States May Get 20% of Pre-Salt Resources in Exchange for Support of Pension Reform

Resources To Be Allocated To The States Will Come From The Signing Bonuses Of The Pre-salt Mega Auctions Where The Government Expects To Raise R$ 106 Billion

The government, through its Minister of Economy, Paulo Guedes, signaled to the states that it accepts to distribute among them a share, which should be 20%, of the signing bonuses that the government is to receive from the winners of the pre-salt mega auction at the time of signing the concession contract.
In return, the government expects support from the governors and their bases in the voting of the pension reform that the government is promoting.

The Government Also Has To Pay Petrobras, US$ 9 Billion (R$ 33.6 Billion), For The Revision Of The Contract Of The Called Onerous Assignment Of Pre-salt Exploration, but for that it needs to approve the amendment that changes the spending cap.
The mega auction of the surplus from the onerous assignment will take place at the end of October, and it is with these resources that the government counts to gain the support of the states.

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The Negotiation

Paulo Guedes Even Considered Distributing Up To 70% Of The Revenues From The Social Fund Of The Pre-salt, But Was Discouraged From The Idea Due To The Current Situation Of Public Debt.

The Signing Bonus And The Social Fund Of The Pre-salt Are Different Revenues; Therefore, The Government Will Need To Include The Payment To Petrobras In The List Of Expense Exceptions Within The Spending Cap.

The Only Expenses Currently Outside The Cap Are The Constitutional Transfers, Extraordinary Credits, Capitalization Of State-owned Companies, And Justice Expenses Related To Elections.

For All These Reasons, It Is Not An Easy Negotiation, But It Is Essential For The Government To Be Able To Distribute The Revenues From The Pre-salt With The States.

See Why 5 More Oil Companies Want The Auction Of The Surplus From The Onerous Assignment! Check The Article Here!