The national council for Energy Policy (CNPE) of Brazil, which advise the Brazilian President on energy policies, has approved a resolution aimed at liberalising the country's gas market, currently dominated by national oil and gas company Petrobras.
The "Novo Mercado de Gas" (New Gas Market) resolution would lead to breaking up Petrobras' monopoly on production and distribution, a measure expected to lower gas prices by up to 40% in two or three years; renegotiating gas supply agreements with Bolivia and Argentina could also contribute to lower prices. New companies could access the gas transportation system, gas processing units and LNG import terminals. Petrobras would have to report how much quantity it needs to use at each point of entry and exit to allow third-party use of gas pipelines.
The resolution will be submitted for approval by the President and will be presented to the Senate and to the Chamber.
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