Brazil enacted Law No. 9,478, a landmark statute that established the country's modern national energy policy. This legislation ended the state monopoly held by Petrobras and opened the oil and gas sector to private and international competition. It formally created the National Council for Energy Policy (CNPE) and the National Petroleum Agency (ANP) to provide regulatory oversight and strategic coordination. The law introduced the concession model, allowing companies to bid for exploration and production rights through transparent auctions.
