RIO DE JANEIRO – The NOC filed a request to the International Court of Arbitration against the Brazilian oil and gas regulator, ANP, over a dispute involving the Lula oil field. Lula is a presalt development in the Santos basin, which Petrobras seeks a split-up in two different areas: Lula and Cernambi.
ANP rejected previous Petrobras filings in two occasions, back in 2011, on the grounds that no legal and technical standings were enough to warrant a change on already made decisions.
Furthermore, ANP highlighted that voiding its previous decision would open the door to heavy losses for the Brazilian economy.
Petrobras has a 65% stake in the Lula consortium of companies, along with BG (25%) and Petrogal (10%).
In case the region under dispute is split up, payments for special participations, incurred in high-output oil fields, shall be reduced, experts have stated.