- University of Chicago, Law School, Alumnusadd
- International Law, International Relations Theory, Law and Economics, International Finance, Private International Law, International economic law, and 11 moreOil and Gas Law, International law (public and private), Conflict of Laws, International Relations, Public International Law, Foreign Direct Investment, Transnational litigation, Civil Law, Property Law, Project Finance, and Direito Internacional Privadoedit
- Lawyer & independent researcher. Publishes on topics of Oil & Gas, Infrastructure & Project Finance, and Internationa... moreLawyer & independent researcher.
Publishes on topics of Oil & Gas, Infrastructure & Project Finance, and International Law.
LL.M. at the University of Chicago, Master in International Law at the Rio de Janeiro State University (UERJ), Specialist in Oil & Gas Law (Alumni of the PRH-33 program, Brazilian Oil Agency's scholarship program).
Partner at Cescon, Barrieu, Flesch & Barreto.edit
Chapter on Dowstream taxation, from a comparative global perspective. For copyright reasons, a full copy cannot be posted. Please visit the editor's site:... more
Chapter on Dowstream taxation, from a comparative global perspective. For copyright reasons, a full copy cannot be posted. Please visit the editor's site:
https://www.globelawandbusiness.com/books/the-encyclopaedia-of-midstream-and-downstream-oil-and-gas-second-edition
https://www.globelawandbusiness.com/books/the-encyclopaedia-of-midstream-and-downstream-oil-and-gas-second-edition
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It provides a (1) Short description of approaches towards cross-border insolvency (territorialism, universalism and modified universalism), (2) description of the amendments to the Brazilian Bankruptcy Law (BBL) that embody the UNCITRAL... more
It provides a (1) Short description of approaches towards cross-border insolvency (territorialism, universalism and modified universalism), (2) description of the amendments to the Brazilian Bankruptcy Law (BBL) that embody the UNCITRAL Model Law on the recognition of foreign insolvency proceedings and (3) concludes with an overview of the Prosafe case under the Brazilian perspective, as it was the first request for recognition in Brazil following the BBL amendments.
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Due diligence não é só mecanismo de avaliação em operações financeiras e M&As mas também de investigação e observância de fatores ESG na empresa e em sua cadeia de fornecedores, em linha com tendência legislativa internacional.
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Analysis of lenders' liability for environmental damages arising from projects they financed, based on legal rules and precedents, together with a critique of Brazilian previous scholarship. / Análise do tema baseado em fontes normativas... more
Analysis of lenders' liability for environmental damages arising from projects they financed, based on legal rules and precedents, together with a critique of Brazilian previous scholarship. / Análise do tema baseado em fontes normativas positivas e jurisprudência, com crítica à doutrina antecedente.
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I discuss the qualification of ship-or-pay and take-or-pay contracts in the gas industry. For this purpose, I provide an overview of the Brazilian gas industry model, discuss the economic purpose of such clauses and analyze the legal... more
I discuss the qualification of ship-or-pay and take-or-pay contracts in the gas industry. For this purpose, I provide an overview of the Brazilian gas industry model, discuss the economic purpose of such clauses and analyze the legal qualfiication of contracts with said clauses. In the last part, I discuss the legal consequences of the qualification.
Aborda-se a natureza jurídica de contratos ship-or-pay e take-or-pay na indústria do gás. Para tanto, ofereço uma visão geral da indústria do gás brasileira, discuto a função econômica dessas cláusulas e analiso a natureza jurídica dos contratos que as contêm. Ao fim, discuto as consequências jurídicas da qualificação dos contratos.
Aborda-se a natureza jurídica de contratos ship-or-pay e take-or-pay na indústria do gás. Para tanto, ofereço uma visão geral da indústria do gás brasileira, discuto a função econômica dessas cláusulas e analiso a natureza jurídica dos contratos que as contêm. Ao fim, discuto as consequências jurídicas da qualificação dos contratos.
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We describe the general regulatory and economic oil context in Brazil, discuss different financing sources for oil companies and, after comparing with the U.S. model, analyze how the reserve based lending can be adapted to be a source of... more
We describe the general regulatory and economic oil context in Brazil, discuss different financing sources for oil companies and, after comparing with the U.S. model, analyze how the reserve based lending can be adapted to be a source of financing in Brazil.
