Overview
- Lawmakers passed MP 1.304 with an amendment replacing the ANP’s technical formula with international quotations, using transfer-pricing rules when market quotes are unavailable for calculating royalties and related levies.
- Petrobras CEO Magda Chambriard says the higher reference price will raise payments to the federal government, pressure cash flow, and push the Campos Basin and Sergipe Águas Profundas revitalizations beyond 2030 in the 2026–2030 plan.
- Chambriard warned of a potential downturn for suppliers and jobs in Norte Fluminense, cautioning the region could face severe decline without regulatory accommodation.
- Producer-aligned Instituto Pensar Energia labeled the provision a “jabuti,” arguing it breaks contracts, erodes legal certainty, and risks deterring investment in pre-salt developments.
- Refina Brasil supports the revision as a market-aligned correction and disputes Petrobras’s claims, while Senator Eduardo Braga defends the change; Lula is weighing sanction or veto with a decision expected by Monday, Nov. 24.