Energy and Natural Resources Newsletter | May 2026

ANP publishes notice and announces dates for upcoming OPC and OPP cycles

On May 12, 2026, the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) published an updated version of the Open Acreage of Concession (“OPC”) notice, adding 45 new exploration blocks to the portfolio available for bidding. With this update, the total number of areas offered reaches 495 exploration blocks and 5 areas with marginal accumulations, significantly expanding opportunities for oil and natural gas exploration and production in the country.

The new blocks are concentrated in the Campos Basin (26 offshore blocks), Santos Basin (11 offshore blocks), and Potiguar Basin (8 onshore blocks) – regions considered strategic both for their high exploration potential and for the diversification between offshore and onshore assets. In total, the notice covers areas distributed across 11 Brazilian sedimentary basins, all of which have received a favorable environmental feasibility opinion and joint endorsement from the Ministry of Mines and Energy (“MME”) and the Ministry of the Environment (“MMA”), reinforcing the legal and environmental certainty for bids.

The update to the notice aims to encourage investment, enhance the sector’s competitiveness, and strengthen the attractiveness of the Brazilian hydrocarbon exploration and production market.

Subsequently, on May 25, 2026, the ANP set October 7 as the date for the 6th Cycle of the OPC and the 4th Cycle of the Open Acreage under Production Sharing (“OPP”). The OPP is expected to offer 23 blocks in the Campos and Santos basins, with 15 companies already registered, according to Eixos.

Interested companies must submit a declaration of interest, together with the bid guarantee, by July 21. New participants may register by June 5, and the sectors and blocks to be effectively offered will be announced on August 6.

Find out more: Open Acreage of Concession (“OPC”): ANP notice introduces 45 blocks and ANP schedules oil auctions for October 7

Brazil’s Supreme Court trial on royalty distribution still pending

On May 7, 2026, the Federal Supreme Court (“STF”) resumed the trial of the cases addressing the rules for distributing oil royalties among the Brazilian Federal Government, the states, and the municipalities – an issue considered central to the federal balance and to the public finances of both oil-producing and non-oil-producing jurisdictions. The review concerns the constitutionality of Law No. 12,734/2012 (“Royalties Law”), which amended the criteria for sharing these revenues, expanding distribution nationwide.

The trial, which began on May 6, proceeded with the vote of Justice Cármen Lúcia, the case’s reporting justice, and with statements from the plaintiffs and entities admitted as amicus curiae. The effects of the changes introduced by the Royalties Law have been suspended since 2013 by a preliminary injunction issued by the reporting judge herself, which maintained the current model more favorable to producing states. The dispute pits producing federal entities – which defend the compensatory nature of royalties – against non-producing states – which seek a more equitable division of resources, arguing that oil is a federal asset.

The case has a significant economic impact, especially for states such as Rio de Janeiro, Espírito Santo, and São Paulo – the country’s leading producers –, whose revenue collection may incur multibillion‑dollar losses in the event of redistribution. Following the reporting justice’s vote, the trial was suspended due to a request for review by Justice Flávio Dino, with no set date for resumption, extending the uncertainty regarding the model for distributing oil revenues in Brazil even further.

Find out more: Understand what is at stake in the trial on the distribution of oil royalties

NEWS

Decommissioning guarantees will have a new timeframe

On May 15, 2026, the ANP approved the holding of a public consultation and hearing to discuss changing the timeframe for financial guarantees for the decommissioning of oil and natural gas production facilities. The proposal, accompanied by a Regulatory Impact Analysis Report (“AIR”), provides for changing the update schedule for these guarantees as part of the agency’s regulatory agenda for the 2025-2026 biennium.

The draft resolution proposes changing the frequency from annual to triennial, with the aim of reducing the operational burden on both regulated entities and the ANP, without compromising the effectiveness of the financial guarantees. These guarantees are mandatory instruments addressed in exploration and production contracts and ensure the necessary funds for carrying out field decommissioning activities at the end of their productive life, including well abandonment, structure removal, and environmental restoration.

The revision comes amid the maturation of the Brazilian oil and gas sector, marked by an increase in mature assets and the intensification of decommissioning operations. In seeking greater regulatory efficiency and predictability, the ANP aims to balance the reduction of administrative costs with the maintenance of financial and environmental security, encouraging a more structured transition toward the closure of production activities in oil and gas fields.

Find out more: Decommissioning: ANP approves public consultation and hearing to change the frequency of updating financial guarantees

ANP launches consultation on preference for domestic suppliers

On May 15, 2026, the ANP launched a public consultation to discuss regulations regarding preference for domestic suppliers in oil and natural gas exploration and production contracts. The initiative is part of the local content policy and seeks to gather input for the AIR report, which aims to detail how the requirement for equal opportunities and prioritization of Brazilian companies in the sector will be applied.

As provided for in exploration and production (E&P) contracts, operators must ensure equivalent participation conditions for domestic suppliers and prioritize Brazilian companies whenever their proposals are equivalent or more advantageous in terms of criteria such as price, delivery time, and quality. The study evaluates mechanisms to define the practical application of this clause, such as differentiated margins, supplies developed under the Research, Development, and Innovation (R&D&I) clause, as well as procedures to increase transparency in procurement and contracting processes.

The consultation also addresses the creation of oversight tools by the ANP, including the definition of criteria for analyzing complaints and the imposition of penalties in cases of non-compliance, as well as the requirement for operators to periodically disclose procurement schedules. After the consultation phase ends, the agency is expected to consolidate the contributions received into a new version of the report, which will be submitted to the agency’s board of directors for deliberation and potential approval, reinforcing the role of local content as a driver of industrial development and the strengthening of the national production chain in the oil and gas sector.

Find out more: Local Content: ANP launches prior consultation on preference rules for Brazilian suppliers                                                                                            

ANP extends fuel stock flexibility until June 2026

On May 6, 2026, the ANP announced the extension, through June 30, 2026, of the temporary relaxation of the minimum gasoline and diesel stock rules established in Resolution No. 949/2023. The measure, which was previously set to expire on April 30, 2026, remains in effect nationwide.

On an exceptional basis, producers and distributors remain authorized to operate below minimum stock levels, allowing them to allocate all available volumes to immediately meet demand. The initiative aims to increase logistical efficiency and bring the product closer to consumption centers, contributing to a smoother supply flow.

The extension is part of a set of measures adopted by the ANP since March 2026 to strengthen market monitoring and mitigate risks of fuel supply disruptions. Under normal conditions, Resolution No. 949/2023 requires the maintenance of average weekly inventories to ensure system security.

Find out more: Update: Exceptional stock flexibilization period extended under ANP Resolution No. 949/2023

ANP launches public consultation on storage regulations

On May 12, 2026, the ANP launched a 45-day public consultation to discuss amendments to Resolution No. 852/2021, which regulates the production, storage, and marketing of petroleum products and natural gas. The agency also plans to hold a public hearing on the topic on July 28, 2026.

The proposed revision focuses on the rules applicable to the provision of storage services and the allocation of space by producers for third-party products, with the aim of tightening the requirements for this type of operation.

Among the suggested changes, a key requirement is that tanks intended for the storage of third-party products be formally designated and comply with the regulatory regime applicable to terminals. Specific rules are also proposed for situations involving interconnected facilities and for cases where the same company operates both the production unit and the terminal, requiring the accounting segregation of these activities.

In practice, the proposal reinforces the separation between production and third-party storage activities, preserving the possibility of providing these services but conditioning it on compliance with stricter requirements aligned with the terminal regime.

Find out more: ANP to hold public consultation and hearing on data services aiming at price transparency for oil and gas derivatives