RFB publishes normative instruction on Repetro-Sped

ANP holds public hearing on the characterization of natural gas transportation pipelines

On August 13, 2025, the ANP held a public hearing to discuss the draft resolution that will establish the criteria for characterizing natural gas transportation pipelines. According to ANP, the initiative aims to enhance regulatory harmonization on the subject and provide greater legal certainty for natural gas transportation activities.

The measure seeks to regulate item VI of the main section of Article 7 of Law No. 14,134 (“New Gas Law”), which assigns ANP the responsibility of defining the criteria for characterizing transportation pipelines. The draft resolution under discussion establishes that agents in the natural gas industry must apply these criteria when proposing modifications or expansions to existing transportation infrastructure, as well as when conducting studies or proposing the construction of new pipelines in Brazil.

Suggestions received during Public Consultation and Hearing No. 01/2025 will be evaluated by ANP’s technical team and may or may not be incorporated into the final version of the resolution. Due to the high number of participants, ANP also held a second session of the public hearing, which took place on August 27, 2025.

For more information, access: ANP debates characterization of transportation pipelines through public hearing 

ANP to offer seven blocks in the 3rd Cycle of the OPP

On August 20, 2025, the ANP announced the seven blocks to be included in the 3rd Cycle of the OPP. The blocks are Citrino, Larimax, Ônix, Itaimbezinho and Jaspe – located in the pre-salt area of the Campos Basin – and Esmeralda and Ametista – located in the pre-salt area of the Santos Basin.

Until September 11, 2025, registered bidders with active enrollment were able to submit their bid guarantees, which may or may not be accompanied by expressions of interest. The bid submission session is scheduled to take place on October 22, 2025.

The purpose of the offer is to contract exploration and production activities for oil and natural gas in blocks located within the pre-salt polygon and strategic areas, under the production sharing regime.

For more information, access: ANP to offer seven blocks in the 3^rd Cycle of the OPP

ANP approves amendment to resolution defining gasoline specifications

On September 05, 2025, the ANP approved the amendment to ANP Resolution No. 807/2020 (through the publication of ANP Resolution No. 988/2025), aimed at adjusting the specifications of type C gasoline sold at fuel stations. The purpose of this amendment is to ensure the continued quality of pure gasoline (“gasoline A”) used in the blend, in light of the increase in the ethanol content from 27% to 30% (E30), as established by Resolution No. 9 of June 25, 2025, issued by the CNPE.

Public Hearing No. 04/2025 – to discuss the draft of the new resolution – was held by ANP on August 11, 2025.

Fo more information, access: ANP’s hearing debates gasoline specifications to ensure quality amid increased ethanol blend (E30)

ANEEL updates safety criteria for hydropower plant dams

On July 04, 2025, the Brazilian Electricity Regulatory Agency (“ANEEL”) published Normative Resolution (“REN”) No. 1,129/2025, which stems from the discussions held under Public Consultation No. 19/2025. The new regulation revises the safety criteria and procedures applicable to dams associated with hydropower plants subject to ANEEL’s oversight.

The regulatory revision was prompted by the publication of Resolution No. 241/2024 by the National Water Resources Council (“CNRH”), which introduced new technical and methodological criteria for the classification of dams throughout Brazil. As a result, ANEEL will begin adopting more detailed assessment parameters, aimed at enhancing the identification of structural and operational risks in the facilities under its responsibility.

Under the new regulation, dams will be classified based on three main dimensions: risk category; associated potential damage; and volume. These general criteria will now be supported by more specific and in-depth methodologies, with a view to improving the accuracy of safety analysis and management. Accordingly, and in line with the provisions of CNRH Resolution No. 241/2024, regulatory agencies will have until September 2026 to reclassify all dams and align them with the new parameters. Regarding the Dam Safety Form system (“FSB/ANEEL”), it has been established that the reclassification will take place during the 2026 evaluation cycle, with publication scheduled for 2027.

Access REN No. 1,129/2025 in full.

Provisional Measure No. 1,304/2025 seeks to limit impact of subsidies on electricity bills

On July 11, 2025, Provisional Measure (“MP”) No. 1,304/2025 was published, with the primary objective of establishing a cost cap for the Energy Development Account (“CDE”), as well as mitigating the effects of the partial overturning of vetoes to Law No. 15,097/2025 – a topic addressed in detail in our client alert dated June 26, 2025, in order to limit the transfer of electricity sector costs to consumers.

