Decree No. 24/2004 approving the Regulation on Oil Operations.

This Decree, composed of three articles and one Annex, approves the Regulation on Oil Operations, with the aim of granting that they are carried out in a systematic and coordinated manner and that are correctly monitored. The Annexed Regulation, composed of 102 articles divided in eight Chapters, rules on concession contracts and related rights and obligations, planning and evaluation of oil related activities (namely research, development and infrastructure constructions) and managing systems. Moreover, it regulates project and construction requirements, operations’ requirements (with special regards to environmental protection and safety) and emergency requirements. Finally, the Regulation defines applicable taxes as well as fines and sanctions.