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The ANP Announced That This Measure Applies Only to Mature Oil Fields and Will Encourage Investment and Job Creation
[supsystic-social-sharing id=’1′]From now until 6 months, the National Agency of Oil, Natural Gas and Biofuels intends to link the resolution that will enable the municipalities receiving royalties from mature fields to now receive only half. Décio Oddone, the director, issued this statement yesterday (22)
According to him, the intention today is to reduce the rates from 10% to 5%, as these fields are in an upward production phase, so the current rates are unfeasible.
According to Oddone, this resolution will have almost instant effects towards the revitalization of these mature fields. Large companies in the sector have already stated that they will invest heavily, which will compensate for the rate cuts, and naturally, the federal institutions will exponentially maximize their revenues.
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Government unlocks R$ 554 million for a highway that has been requested for decades and accelerates the duplication of BR.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
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Billions of barrels on the equatorial margin could lead Amapá to double its oil production in Brazil — the state aims to enter the route of companies in the Campos Basin, attract investments, and boost jobs and businesses in the oil and gas sector.
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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.
“The average recovery factor [the amount of oil extracted from the reserve] in the country today is 21%, in the Campos Basin it is 24%. When compared to the United Kingdom and Norway, this factor is between 50% and 70%. Each 1% increase in the recovery factor of Brazilian oil reserves will require US$ 18 billion in investments, generate US$ 11 billion in royalties and yield 2.2 billion barrels of reserves. That’s a lot”, said Oddone.
With this measure in effect, large companies will need to justify and present plans to increase productivity; thus, the incentive will be sanctioned. Petrobras has already stated that it has allocated US$ 10 billion for revitalization investments by 2021.
Producing Cities Will Have to Work Twice as Hard
With the reduction of half of their oil revenues, municipalities will now have to learn to live with this new reality. The population of these cities expects new projects to create cash flow, because the lesson this crisis taught us is that oil is not forever, and there are other industries to be explored as sources of revenue.
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