Regulatory News

The National Petroleum Agency (ANP) has determined that Petrobras must invest about $5 billion more than anticipated by the company in order to increase production in the giant Roncador field in the Campos Basin, off the coast of Rio de Janeiro. The decision was made during a meeting of the regulating in which 12 requirements were stipulated for the state to meet.

The decisions include the drilling of nine wells (five this year and four in 2014) and the installation of a new production rig (currently there are four in the area). Roncador, one of the biggest fields in Brazil, recorded a 27% drop in production volume in recent years.

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