This course provides a comprehensive examination of the legal aspects of Production Sharing Contracts (PSCs), with a specialized focus on Brazil's evolving regulatory environment. You will explore the history of hydrocarbon exploration and production, global practices, and the role of host governments and the state. The curriculum delves into Brazil's current framework, including key legislation such as Law No. 9,478/1997 (Petroleum Law) and Law No. 12,351/2010 (Pre-salt Law), alongside recent ANP regulatory updates through 2025. The course covers the expansion of the Permanent Offer Regime, including continuous bidding and the inclusion of pre-salt areas, as well as revised requirements for local content and work programs. Key topics include risk identification and mitigation, title to natural resources, and a detailed examination of PSCs in Brazil, covering definitions, contract area, participation, cost recovery, royalties, and fiscal terms. Furthermore, the course addresses critical elements such as research, development, innovation, local content, ESG requirements, decommissioning, abandonment, joint operations, unitization, dispute resolution, stabilization, anti-corruption, compliance, and sanctions. The program also incorporates lessons learned from global PSC practices and addresses future challenges facing Brazil's oil and gas sector.

Upon completion of this course, participants will be able to:

• Navigate Brazil's rapidly evolving legal and regulatory landscape in the oil and gas sector, including recent ANP regulatory updates and key legislation.

• Gain a comprehensive understanding of Production Sharing Contracts (PSCs) in Brazil, including their definitions, scope, contract area, participation, and fiscal terms such as cost recovery, profit oil sharing, and royalties.

• Identify and mitigate risks associated with oil and gas activities in Brazil, including minimum work programs, counter-party risk, performance and fiscal guarantees, unitisation, good oilfield practices, and abandonment and decommissioning risks.

• Analyze and apply best practices from global PSC regimes to Brazil's specific context, particularly concerning contract terms, exploration obligations, cost recovery, and dispute resolution mechanisms like international arbitration.

• Understand and ensure compliance with new requirements related to local content, mandatory ESG action plans, climate risk disclosures, CCUS project assessments, and decommissioning trust funds.

• Make informed investment decisions by thoroughly understanding the complex fiscal and regulatory framework, including the expansion of the Permanent Offer regime and its implications for bidding and pre-salt areas

This course is highly relevant for professionals within oil and gas companies operating or planning to operate in Brazil's energy sector. Given Brazil's projected growth as the world's fourth-largest oil producer by 2030 and significant regulatory transformations, specialised legal expertise is crucial for competitive advantage and compliance. The course is particularly beneficial for those who need a deep understanding of Brazil's evolving regulatory landscape, the intricacies of Production Sharing Contracts—especially for pre-salt reserves—and the complex fiscal terms, including cost recovery, profit oil sharing, and royalties. Additionally, professionals involved in investment decision-making, managing local content obligations, integrating ESG and HSE standards, and navigating decommissioning requirements will find this course essential.