Brazil's National Petroleum Agency (ANP) is working on a new resolution that may give oil companies an additional two years to carry out their exploration campaigns at existing concession contracts in the country.

ANP director Jose Cesario Cecchi said the joint request was submitted recently by the Brazilian Petroleum Institute, which represents most operators in the South American nation, in the wake of falling oil prices and the Covid-19 pandemic.

“The industry’s main request right now when it comes to exploration activities is the extension of contracts by up to two years.