Presidential Decree No. 52/19 approving the General Strategy for the Allocation of Oil Concessions for the period 2019-2025.

This Presidential Decree approves the General Strategy for the Allocation of Oil Concessions for the period 2019-2025. This Strategy, consisting of eight sections and one Map (specifying the related allocations by year), aims to support the achievement of macro and long-term objectives: Its general objectives are: promote the knowledge on national geological oil potential; ensure the continuous increase in oil resources; foster competition in the Oil Industry and risk investment, ensuring adjustment of remuneration; promote Foreign Direct Investment (FDI) in the National Oil Industry, disseminating universally accepted knowledge, technological innovation and governance practices; promote the exploitation of natural gas, through the inclusion of programmes dedicated to this resource in the general scope of the Oil Bidding. Its specific objectives are: ensure the replacement of reserves, promoting the exploitation activity in a rational and adequate manner; trigger appropriate measures to confirm the country's oil potential; provide sufficient crude oil to meet the domestic refining capacity by weighing the economic viability of the export versus import.