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We (1) discuss the disadvantages of the then-envisaged new law to regulate the pre-salt areas offshore Brazil and (2) propose adjustments to the concession regime so that it could satisfactorily regulate the pre-salt areas. The new... more
We (1) discuss the disadvantages of the then-envisaged new law to regulate the pre-salt areas offshore Brazil and (2) propose adjustments to the concession regime so that it could satisfactorily regulate the pre-salt areas.
The new pre-salt law was adopted on Dec. 23, 2010. The article was written in 2008-09 and published in 2009.
Nós, em primeiro lugar, discutimos as desvantagens do novo modelo para regular as áreas do pré-sal, na época ainda em discussão reservada na esfera governamental e, em seguida, propomos ajustes ao regime de concessão para que pudesse regular de forma satisfatória as áreas do pré-sal.
A Lei do Pré-Sal foi publicada em 23 de dezembro de 2010. O artigo foi escrito em 2008-09 e publicado em 2009.
The new pre-salt law was adopted on Dec. 23, 2010. The article was written in 2008-09 and published in 2009.
Nós, em primeiro lugar, discutimos as desvantagens do novo modelo para regular as áreas do pré-sal, na época ainda em discussão reservada na esfera governamental e, em seguida, propomos ajustes ao regime de concessão para que pudesse regular de forma satisfatória as áreas do pré-sal.
A Lei do Pré-Sal foi publicada em 23 de dezembro de 2010. O artigo foi escrito em 2008-09 e publicado em 2009.
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Overview of topics related to International Business Law, directed at law students. Among others, we describe ways for a foreign investor to do business in Brazil, international joint ventures, project finance and provide an overview of... more
Overview of topics related to International Business Law, directed at law students. Among others, we describe ways for a foreign investor to do business in Brazil, international joint ventures, project finance and provide an overview of the Brazilian upstream oil sector.
Panorama de tópicos ligados ao Direito Empresarial Internacional, direcionado a estudantes de Direito. Entre outros temas, descrevemos meios para um investidor estrangeiro atuar no Brasil, joint ventures internacionais, project finance e fornecemos uma visão geral do setor de upstream brasileiro.
Panorama de tópicos ligados ao Direito Empresarial Internacional, direcionado a estudantes de Direito. Entre outros temas, descrevemos meios para um investidor estrangeiro atuar no Brasil, joint ventures internacionais, project finance e fornecemos uma visão geral do setor de upstream brasileiro.
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We propose a new regulatory framework for the pre-salt discoveries, using the concession framework in place. Our analysis is based on Comparative Law, the lex petrolea and the inexistence of legal obstacles in Brazil. The new pre-salt law... more
We propose a new regulatory framework for the pre-salt discoveries, using the concession framework in place. Our analysis is based on Comparative Law, the lex petrolea and the inexistence of legal obstacles in Brazil. The new pre-salt law passed on Dec. 23, 2010. The article was written in 2008 and published in 2009.
Sugerimos um novo modelo regulatório para o pré-sal, com base no modelo de concessão para E&P de petróleo e gás vigente. A análise é baseada em Direito Comparado, lex petrolea e na inexistência de obstáculos legais. A Lei do Pré-Sal foi publicada em 23 de dezembro de 2010. O artigo foi escrito em 2008 e publicado em 2009.
Sugerimos um novo modelo regulatório para o pré-sal, com base no modelo de concessão para E&P de petróleo e gás vigente. A análise é baseada em Direito Comparado, lex petrolea e na inexistência de obstáculos legais. A Lei do Pré-Sal foi publicada em 23 de dezembro de 2010. O artigo foi escrito em 2008 e publicado em 2009.
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Winner of the 54th Jabuti Prize / Vencedor do 54o Prêmio Jabuti I discuss the advantages and incentives of land regularization in the Cantagalo hill, in Rio de Janeiro, using property titles (instead of other limited rights commonly... more
Winner of the 54th Jabuti Prize / Vencedor do 54o Prêmio Jabuti
I discuss the advantages and incentives of land regularization in the Cantagalo hill, in Rio de Janeiro, using property titles (instead of other limited rights commonly used by the State government), and conclude that it should be used in other slums.