In this context, the MP proposes actions aimed at curbing the growth of subsidies funded by the CDE, a fund responsible for financing public policies in the electricity sector.

To that end, the Complementary Resource Charge (“ECR”) will be created and triggered in the event of insufficient funds collected by the CDE to cover sectoral subsidies. The total amount collected will be capped at the expenditure forecast established in the CDE’s budget for fiscal year 2026. Should this limit be exceeded, the ECR will be charged to the agents benefiting from the fund, with the exception of the following expense categories:

(i) Universalization of electricity services throughout the national territory;
(ii) Economic subsidy aimed at ensuring affordable electricity tariffs for end consumers classified under the Low-Income Residential Subclass;
(iii) Expenditures under the Fuel Consumption Account (“CCC”);
(iv) Payment of amounts related to the administration and management of the CDE, CCC, and the Global Reversion Reserve (“RGR”) by the Electric Energy Trading Chamber (“CCEE”), including administrative and financial costs and tax charges; and
(v) Coverage of technical and non-technical losses of state-owned distribution companies not connected to the National Interconnected System (“SIN”) as of December 09, 2009 (payment of the expenses referred to in Article 4-A of Law No. 12,111/2009).

For fiscal year 2027, only 50% of the costs exceeding the CDE cap will be covered by the ECR, with the remaining balance being redistributed to the CDE. As of fiscal year 2028, 100% of the ECR will be borne by the beneficiaries of the CDE not exempted under the MP.

Additionally, Provisional Measure No. 1,304/2025 introduced amendments to Law No. 14,182/2021 (“Eletrobras Law”), as amended by Law No. 15,097/2025 (“Offshore Wind Law”), to revise the provisions governing the contracting of specific energy sources.

The first amendment was made to paragraph 1 of Article 1 of the Eletrobras Law, which was revised to:

• No longer provide for the contracting of inflexible and location-specific thermal power plants;
• Focus solely on the mandatory contracting of hydropower plants up to 50 megawatts (“MW”) and the extension of contracts under the Incentive Program for Alternative Sources of Electric Energy (“PROINFA”), which benefits small hydropower plants (“PCHs”), biomass, and wind power (“EOLs”); and
• Provide for the contracting of 4.9 GW of PCHs for a 25-year term, at a price cap equivalent to that of the A-6 Auction held in 2019 for projects without a concession (historical amount of BRL 285/MWh), adjusted by the IPCA.

In addition, the MP also introduced paragraph 19 to Article 1 of the Eletrobras Law, which establishes that the contracting of 3,000 MW from hydropower plants of up to 50 MW will be conducted under the capacity reserve modality and will follow the stages below:

• 1,000 MW, with supply starting in the second half of 2032;
• 1,000 MW, with supply starting in the second half of 2033; and
• 1,000 MW, with supply starting in the second half of 2034.

It is worth noting that paragraph 19, mentioned above, raises questions regarding its compatibility with paragraph 14 of the same article, whose veto was recently overturned by the National Congress and which establishes a different contracting regime for hydropower plants of up to 50 MW.

While paragraph 14 provides for the contracting of capacity and associated energy from hydropower plants with pre-defined locations, paragraph 19 establishes contracting under the capacity reserve modality, specifying only the timing of the contracting and the corresponding supply start date.

Provisional Measure No. 1,304/2025 also introduced Article 1-A into Law No. 14,182/2021, which establishes that all other electricity contracting processes, regardless of source, as provided for in the Eletrobras Law, will be limited to what is defined by sectoral planning, based on technical analysis and the needs identified by the sectoral planning bodies, as well as criteria to be established by the National Energy Policy Council (“CNPE”).

Lastly, it is important to highlight that, in matters related to electricity, Provisional Measure No. 1,304/2025 also added paragraph 20 to Article 1 of the Eletrobras Law, establishing that generation from hydropower plants of up to 50 MW will not be subject to the Energy Reallocation Mechanism and may operate with daily modulation, in compliance with guidelines established by the Granting Authority.

