Executive Decree No. 186/14 approving the Regulation of the National Direction of Petroleum.

This Executive Decree, approves the Regulation of the National Direction of Petroleum within the Ministry of Petroleum. This Regulation, consisting of 4 Chapters and 2 Annexes, establishes composition, duties and responsibilities of the above mentioned Direction, entitled to: ensure with the other organs of the Ministry to implement the national oil policy; b) promote and collaborate in necessary baseline studies to define the policy regarding the performance of petroleum operations; c) promote the rational exploitation of petroleum resources, study and implement measures to know, quantify and replace oil reserves; d) conduct and coordinate research programmes for the development of oil operations, requiring the use of sustainable techniques in all activities of the sector; e) issue and monitor the implementation of the annual plans of exploration, development and production budgets, reports and exit plans; f) propose and collaborate on designing of norms, technical regulations and specifications for petroleum operations; g) monitor the prices of the crude oil market in order to establish the strategy of exploration, development and production of discovered oil fields; h) organize and prepare, in coordination with other departments of the Ministry the procedures for the issuing of mining prospection licenses, as well as decide on their extension, renewal and termination; i) propose and monitor the implementation of policies for new areas of concessions; j) participate in coordination with other services in the Ministry of allocating oil concessions and negotiations process; k) monitor the compliance of contractual obligations of petroleum concessions, etc.