Discuto as vantagens e incentivos da regularização fundiária no morro do Cantagalo, no Rio de Janeiro, usando títulos de propriedade (ao invés de outros direitos limitados comument usados pelo governo estadual), e concluo que deveria ser usado em outras favelas.
I discuss the advantages and incentives of land regularization in the Cantagalo hill, in Rio de Janeiro, using property titles (instead of other limited rights commonly used by the State government), and conclude that it should be used in other slums.
Discuto as vantagens e incentivos da regularização fundiária no morro do Cantagalo, no Rio de Janeiro, usando títulos de propriedade (ao invés de outros direitos limitados comument usados pelo governo estadual), e concluo que deveria ser usado em outras favelas.
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O segmento de eólicas offshore ainda não possui projetos implementados no Brasil, apenas em fase de desenvolvimento. O principal obstáculo enfrentado, do ponto de vista regulatório, é a impossibilidade de obtenção de outorgas. A partir de... more
O segmento de eólicas offshore ainda não possui projetos implementados no Brasil, apenas em fase de desenvolvimento. O principal obstáculo enfrentado, do ponto de vista regulatório, é a impossibilidade de obtenção de outorgas. A partir de um levantamento documental junto a órgãos do governo federal, reconstruímos o histórico dos entendimentos dos órgãos reguladores do setor acerca das dificuldades que impedem a obtenção de outorgas. Apresentamos, também, posição atual dos reguladores acerca dos futuros desenvolvimentos da regulação e seu posicionamento referente ao desenho deste mercado, com ausência de subsídios e mecanismos competitivos ou opendoor de seleção de novos agentes. Apontamos sinergias entre o segmento de eólicas offshore e de exploração e produção de petróleo e gás offshore, com possíveis mecanismos de integração e uso para descarbonização da produção. Ao fim, tendo em vista o potencial integração das atividades, propomos aperfeiçoamentos na regulação vigente, com os fundamentos jurídicos a tanto.
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According to the United Nations Convention on the Law of the Sea (UNCLOS), the jurisdiction of a country goes up to 200nm, with the possibility to be extended up to 350nm after approval by a special committee. Brazil is one of the... more
According to the United Nations Convention on the Law of the Sea (UNCLOS), the jurisdiction of a country goes up to 200nm, with the possibility to be extended up to 350nm after approval by a special committee. Brazil is one of the countries that has requested the recognition of its continental shelf extension but it has not been fully granted yet. Nevertheless, Brazil has decided to include oil and gas exploration and production areas beyond the limits of 200nm
in the 17th O&G bidding round. This article aims to raise relevant points in relation to such decision and analyze the impacts and consequences of the expansion for the national oil sector.
in the 17th O&G bidding round. This article aims to raise relevant points in relation to such decision and analyze the impacts and consequences of the expansion for the national oil sector.
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We describe regulation passed by various states of Brazil regarding a competitive gas market for trading of natural gas, focusing on requirements to qualify as “free agents” (i.e., players that can purchase natural gas by a supplier other... more
We describe regulation passed by various states of Brazil regarding a competitive gas market for trading of natural gas, focusing on requirements to qualify as “free agents” (i.e., players that can purchase
natural gas by a supplier other than the local gas distribution company) and regulatory barriers to gas trading. Thereafter, we present critical comments regarding those aspects and mention the main business models that market players are using to develop projects in the sector.
natural gas by a supplier other than the local gas distribution company) and regulatory barriers to gas trading. Thereafter, we present critical comments regarding those aspects and mention the main business models that market players are using to develop projects in the sector.
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Decommissioning involves the removal of facilities, their proper destination,and environmental recovery of the area. This article focuses on offshore. Its regulation is multifaceted, with international treaties and domestic legislation of... more
Decommissioning involves the removal of facilities, their proper destination,and environmental recovery of the area. This article focuses on offshore. Its regulation is multifaceted, with international treaties and domestic legislation of various authorities (ANP, environmental, navy, customs). Brazilian regulation is under development. We describe the regulation in general and three of its main aspects: liability regime and risk allocation in assignment operations, decommissioning guarantees and tax regime. We briefly consider a comparative analysis to legislation in the UK and Norway, where the characteristics of the industry are closer to the Brazilian ones. Following this, we consider some practical effects of the regulation in private transactions – farm-in/out, joint ventures, insolvency situations and financings – while we present brief critiques and suggestions of improvements.
