COSRO Advogados

Energy

With decades of experience in operations, project structuring, contracts, disputes, financing, advocacy and complex regulatory matters, our team brings a unique combination of technical knowledge and strategic approach to every demand

Energy
Energy

Our team has outstanding experience advising multiple industry players, government entities, associations, service providers, financial institutions and investment funds across every segment of the energy industry We advise a wide range of industry players, including developer and non-developer companies, government entities, associations and service providers. Our practice also covers advisory to financial institutions, investment funds and commercial partners Our lawyers, leaders in the Brazilian energy sector, focus their practice on Renewable Energy and Biofuels, Oil and Derivatives, Natural Gas and Biomethane, New Energy Frontiers and solutions to reduce and mitigate carbon intensity in the industry, such as carbon storage and capture and carbon credit markets

Our view on the industry

Brazil holds a strategic position in the global oil industry and is the largest producer in Latin America. The country is home to some of the most promising offshore oil basins, including the Pre-Salt province, where exploration and production of oil and natural gas in ultra-deep waters represent a milestone in the industry's history. With reserves estimated in billions of barrels of oil equivalent, the Pre-Salt has consolidated Brazil as one of the main hubs for investment in hydrocarbon exploration and production.

Brazil's hydrocarbons industry is characterized by a complex and dynamic regulatory environment, regulated by the National Agency for Petroleum, Natural Gas and Biofuels (ANP). The sector has undergone a series of regulatory and tax changes aimed at attracting investment, increasing competitiveness and ensuring efficient and decarbonized exploration of its reserves.

The oil market in Brazil is promising but also faces significant challenges. The volatility of global oil prices, geopolitical issues and the need to comply with increasingly strict environmental standards require an updated regulatory framework and adaptability from companies in the sector.

With a prominent position in the global market, vast oil reserves and expanding infrastructure, Brazil offers a unique and highly promising environment. Companies operating in this market need a deep understanding of regulatory specifics, the economic landscape and the innovation ecosystem.

  • Growing opportunities in exploration and production of onshore and offshore assets
  • World's largest market for ultra-deep water infrastructure suppliers
  • New exploratory frontiers, including the Equatorial Margin
  • Alignment with the national decarbonization strategy
  • Expansion of refining and petrochemicals
  • Migration of expertise to new energy frontiers
  • Increasingly strict environmental requirements
  • Frequent contractual disputes
  • Constantly changing regulatory environment
  • Regulatory and contractual local content requirements
  • Complex tax regime
  • Legal restrictions on access to rural areas
  • Political stability and alignment toward continuity and expansion of oil production capacity
  • Brazilian leadership in the energy transition and reduction of hydrocarbon carbon intensity
  • Migration of expertise and diversification into other energy areas
  • Technological advancement, including digitalization, automation and use of artificial intelligence
  • Pressure for more sustainable and socially responsible practices
  • Continuity of local content policy
  • Petrobras maintaining a high market share in upstream and midstream segments
Work Highlights

Unparalleled track record in the acquisition of onshore and offshore oil and gas E&P assets in Brazil since market opening

We have advised a wide range of clients on projects related to the acquisition of onshore and offshore assets in Brazil over the past 25 years, including within Petrobras' divestment process that began in 2015, advising IOCs and NOCs on several of the largest offshore asset acquisitions, including the two largest onshore asset acquisitions in Brazil, in addition to various other transactions exceeding USD 20 billion

Unique knowledge of offshore infrastructure development

We advise clients on financing structuring, sale and purchase, claims management and disputes involving the construction and operation of oil sector infrastructure, with special emphasis on FPSO and FSO floating production units, export pipelines and subsea infrastructure

Active administrative practice and regulatory advice before the regulator

We advise clients on successful discussions with the ANP in TAC negotiations and in administrative sanctioning proceedings worth billions of US dollars, as well as on building positions and reviewing rules and regulations

Broad representation of the industry in billion-dollar disputes with Petrobras

We successfully advise clients in administrative, judicial and arbitral disputes against Petrobras worth billions of US dollars, including matters related to attempted sanctions and penalties, contract terminations, economic-financial rebalancing and contracting restrictions with Petrobras

Areas of Practice

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