Editorial
September was marked by important regulatory updates in the O&G sector. ANP opened a public consultation to regulate experimental regulatory environments, and published a resolution establishing differentiated treatment for micro and small enterprises in the agency’s inspection activities.
In the upstream segment, ANP approved the nomination of new exploratory blocks for possible inclusion in the Permanent Concession Offer. In the natural gas sector, PPSA published the tender notice for the 1st Federal Government Natural Gas Auction. ANP maintained the WACC for the 2026-2030 regulatory cycle and held a workshop on the implementation of the Gas Release program. At the state level, an agreement executed in Rio de Janeiro unlocked the migration of consumers to the free natural gas market.
In the fuels and biofuels sector, ANP opened a public consultation on a draft that amends the share capital requirements applicable to industry agents, and proposed adjustments to the rules for individualizing RenovaBio targets. Lastly, the Ministry of Mines and Energy submitted to public consultation the program’s mandatory decarbonization targets for the 2027-2036 cycle, including the proposed issuance of 56 million CBIOs in 2027. These initiatives demonstrate continued regulatory efforts aimed at expanding competition, strengthening sector governance and advancing energy transition and decarbonization policies.
General Regulation
ANP opens public consultation to regulate experimental regulation modalities
On 09/10/2026, ANP opened a public consultation on a draft resolution regulating experimental regulatory environments within the agency. The proposal aims to expand experimental regulation and establish rules for its constitution and operation. The draft covers the regulatory sandbox, regulatory pilot project and pilot regulation modalities. The Experimental Regulation Committee is responsible for receiving and assessing the admissibility of experimental regulation proposals, which will subsequently be submitted to the Board of Directors for consideration (arts. 7 to 9).
In addition to ANP’s own initiative, the draft allows regulated agents to participate by proposing experimental regulations. In the case of the sandbox, a modality in which rules may be suspended or simplified to test regulatory innovations, the agent may request the temporary removal of a specific regulatory barrier for the purposes of the experiment (art. 3, I). The pilot project may also be proposed by an interested party that demonstrates the existence of a project dependent on experimental regulatory treatment, as this modality aims to authorize the implementation of regulatory innovations to demonstrate the feasibility of activities that lack their own regulation (art. 3, II). Lastly, pilot regulation is exclusively initiated by ANP, which establishes transitional regulation to test new rules before their large-scale application (art. 3, III).
For the sandbox and pilot project modalities, terms of reference must be issued to set the conditions for constituting the experimental regulatory environment and the safeguards for consumer protection and the proper functioning of the regulated activity (art. 2, X, combined with art. 17). For pilot regulation, the constitutive act alone is sufficient (art. 18). The terms of reference may be waived for pilot projects proposed by interested parties, upon a report by the responsible Experimental Regulation Commission (art. 11, sole paragraph).
The terms of reference and the constitutive act will be submitted to prior consultation, which may be waived only for proposals involving low risk or limited impact (art. 12). In addition, a risk analysis of the experimental regulation must be submitted, to be carried out by the interested party or by ANP, as the case may be (art. 20).
Interested parties must demonstrate good standing with Cadin, be current on their obligations to ANP, be eligible to contract with the Public Administration and demonstrate technical, economic and financial capacity compatible with the proposed project (art. 21). Lastly, ANP must ensure broad transparency regarding experimental regulatory environments through a dedicated page on its website, containing information on ongoing projects, participants, regulatory derogations, results, reports and statistics (art. 42).
Public Consultation/Hearing No. 18/2026 will accept contributions until 10/26/2026 through the following link. The public hearing will be held on 11/12/2026 and registrations are open until 10/30/2026 through this link.
ANP publishes resolution regulating differentiated treatment for micro and small enterprises in inspection activities
On 09/23/2026, ANP Resolution No. 1,008/2026 was published, establishing differentiated treatment for microenterprises and small businesses in ANP’s inspection activities.
In these cases, the double-visit procedure and extended notification periods will apply (art. 2). At the first inspection, the person responsible for the company will be informed of ANP’s rules and will be notified of any irregularity, which must be remedied within 40 days. A new inspection will then be carried out, at which point an infraction notice or a conduct remediation measure may be issued if irregularities are found.
However, the second-visit protocol will not apply where there are irregularities posing a high risk to life, physical integrity, health or the public and private property of third parties (art. 4, I), in the case of other irregularities listed in the resolution (art. 4, II) or where the agent has previously been inspected (art. 4, III).
ANP Resolution No. 1,008/2026 can be accessed at the following link.
Upstream
STJ postpones judgment on fracking technique
The Superior Court of Justice (STJ) postponed the resumption of the judgment of Special Appeal No. 1,957,818 (IAC 21), which addresses the use of hydraulic fracturing (fracking) in the exploration of oil and gas from unconventional sources. The matter was the subject of a public consultation and hearing, and its judgment began on 09/09/2026. On that occasion, the reporting justice requested a procedural review. Although it was placed on the 10/14/2026 docket, the judgment was postponed and has no set date.
