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24/01/2018 - 16:19hs

Oil royalties paid by companies up 51% in 2017

The amount forwarded to the Brazilian Union, states and counties by oil producing companies reached near BRL 27 billion (USD 8.72 billion).

Brasília – Oil royalties and special participation tax paid to the Union, states and counties went up 51.5% last year over 2016, reaching BRL 26.89 billion (USD 8.68 billion). The data is part of a survey done by the Brazilian Infrastructure Center (CBIE), based on information provided by the National Agency of Petroleum, Natural Gas and Biofuels (ANP).

For this year, CBIE’s director, Adriano Pires, expects the amount of royalties and participations paid to continue to increase. The forecast is for an increase around 20%, said Pires this Wednesday (24) to Agência Brasil.

“The main explanation for the increase in royalties paid in 2017 over 2016 is the price of the oil barrel, which, in 2017, returned to an average close to USD 60 per barrel,” said Pires. In 2016, the average stood around USD 53 per barrel.

Domestic oil production also contributed for the increase in the amount of royalties paid. Petrobras, which continues to be the main producer in Brazil, surpassed the target that it had established earlier in the year of 2.07 million oil barrels per day (bpd), reaching the historical record of 2.15 million bpd. “This also helped.”

*Translated by Sérgio Kakitani

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