The MP is valid for 60 days, a period that is automatically extended once, for an equal term, should it not be considered by both houses of the National Congress (House of Representatives and Federal Senate) before its expiration.

During its validity period, the MP will also be reviewed by the Joint Committee and analyzed by both legislative houses, becoming definitive only if approved by the National Congress and subsequently converted into ordinary law.

If Provisional Measure No. 1,304/2025 is not analyzed within the maximum period of 120 days, it will lose effectiveness and its validity will be terminated. In such case, it will be up to the National Congress to regulate, by legislative decree and if necessary, the legal treatment to be given to the relationships established during its effectiveness.

Access MP No. 1,304/2025.

MME expands operational flexibility for thermal power plants

On July 23, 2025, the Ministry of Mines and Energy (“MME”) published Normative Ordinance No. 115/2025, which establishes guidelines for optimizing the use of inflexible generation from thermal power plants within the SIN in the event of energy surplus.

Under the new regulation, generators contracted under availability agreements may voluntarily request a temporary reduction in the inflexibility of their plants. Such a request will result in a proportional reduction in the revenue established under the Regulated Power Purchase Agreements (“CCEARs”). This change is expected to benefit contracting distribution companies, which will be able to purchase, in the Short-Term Market (“MCP”), the energy corresponding to the reduced generation.

In this context, the measure allows thermal power plants to reduce their deliveries under agreements in the Regulated Contracting Environment (“ACR”) during periods of excess energy supply, without the need for future compensation. The ordinance also provides that, during the reduction period, no commercial or regulatory penalties will be applied for the absence of inflexible generation. However, in the event of a systemic need, the National System Operator (“ONS”) may cancel the reduction and dispatch the plant.

Access MME Ordinance No. 115/2025.

ANEEL clarifies guidelines on extension of hydropower concessions in GSF auction

On August 01, 2025, the CCEE held the GSF Auction, aimed at resolving the legal liabilities related to hydrological risk – an issue that has affected the electricity sector for nearly a decade. The auction transacted BRL 1.4 billion, registering a premium of 66.32% and a minimum return rate (that we called “WACC”) of 10.94%, as established by the MME.

The publication of Provisional Measure No. 1,300/2025 raised questions among participants in the GSF Auction, particularly regarding the maintenance of discounts on Transmission and Distribution System Usage Tariffs (“TUST/TUSD”) applicable to hydropower plants with extended concessions. In response, ANEEL issued Decision No. 2,356/2025, published on August 11, 2025, to clarify the effects of the Provisional Measure on the tariff benefits provided for in the auction.

According to the Decision, in cases where the original concession was granted with TUST/TUSD discounts, such benefits must be preserved during the extension period resulting from participation in the competitive mechanism. Each extension request will be individually reviewed by ANEEL’s board.

Also according to ANEEL’s decision, the seven-year limit provided for in Law No. 13,203/2015 applies exclusively to the extension of concessions granted under the competitive mechanism established by Provisional Measure No. 1,300/2025, and will not be deducted from any extensions obtained under other legal or regulatory provisions.

Additionally, the board resolved that the possibility of free disposition of the energy generated during the concession extension period, in the case of quota-based plants, does not imply a change in the legal regime of the concession. Accordingly, the provisions of the concession agreement must be observed, and the free disposition of the portion of firm energy and capacity allocated to distribution companies under the quota regime during the extension period is prohibited.

Lastly, questions were also raised regarding the methodology adopted for calculating the WACC, which differs from that used in the GSF auctions held in 2015 and 2020. Due to these discrepancies, the Public Prosecutor’s Office filed a petition with the Brazilian Federal Court of Accounts (“TCU”), requesting the suspension of acts and contracting procedures related to the auction until the TCU concludes its review of the methodology used. The preliminary injunction was denied by the Minister Jorge Oliveira, who found no risk to the public interest in allowing the auction proceedings to continue.

In light of ANEEL’s recent decisions regarding the extension of hydropower concessions in the context of the GSF Auction, a significant regulatory effort can be observed to provide greater legal certainty to electricity sector stakeholders, while also helping to mitigate uncertainties that had been affecting the investment attractiveness of the segment.

Access Ruling No. 2.356.

Access Proceeding No. 016.170/2025-3 do TCU.

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