Petrobras pode reduzir em até 60% repasse de royalties do petróleo a municípios produtores

Petrobras Could Cut Oil Royalty Transfers to Producing Municipalities by Up to 60%

Written by Paulo Nogueira

Published on 14/04/2020 at 14:03

Updated on 14/04/2020 at 14:35

BRA06 – CAMPOS (BRASIL), 07/12/04

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Emergency measure by Petrobras may put oil-producing municipalities in dire straits starting this April. Cities that rely on revenue from royalties generated by the Campos and Santos Basins may see transfers drastically reduced by up to 60%. The ruling is scheduled for April 29 in the Supreme Court.

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What Are Oil Royalties? Royalties are compensation to the municipality or state, not applied to any economic activity, but specifically to those based on the extraction of finite resources from nature. It is the extraction of this type of natural resource, and not its potential impacts on the environment and the economy, that generates the right to royalties.

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Unfortunately, municipalities that rely solely on oil revenues have not sought to introduce new sources of financial resources into their economies. They have been warned about this potential market collapse for more than 10 years. There is not even a sovereign fund to be used in times of crisis.

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The price of oil, which once reached 100 dollars, is now worth less than half, close to the extraction cost of pre-salt oil. Despite this, prices are expected to rise slightly after the U.S. mediated negotiations between Russia and Saudi Arabia at the G20 last week.

The new pricing scenario for oil and the crisis has led Petrobras to idle 6 oil platforms in the Campos Basin, directly impacting the economy of the North Fluminense region and, consequently, royalties.

The platforms that will have confirmed production stoppages are: Cherne 1 and 2, in the Cherne field; Namorado 1 and 2, in the Namorado field; Petrobras-09, in the Congro and Corbina fields; and Garoupa, in the Garoupa field, according to the NF Oil Workers Union and Reuters.

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