By means of Laws No. 6/18, No. 7/18, and No. 8/18, all of 10 May 2018, the National Assembly has authorized the President of the Republic to legislate, respectively, on (i) the adaptation of the contractual and fiscal terms applicable to petroleum concessions with marginal discoveries, (ii) the legal regime applicable to additional exploration activities within development areas of petroleum concessions in production period, and (iii) the establishment of a framework of fiscal incentives applicable to natural gas production activities.
These laws pave the way for the President of the Republic to approve presidential legislative decrees setting forth the regimes governing said matters, further reshaping the upstream legal framework.
The authorizations now granted by the National Assembly are valid for a period of 180 days as of the date of their gazetting.
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