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

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

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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