AGÊNCIA NACIONAL DO PETRÓLEO (ANP)
The National Petroleum Agency, Brazil's regulatory agency for the oil and natural gas sectors.
AMERICAN DEPOSITARY RECEIPTS (ADRs)
Certificates tradable in the U.S. that represent one or more shares of a foreign company. An American depositary bank issues the ADRs upon deposit of the underlying shares kept by a custodian institution in the country of origin.
A part of the National Monetary Council Resolution No. 1832 that regulates foreign investments in Brazilian capital markets.
American Petroleum Institute.
API DEGREE (°API)
A scale created by the American Petroleum Institute expressing the relative density of an oil or oil by-product. The API scale, measured in degrees, varies inversely with the relative density, i.e. the higher the relative density, the lower the API degree. The API degree is greater when the oil is lighter. Oil with an API degree greater than 30º is considered light; between 22º and 30º API, medium; and below 22º API, heavy. Oil below 10º API is considered extra-heavy. The higher the API degree, the higher the market value.
ATMOSPHERIC DISTILLATION UNIT
A physical process that separates the components of a liquid mixture in function of its boiling point. In the distillation process, untreated oil is fractioned by heating. The lighter parts are separated in the form of steam while the heavier fractions remain in liquid form.