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Analysis on the enforceability in Brazil of default provisions of the AIPN JOA model. Given its international application, the JOA model was not prepared specifically to the Brazilian legal system. It provides for 3 possible remedies:... more
Analysis on the enforceability in Brazil of default provisions of the AIPN JOA model. Given its international application, the JOA model was not prepared specifically to the Brazilian legal system. It provides for 3 possible remedies: forfeiture, buy-out and withering. We analyze if, in Brazil, the clauses are valid, limits to its effectiveness and practical obstacles to their enforcement, also taking into account foreign legal systems. / Análise da exequibilidade no Brasil das cláusulas ref. inadimplemento no modelo de JOA da AIPN. Dado seu caráter internacional, o modelo de JOA não foi preparado especificamente para o Direito brasileiro. Ele prevê 3 possíveis consequências ao inadimplemento: forfeiture, buy-out e whitering. Analisamos se, no Brasil, as cláusulas são válidas, limites à sua eficácia e obstáculos práticos para sua execução, levando também em conta o direito comparado.
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We examine how the reserve based lending can be adapted to serve as a source of capital foi oil companies operating in Brazil. Further, a comparative study with the USA is used to suggest improvements in the Brazilian regulation on the... more
We examine how the reserve based lending can be adapted to serve as a source of capital foi oil companies operating in Brazil. Further, a comparative study with the USA is used to suggest improvements in the Brazilian regulation on the matter.
Analisamos como o reserve based lending pode ser adaptado para servir de fonte de capital para companhias de petróleo atuando no Brasil. Além disso, estudo comparativo com os EUA é usado para sugerir melhorias na regulação brasileira sobre a matéria.
Analisamos como o reserve based lending pode ser adaptado para servir de fonte de capital para companhias de petróleo atuando no Brasil. Além disso, estudo comparativo com os EUA é usado para sugerir melhorias na regulação brasileira sobre a matéria.
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We analyze how the new Antitrust Law impacted the oil & gás industry, particularly farm-in/farm-out agréments. Besides presenting a regulatory overview, we demonstrate that improvements are necessary, based on the international... more
We analyze how the new Antitrust Law impacted the oil & gás industry, particularly farm-in/farm-out agréments. Besides presenting a regulatory overview, we demonstrate that improvements are necessary, based on the international experience, which seems to show that CADE may consider certain legal exemptions, in specific cases.
Analisamos como a Nova Lei de Defesa da Concorrência impactou a indústria de óleo e gás, em particular os contratos de farm-in/farm-out. Além de apresentar um panorama da regulação, com base na experiência internacional, demonstramos que melhorias são necessárias, o que parece revelar que o CADE eventualmente considere certas isenções legais à luz de casos específicos.
Analisamos como a Nova Lei de Defesa da Concorrência impactou a indústria de óleo e gás, em particular os contratos de farm-in/farm-out. Além de apresentar um panorama da regulação, com base na experiência internacional, demonstramos que melhorias são necessárias, o que parece revelar que o CADE eventualmente considere certas isenções legais à luz de casos específicos.
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At the time, the possibility of finding oil reservoirs under the pre-salt layer raised questions regarding the applicable legal regime, especially if a new reservoir were to be found under an existing one. We argue that allowing the... more
At the time, the possibility of finding oil reservoirs under the pre-salt layer raised questions regarding the applicable legal regime, especially if a new reservoir were to be found under an existing one. We argue that allowing the vertical partition of concessions (for assignments, unitization and biddings) would increase the efficiency in allocating concessions among oil companies and result in positive consequences for the country. For such, we propose the interpretation of the legal framework for oil concessions in a way that would allow the vertical partition.
À época, a possibilidade de descoberta de reservatórios abaixo da camada de sal trazia questões sobre o regime jurídico aplicável, especialmente em caso de uma descoberta abaixo de um reservatório existente. Argumentamos que permitir a partição vertical de concessões (para cessões, unitizações e licitações) aumentaria a eficiência alocativa das concessões entre companhias de petróleo e resultaria em consequências positivas para o país. Para tanto, propomos a interpretação do sistema regulatório das concessões petrolíferas de forma a permitira a partição vertical.
