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ANP fines Petrobras for not meeting national content requirement

Bnamericas Published: Monday, April 04, 2011
Brazilian state-run energy major Petrobras (NYSE: PBR) has been fined 26mn reais (US$16mn) by hydrocarbons and biofuels regulator ANP for failing to meet the minimum national content requirement in the exploration of some oil blocks, a spokesperson for the watchdog told BNamericas, confirming earlier reports. The fine is related to the exploratory operations in blocks whose concessions had been awarded in 2003 and 2004. According to the reports, an inspection will be carried out to check in detail each piece of equipment purchased for each of the blocks, and this could result in a fine of up to 600mn reais. National requirements range between 55% and 70%, depending on the service and equipment involved. Petrobras declined to make any comment.

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