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The Petroleum Act also introduced the National Council for Energy Policy (Conselho Nacional dePolítica Energética) and the National Agency of Petroleum, Natural Gas and Biofuels (AgênciaNacional do Petróleo, Gás Natural e Biocombustível).24.3. The National Council for Energy Policy (Conselho Nacional de Política Energética -"CNPE")The CNPE is an advisory entity linked to the Presidency and presided by the Ministry of Minesand Energy (Ministério de Minas e Energia – MME). It is responsible for proposing to thePresident national policies and specific measures designed especially to encourage the rationaluse of Brazil's energy resources.The CNPE also has the power to lay down rules for the import and export of oil, natural gas andgas condensate and for the use and conservation of energy and natural resources and review ofBrazil's energy matrix.24.4 The Natural Agency of Petroleum, Natural Gas and Biofuels (Agência Nacional doPetróleo, Gás Natural e Biocombustíveis - ANP)The ANP is a federal government agency directly linked to the MME and in charge of regulatingthe oil industry. Its head office and jurisdiction are in the Federal District, but its central office isin Rio de Janeiro.As Brazil's oil industry regulator, ANP is in charge of regulating, engaging and supervising theeconomic activities involved in the oil, natural gas and biofuel industries based on the guidelinesissued by CNPE, on public interest and on the country's needs.Although it was created under the Petroleum Act, the ANP was actually implemented by Decree2,455/1998, which provides details on its structure and operation.24.5. The Concession Regime for the Exploration and Production of Oil and Natural GasToday, the exploration and production of oil and natural gas is done under concession contracts,always preceded by a bidding process. The blocks offered in the bidding rounds are selected bythe ANP and subject to the CNPE's approval. Any company that meets the technical, financialand legal requirements set out in the applicable laws may qualify to participate in the bid and tosubmit proposals for the concession of exploration blocks.Both Brazilian and foreign companies may qualify for the bid and submit their proposalsindividually or as a consortium. However, the concession contracts can only be signed bycompanies organized and existing according to the Brazilian law, with head office and122