Impressive! Small Municipalities Received Billion-Dollar Oil Royalties in 2023: Maricá Leads the National Ranking

Written by Paulo Nogueira

Published on 20/02/2024 at 16:14

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Drop In Quotation Affected Royalty Revenue Across Brazil, However Values Impress

The year 2023 was significant for the oil and gas sector in Brazil, not only due to the distribution of oil royalties reaching billion-dollar figures, but also because of the volatility in oil prices that directly impacted municipal revenues.

The city of Maricá, in Rio de Janeiro, emerged as the national champion, receiving the largest share of this vital resource and taking the position that belonged to the city of Macaé, previously preferred by companies but which ultimately fell behind due to lack of infrastructure investments. This article aims to analyze the scenario of oil royalties in 2023, discuss the implications of the drop in oil quotation, and explore projections for 2024.

Non-Oil-Producing Municipalities Also Want Their Slices of Royalties. Watch the Report Below:

Distribution of Oil Royalties to Municipalities

In 2023, the total royalties paid by the oil and gas industry in Brazil amounted to R$ 53.6 billion, representing a decrease of 9.2% compared to the previous year.

ARTICLE CONTINUES BELOW

Do You Know Which Municipalities Received Oil Royalties in 2023? See the List

City	Royalties Received (R$)
Maricá (RJ)	2.408.774.084,07
Saquarema (RJ)	1.724.233.648,74
Macaé (RJ)	1.298.067.220,27
Niterói (RJ)	962.401.773,78
Campos dos Goytacazes (RJ)	697.700.070,87
Araruama (RJ)	427.700.028,36
Arraial do Cabo (RJ)	419.067.124,28
Cabo Frio (RJ)	339.275.941,55
Rio de Janeiro (RJ)	306.950.521,88
Ilhabela (SP)	303.369.233,07

Source: ANP

Impact of the Drop In Oil Quotation

The international price of a barrel of oil experienced a significant drop, falling from an average of US$ 100 in the previous year to US$ 82 in 2023. This decline had a direct effect on the country’s total revenue from oil royalties.

Experts from the Brazilian Center for Infrastructure (CBIE) and the Pontifical Catholic University (PUC) of Rio de Janeiro point to price volatility and a reduction in production volume as crucial factors for this result.

Pre-Salt Exploration and the Future of Royalties

The exploration of new pre-salt fields has been a source of optimism for increasing national oil production, especially for the state of Espírito Santo, which is hopeful about this revenue. Municipalities like Araruama and Cabo Frio have advanced in the ranking due to the exploration of these more productive fields.

The expectation for 2024 is mixed, with forecasts indicating stability in royalty collection, depending on external factors such as commodity prices and production volume.

Projections for 2024 and Beyond

Estimates for royalty distribution in 2024 remain uncertain, subject to external and internal pressures in the oil market. The potential exploration of the Equatorial Margin and the exploratory campaign in the Amazon River mouth basin are events that may significantly influence the landscape of oil royalties in Brazil.

The year 2023 was challenging for the oil and gas sector in Brazil, with the drop in oil quotation negatively affecting royalty revenues. However, Maricá’s leadership as the largest beneficiary of these resources highlights the strategic importance of oil exploration. The future of oil royalties in Brazil depends on a variety of factors, including international prices, exploration policies, and discoveries of new productive fields.

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Impressive! Small Municipalities Received Billion-Dollar Oil Royalties in 2023: Maricá Leads the National Ranking

Drop In Quotation Affected Royalty Revenue Across Brazil, However Values Impress

Non-Oil-Producing Municipalities Also Want Their Slices of Royalties. Watch the Report Below:

Distribution of Oil Royalties to Municipalities

Do You Know Which Municipalities Received Oil Royalties in 2023? See the List

Impact of the Drop In Oil Quotation

Pre-Salt Exploration and the Future of Royalties

Projections for 2024 and Beyond

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Impressive! Small Municipalities Received Billion-Dollar Oil Royalties in 2023: Maricá Leads the National Ranking

Drop In Quotation Affected Royalty Revenue Across Brazil, However Values Impress

Non-Oil-Producing Municipalities Also Want Their Slices of Royalties. Watch the Report Below:

Distribution of Oil Royalties to Municipalities

Do You Know Which Municipalities Received Oil Royalties in 2023? See the List

Impact of the Drop In Oil Quotation

Pre-Salt Exploration and the Future of Royalties

Projections for 2024 and Beyond

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