IBP Expresses Concern Over New Oil and Gas Tax in Rio de Janeiro

Written by Corporativo

Published on 26/12/2023 at 23:25

Foto: https://exame.com/economia/rio-d

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The Impact of TFPG on the Oil and Gas Sector

The Brazilian Institute of Petroleum and Gas (IBP), the leading voice of the sector in Brazil, expressed its surprise and concern regarding the recent approval of the “Control, Monitoring and Inspection Fee for Oil and Gas Exploration and Production Activities” (TFPG) by the government of the State of Rio de Janeiro. This measure is seen as a setback in policies aimed at the oil and gas sector, potentially bringing significant negative impacts on exploration and production activities in the state.

The sanctioning of the TFPG by the state government resurfaces in a delicate context, as similar measures were previously deemed unconstitutional by the Supreme Federal Court. Furthermore, the imposition of this fee threatens the competitiveness of the state of Rio de Janeiro, reducing its attractiveness and potentially diverting investments in oil and gas projects to other regions that do not apply this fee.

Rio de Janeiro: Major Contributor and Oil Producer

It is important to highlight that companies in the oil sector are already major contributors to the economy of the state of Rio de Janeiro. In 2022, the state and its municipalities received approximately R$ 27 billion in royalties from the oil industry, according to data from FIRJAN. These investments are crucial, as they position Rio de Janeiro as the largest oil producer in the country, responsible for 87% of national production, with expectations of growth to 91% by 2025.

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Repercussions of the Decision for the Future

The IBP regrets the decision of the governor of Rio de Janeiro, emphasizing that the implementation of the TFPG may negatively affect the state’s attractiveness as a destination for future investments. This situation has the potential to impact job and income generation in various municipalities, significantly hindering local development.

The establishment of the TFPG poses a challenge for the oil and gas sector in Rio de Janeiro, calling into question the sustainability and continuous growth of a vital industry for the state’s economy. The IBP remains vigilant and active in seeking solutions to minimize the impacts of this new legislation, keeping Rio de Janeiro an attractive and competitive hub in the oil and gas industry.

Source: Rodrigo Dutra

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IBP Expresses Concern Over New Oil and Gas Tax in Rio de Janeiro

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Four times faster than the Concorde, capable of taking passengers from New York to London in less than an hour at Mach 5.5, and with an engine that switches from turbojet to ramjet mid-flight at Mach 3.5, the Hermeus Quarterhorse went from paper to its first flight in just 19 months.

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