The case is part of a litigation history that began in 2013, when Paraná Basin blocks with potential for unconventional oil and gas exploration were included in ANP’s 12th Bidding Round. ANP, together with industry companies and entities, argues that granting a block for exploratory research is not equivalent to authorizing commercial production or the unrestricted use of fracking, which depends on environmental licensing. The Federal Prosecution Service (MPF), in turn, invokes the precautionary principle in light of the associated environmental risks, and advocates robust prior studies and specific regulation before fracking is used.
The judgment may result in guidelines for the actions of ANP and environmental agencies, including with respect to licensing, protection of water resources, well integrity and risk monitoring. The STJ may prohibit fracking, require additional regulation or allow case-by-case assessment of projects. The decision may reduce legal uncertainty and influence future bidding rounds and investments in onshore exploration.
ANP approves nomination of new blocks for inclusion in the Permanent Offer under the Concession Regime (OPC)
On 09/04/2026, ANP’s Board of Directors approved the nomination of 24 new exploratory blocks located in the Potiguar Basin for possible inclusion in future OPC cycles.
The blocks must undergo environmental analysis and a joint opinion by the Ministry of Mines and Energy (MME) and the Ministry of Environment and Climate Change (MMA). Subsequently, the possible inclusion of the blocks in upcoming OPC cycles depends on a public hearing and approval by the Federal Court of Accounts (TCU).
Natural Gas and Biomethane
PPSA publishes tender protocol for the 1st Federal Government Natural Gas Auction
On 10/06/2026, PPSA published the tender protocol for the 1st Federal Government Natural Gas Auction, to be held on 10/22/2026 at 9:00 a.m. through CCEE’s electronic platform. The auction will sell, on a firm basis, up to 1,100,000 m³/day of gas for the period from 03/01/2027 to 12/31/2027, with delivery at the outlet of the Itaboraí Gas Processing Unit.
Following a consultation on the draft tender notice, PPSA modified the rules, notably allowing the participation of industries migrating to the free gas market and extending the deadline for agents to choose between direct contracting or contracting through a trading company.
Participation in the auction is restricted to Brazilian legal entities qualified as Basic Industry Companies, pursuant to art. 4, § 2, of CNPE Resolution No. 15/2026 and MME Ordinance No. 141/2026. Eligibility is assessed per consumer unit, based on CNPJ registration under a CNAE class or subclass listed in the tender notice. Bidders must demonstrate (i) legal, tax and labor qualification, (ii) economic and financial qualification and (iii) technical qualification, both of the company itself and, under the Indirect Contracting Model, of the Counterparty Trader, as applicable.
In the first round, lots will be offered in five stages for the following sectors: (a) chemical and petrochemical (35 lots); (b) steel, metallurgy and mining (32 lots); (c) ceramics (20 lots); (d) fertilizers (13 lots); (e) glass (10 lots). If lots remain, a second round will be held. Gas is traded in Lots of 10,000 m³/day. Each Economic Group may acquire up to 160,000 m³/day, equivalent to 16 Lots.
The monthly price follows the Reference Parametric Formula, which combines 115% of the Henry Hub price, Coefficient B and the Central Bank exchange rate. The sole award criterion is Coefficient B, expressed in US$/MMBtu. The Minimum Coefficient is US$ 1.80/MMBtu, and each bid must exceed the previous one by at least US$ 0.02/MMBtu.
The volume acquired constitutes the Daily Contract Quantity (DCQ), with a firm obligation subject to a Minimum Take Commitment of 95% of the DCQ. Resale, assignment or transfer of volumes to third parties not bound by the offer is prohibited and constitutes a serious contractual breach.
Companies must keep records and traceability of volumes for 5 years, available to PPSA and ANP. The offer is net of taxes, and the winning bidder bears PIS, COFINS, ICMS, IBS, CBS and the Selective Tax, among others.
The tender notice for the 1st Federal Government Natural Gas Auction can be accessed at the following link.
ANP maintains WACC set for the 2026-2030 regulatory cycle
On 09/04/2026, ANP’s Board of Directors unanimously rejected the appeal filed by ATGás and maintained the weighted average cost of capital (WACC) applicable to the 2026-2030 regulatory cycle at 7.47% per year, after taxes.
The WACC had already been approved by the agency in 2025 and was below the levels advocated by the transportation companies, which sought rates between 9.01% and 9.41% per year. ANP understood that the rate of return should be maintained. Any methodological adjustments may be implemented prospectively, preserving stability, regulatory predictability and equal treatment among sector agents.
In addition, on 10/02/2026, ANP approved the valuation of gas transportation companies’ assets based on the RCM methodology. The decision concludes the second stage of the sector’s tariff review process and establishes the methodology applicable to the valuation of certain transportation assets. The agency also approved the opening Regulatory Asset Base (BRA) values, with a base date of December 31, 2025.