À época, a possibilidade de descoberta de reservatórios abaixo da camada de sal trazia questões sobre o regime jurídico aplicável, especialmente em caso de uma descoberta abaixo de um reservatório existente. Argumentamos que permitir a partição vertical de concessões (para cessões, unitizações e licitações) aumentaria a eficiência alocativa das concessões entre companhias de petróleo e resultaria em consequências positivas para o país. Para tanto, propomos a interpretação do sistema regulatório das concessões petrolíferas de forma a permitira a partição vertical.
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Comparative study of four aspects of the oil industry: (i) characterization of the concession instrument; (ii) national oil company; (iii) resolution of disputes; and (iv) unitization. Its hope is to help the evolution of the Brazilian... more
Comparative study of four aspects of the oil industry: (i) characterization of the concession instrument; (ii) national oil company; (iii) resolution of disputes; and (iv) unitization. Its hope is to help the evolution of the Brazilian oil & gas regulation, through comparison with other international experiences.
Estudo comparativo de quatro aspectos relevantes para a indústria do petróleo: (i) caracterização do instrumento de concessão; (ii) participação da empresa estatal; (iii) resolução de controvérsias e (iv) unificação de operações. Seu propósito é auxiliar a evolução da regulação do setor de petróleo e gás no Brasil, por meio da comparação com outras experiências internacionais.
Estudo comparativo de quatro aspectos relevantes para a indústria do petróleo: (i) caracterização do instrumento de concessão; (ii) participação da empresa estatal; (iii) resolução de controvérsias e (iv) unificação de operações. Seu propósito é auxiliar a evolução da regulação do setor de petróleo e gás no Brasil, por meio da comparação com outras experiências internacionais.
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Considerations regarding carbon capture, utilization and storage in view of ANP commencing, in Nov. 2023, a study on regulating the topic.
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Brazil adopted the spot market price on an hourly basis in 2021 (Preço de Liquidação de Diferenças, in Portuguese, PLD). As a result, its short-term pricing has become more precise in order to reflect the real operation of the power... more
Brazil adopted the spot market price on an hourly basis in 2021 (Preço de Liquidação de Diferenças, in Portuguese, PLD). As a result, its short-term pricing has become more precise in order to reflect the real operation of the power generation system and its costs and constraints, cutting the gap between prices and real generation. This system had significant implications for Brazil´s power market, which are considered on this paper.
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Recent topics of Project Finance in Brazil
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Brief comments on FM requirements under Brazilian law
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Short piece about Brazil's decision to auction offshore oil areas beyond the 200 nautical miles.
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Reserve based lending and infrastructure debentures for oil & gas companies
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Electoral speeches tend to be more radical than government policies later implemented, but talk of nationalising oilfields will always concern investors. Should an elected government try to implement such policies, it would need... more
Electoral speeches tend to be more radical than government policies later implemented, but talk of nationalising oilfields will always concern investors. Should an elected government try to implement such policies, it would need congressional support, and investors would be able to seek court measures to halt them. Arbitration would also be an avenue, especially to discuss indemnification. Brazil has strong institutions that have shown resilience, provided stability and protected fundamental rights during the past three decades
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Note re. decision recognizing foreign ship mortgages as valid in Brazil, over-ruling previous negative decision / Nota sobre decisão do STJ que reconheceu como válidas hipotecas navais estrangeiras, reformando decisão anterior do TJ-SP.
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The article summarises recent developments in the oil and gas industry in Brazil, focusing on legislative and regulatory
changes, and provide some perspectives.
changes, and provide some perspectives.
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Short overview of recent changes and perspectives of the oil & gas industry in Brazil.
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Summary, comments and alternatives to the OSX-3 case, in which the São Paulo Appellate Court held invalid a non-Brazilian ship mortgage / Sumário, comentários e alternativas após o caso OSX-3, no qual o Tribunal de São Paulo considerou... more
Summary, comments and alternatives to the OSX-3 case, in which the São Paulo Appellate Court held invalid a non-Brazilian ship mortgage / Sumário, comentários e alternativas após o caso OSX-3, no qual o Tribunal de São Paulo considerou inválida uma hipoteca naval estrangeira.
