The pricing structure mandates market-based valuation when sales occur through the commercializing agent, considering industry-practiced values or prices from information agencies when the National Petroleum Agency reference prices are unavailable. The resolution details Petrobras’s role as commercializing agent, including provisions for infrastructure-sharing compensation potentially involving swaps of Union gas liquids.
The framework opens auction participation to other gas suppliers, including domestic and imported sources. For structuring auctions, biomethane suppliers may also participate. This approach positions Union gas as an anchor for broader auctions incorporating volumes from Raia and SEAP projects and Argentine gas, attempting to match supply with demand. Eligibility criteria and destination guidelines applicable to Union gas do not extend to volumes offered by other suppliers.
The resolution authorizes the state-owned Pre-Sal Petróleo to allocate portions of volumes for spot market trading to help establish Brazilian market price references. Unsold volumes not contracted by base industry in auctions may be sold at market prices to other free consumers, traders, transporters and state distributors.
The policy framework arrives as major global producers intensify exploration efforts amid geopolitical supply disruptions and elevated oil prices. Norway’s energy minister recently emphasized the urgency of finding new reserves to maintain exports through 2050, with the Barents Sea Arctic region emerging as a potential exploration frontier. The United States under the Trump administration has similarly prioritized Alaska’s energy potential and signaled interest in Greenland’s natural resources.
The resolution grants the Ministry of Mines and Energy authority to issue complementary regulations when necessary for auction implementation.
This article was curated and published as part of our South American energy market coverage.
