Firjan Records R$ 50 Billion in 2022 from Oil Royalties and Special Participation in the Fuel Market in Rio de Janeiro

The Firjan Data Show a Strong Growth of the Oil and Natural Gas Market in Rio de Janeiro in 2022. The Revenue of R$ 50 Billion in Oil Royalties and Special Participations is Proof of the Sector Expansion.

The year 2022 has barely concluded and is already yielding significant results for the national market, especially in Rio de Janeiro. As of this Thursday (01/19), Firjan’s data show that, last year, revenue from oil royalties and special participations reached R$ 50 billion in the state, including the amount allocated to municipalities. The presence of Fluminense cities in the oil and natural gas market has been even greater in recent years.

Rio de Janeiro Registers Strong Presence in the Fuel Sector with Billion-Dollar Oil Royalty Revenue in 2022, Highlights Firjan

It is well known that Rio de Janeiro has strong growth and production potential in the oil and natural gas market, but recent results show an even more expressive expansion of the segment.

Firjan released the revenue results from oil royalties and special participations in 2022, with nearly R$ 50 billion allocated to the public coffers of the state and Fluminense municipalities in the year.

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According to the balance sheet, resources received directly by the state total more than R$ 30.5 billion (R$ 12.8 billion in royalties and R$ 17.7 billion in special participations).

Regarding the revenue destined to municipalities, there were R$ 14.49 billion in royalties and R$ 4.43 billion in special participations last year.

The preliminary studies released by Firjan for the regional market in April 2022 showed significant revenue projections for the year in the oil and natural gas sector.

The entity highlighted that the state and its cities would record a revenue record, confirming the segment’s expansion in the past year.

The acting president of Firjan, Luiz Césio Caetano, celebrated the results and emphasized: “Firjan is attentive to the significant revenue derived from a finite good. It is important to remember that this occurred due to the price of crude oil and the dollar and, therefore, it cannot be guaranteed that it will always be increasing.”

“That is why it is necessary for state and municipal authorities to make future planning with investments in strategic areas for the sustainable development of the state. It is of fundamental importance to apply this resource responsibly, as it is financial compensation for the activity, necessary to transform it into benefits for the economy and society of Rio de Janeiro,” the specialist concluded.

Factors Such as the Crude Oil Price and the Dollar Value in Brazil Enhance the Fuel Royalty Revenue Recorded in 2022

The significant results in oil royalty revenue for the Fluminense market recorded by Firjan in 2022 were the result of a series of factors.

Among them is the high price charged for crude oil in 2022, which remained above US$ 100, a 43% increase, as highlighted by the manager of Oil, Gas, and Naval at the federation, Karine Fragoso.

Moreover, the maintenance of the dollar above R$ 5 also allowed the collected amount to be even higher last year.

Finally, the increase in production, spurred by the entry of two new oil platforms in Rio de Janeiro, one in 2021 and the other in 2022, was yet another point that led to the great results.

The data from Firjan confirm the strong presence of the Fluminense state in the national oil market, with good prospects for 2023.