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Note on recent developments re. insolvency of foreign entities in Brazil / Breve nota sobre desenvolvimentos recentes ref. recuperação judicial de empresas estrangeiras no Brasil.
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Note on recent developments of the judicial reorganization of economic groups / Nota sobre temas recentes relacionados a pedidos de recuperação judicial por grupos econômicos
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Note on the ratification of the Hague Apostille Convention in Brazil / Nota a respeito da ratificação da Convenção de Haia sobre Apostila pelo Brazil
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Recent trends in Brazilian case law re. judicial recovery filings by economic groups. / Tendências recentes na jurisprudência brasileira sobre pedidos de recuperação judicial por grupos econômicos.
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Breve nota sobre medidas do governo brasileiro para promover investimentos em óleo e gás e aviação. Note on measures by the Brazilian government to foster investments in oil & gas and aviation.
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Summary and comments on a dispute between bondholders secured by a Liberian ship mortgage and an unsecured creditor that attached the vessel. A Brazilian court decided that the foreign ship mortgage was not valid. / Resumo e comentários... more
Summary and comments on a dispute between bondholders secured by a Liberian ship mortgage and an unsecured creditor that attached the vessel. A Brazilian court decided that the foreign ship mortgage was not valid. / Resumo e comentários sobre disputa entre debenturistas garantidos por hipoteca naval liberiana e um credor quirografário que penhorou a embarcação. Tribunal de São Paulo decidiu que a hipoteca naval estrangeira não era válida.
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Brief on Court decisions re. interest rates. / Notas em decisões a respeito de taxas de juros.
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Note on the possibility to dispute the ICMS tax charged on temporary imports under REPETRO
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We analyze current trends in international financing to the Brazilian offshore oil industry. / Analisamos as principais tendências de financiamento internacional na indústria de serviços de petróleo offshore no Brasil.
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Description of recent tax developments in the sector.
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We provide an overview of alternatives for financing offshore oil assets (drillships, FPSOs, support vessels, etc.) operating in Brazil.
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We provide an overview of recent regulatory and business developments in the Brazilian Oil & Gas sector and their possible impacts in the capital needs of oil companies, which may be met by reserve based lending and other project finance... more
We provide an overview of recent regulatory and business developments in the Brazilian Oil & Gas sector and their possible impacts in the capital needs of oil companies, which may be met by reserve based lending and other project finance structures.
Panorama de desenvolvimentos regulatórios e de oportunidades de negócios no setor de óleo e gás brasileiro e seus possíveis impactos nas necessidades de capital de empresas de petróleo, os quais podem ser atendidos por meio de reserve based lending e outras estruturas de project finance.
Panorama de desenvolvimentos regulatórios e de oportunidades de negócios no setor de óleo e gás brasileiro e seus possíveis impactos nas necessidades de capital de empresas de petróleo, os quais podem ser atendidos por meio de reserve based lending e outras estruturas de project finance.
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The article suggests reserve based lending mechanisms for financing oil and gas upstream activities in Brazil.
O artigo propõe mecanismos de reserve based lending para financiamento de atividades upstream no Brasil.
O artigo propõe mecanismos de reserve based lending para financiamento de atividades upstream no Brasil.
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The article provides a practical insight to cross-border project finance transactions. It is directed to financial institutions and infrastructure companies. Topics covered include security interests, bankruptcy and relevant aspects of... more
The article provides a practical insight to cross-border project finance transactions. It is directed to financial institutions and infrastructure companies. Topics covered include security interests, bankruptcy and relevant aspects of Brazilian law for foreign players.
O artigo fornece uma orientação prática para operações internacionais de project finance, direcionada a instituições financeiras e empresas no setor de infraestrutura. Os assuntos abordados incluem direitos reais de garantia, falência e aspectos relevantes da legislação brasileira para participantes internacionais.
O artigo fornece uma orientação prática para operações internacionais de project finance, direcionada a instituições financeiras e empresas no setor de infraestrutura. Os assuntos abordados incluem direitos reais de garantia, falência e aspectos relevantes da legislação brasileira para participantes internacionais.