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Not Only Rio, But All States in Brazil Received the Billion-Dollar Transfer from the Government Regarding the Auction of the Excess Over Pre-Salt Exploration Rights.
Pre-Salt — the year 2020 started with good news not only for Rio de Janeiro, the federal government ended 2019 by transferring to States and Municipalities resources coming from the right to explore the excess of the onerous assignment of two oil and gas production areas in the Campos Basin: Búzios and Itapu. See how the pre-salt oil money will be used in Rio de Janeiro.
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The transfer, amounting to R$ 11.73 billion, to the accounts of states, municipalities, and the Federal District, was established by Law No. 13,885/2019 and is the largest voluntary transfer ever made by the Union.
The transferred amount is part of the total of R$ 69.96 billion, related to the signing bonus from the auction of the excess volume of the onerous assignment of the pre-salt, held on November 6 last year in Rio de Janeiro by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).
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Rio, being the state where the oil fields are located, received the largest share, obtaining over R$ 1.1 billion from the pre-salt resources.
Minas Gerais was the second state with the largest share at R$ 420 million; followed by Bahia, Pará, Mato Grosso, São Paulo, and Maranhão, which received between R$ 270 and R$ 370 million respectively. In the case of municipalities, the basis is the municipal participation fund.
The transfers of these resources will have a strong fiscal impact not only on the accounts of Rio de Janeiro but also in other States and Municipalities. A survey conducted by the Ministry of Economy also shows that more than 600 municipalities could double their investments (based on 2018 levels).
“The transfer of nearly R$ 12 billion to States/DF and Municipalities – made voluntarily by the Union – is a decisive initial step for the realization of the Federative Pact proposed by the federal government with the submission, last November, of the three PECs currently under consideration in the Federal Senate,” highlighted Waldery Rodrigues, the Special Secretary of Finance of the Ministry of Economy.
The secretary emphasized that the resources transferred to subnational entities must be used, according to conditions established in the legislation, for social security expenses and for investments, and cannot be allocated to other purposes, such as, for example, increasing the remuneration of public servants.
In addition to the transferred resources, the total obtained from R$ 69.96 billion with the auction of the excess over the rights of pre-salt exploration was also divided into amounts transferred to the Union (R$ 23.69 billion) and to Petrobras (R$ 34.42 billion) – in this case, for the payment of liabilities with the company that had lasted five years and was preventing the exploration of excess volumes of oil and gas in the areas granted in the Campos Basin, RJ.
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