Lastly, the schedule for defining the Maximum Allowed Revenue (RMP) and other regulatory parameters applicable to the 2026-2030 cycle was approved. The public hearing is expected to take place by 11/18/2026.
ANP holds workshop on the Gas Release Program in Brazil
On 09/29/2026, ANP held the 2nd Workshop of the Natural Gas Market Concentration Reduction Program (Gas Release). The event brought together representatives of the government, consumers, transportation companies and distribution companies to discuss the fundamentals and implementation prospects of Gas Release in Brazil.
ANP presented the results of the studies and technical notes supporting the draft regulation. According to the agency’s analysis, Petrobras still holds a significant position in the non-thermoelectric natural gas trading market of the integrated network, accounting for approximately 59% of the volumes traded. However, concentration varies across the country’s regions. While the North/Northeast region has the lowest HHI, the South/Center-West region has the highest, indicating high market concentration.
For the 1st competitive cycle, ANP proposes as a target the “Moderate PGR” scenario, which seeks to reduce concentration to a level compatible with a moderately concentrated market. Under the proposal, market opening would occur through the offer of volumes sourced exclusively from sources other than Petrobras’s own production.
The first competitive cycle is scheduled for 2027 to 2030 and includes annual natural gas auctions. At the end of the cycle, in 2030, ANP will carry out a Regulatory Outcome Assessment (ARR) to verify the effectiveness of the measure and support any adjustments, continuation or termination of the program.
The draft Gas Release regulation will be the subject of Public Hearing No. 16/2026, to be held on 10/21/2026.
State of Rio de Janeiro signs agreement favoring migration to the free natural gas market
On 10/02/2026, the Government of the State of Rio de Janeiro and AGENERSA entered into an agreement with the concessionaires CEG and CEG Rio recognizing the reduction of the minimum daily consumption required to qualify as a free natural gas consumer from 100,000 m³ to 10,000 m³.
Although the reduction had been provided for in a resolution of the regulatory agency since 2020, its implementation had been the subject of litigation, which resulted in the suspension of new migrations to the free market.
Under the agreement, migration requests already filed are to be completed after the settlement is approved. Currently, around seven industries are awaiting the conclusion of this procedure to enter the free natural gas market.
Fuels
ANP opens public consultation on minimum share capital required for fuel sector agents
On 09/16/2026, ANP opened a public consultation on a draft resolution amending the compliance requirements for fuel sector agents. The proposal addresses the update of the minimum paid-in share capital, the requirement to demonstrate the origin and lawfulness of the funds used to pay in share capital and the identification of the legal entity’s beneficial owner.
The draft incorporates the minimum paid-in share capital amounts set by law: R$ 1 million for liquid fuel retailers, R$ 10 million for distributors and R$ 200 million for producers. Agents authorized before the publication of the rule will have 2 years to comply, except for liquid fuel distributors, to which the transition rule set forth in ANP Resolution No. 950/2023 applies.
Public Consultation No. 20/2026 will accept contributions until 11/03/2026 at the following link. The public hearing will be held on 11/10/2026 and registrations are open at the following link until 11/03/2026.
ANP opens public consultation and hearing to review RenovaBio rules
On 09/11/2026, ANP opened a public consultation on a draft resolution amending ANP Resolution No. 791/2019, which governs the individualization of mandatory annual GHG emission reduction targets associated with fuel sales under RenovaBio.
The proposal aims to align the regulation with Law No. 15,082/2024 and Decree No. 12,437/2025. To this end, it establishes calculation methodologies, schedules and adjustment mechanisms for individual targets, allowing new distributors to contribute to meeting decarbonization targets from the start of their activities.
In addition, the draft provides for the proportional redistribution of the other agents’ targets so as to preserve the program’s mandatory annual target. The proposal also governs the sanctioning procedures applicable to defaulting distributors, seeking to make RenovaBio more effective, reduce competitive asymmetries and strengthen the achievement of the fuel sector’s decarbonization objectives.
Public Consultation No. 19/2026 will accept contributions until 10/28/2026 through the following link. The public hearing will be held on 11/09/2026 and registrations are open until 11/05/2026 at the following link.
MME opens public consultation on RenovaBio annual targets for the next cycle
On 09/15/2026, the Ministry of Mines and Energy (MME) opened Public Consultation No. 232/2026, which addresses the proposed annual targets for the reduction of greenhouse gas emissions for the next RenovaBio cycle (2027-2036). The target proposed for 2027 corresponds to 56 million CBIOs and is subject to review by the MME following the analysis of the comments submitted during the consultation.
Public Consultation No. 232/2026 will accept contributions until 10/29/2026 through the MME Public Consultations Portal, where both the proposal and its supporting documents are available.