Tributação e licenciamento: o que assusta a indústria do petróleo

Rio de Janeiro – While oil exploration and production involve drilling thousands of kilometers deep, the greatest risks lie on the surface. For Brazil's major oil and gas companies, tax concerns and uncertainties surrounding environmental licensing processes dominate their worries. The recent creation and extension of a temporary tax on oil exports stands out as the most emblematic example.

This measure, challenged in court by various groups, has caused widespread unease among operators and the government, and was mentioned multiple times at the Rio Oil & Gas, the industry's largest event this week.

Patricia Pradal, Chevron's president of exploration for Latin America, explained at a panel on "above-ground risks" in Brazil that "it's not just about the subsurface, which has enormous potential and is still largely unexplored." While Chevron praises the stability of contracts in the country, Pradal highlighted concerns about tax reforms and the temporary export tax. These issues impact their ability to predict both future and past developments.

Environmental licensing, another significant concern, is exemplified by the Foz do Amazonas Basin, where Petrobras is now starting exploration. BP and TotalEnergies had previous participation in the region but had their drilling requests rejected by Ibama, leading to sharing their assets with Petrobras in 2020 and 2021. Olivier Bahabanian, TotalEnergies' exploration and production director in the country, said, "We couldn't obtain the environmental license, and that's why we left the area."

Bahabanian emphasized that waiting two to four years for environmental clearance, with no certainty of obtaining it, is incompatible with exploration business. He stressed the need for certainty and process clarity, noting that "some quirks here and there" exist, referring to tax issues.

At another panel, Prio CEO Roberto Monteiro called for more investor security, drawing parallels between licensing and tax problems. Monteiro mentioned a project named Wahoo that delayed due to environmental licensing issues, including a prolonged Ibama strike. The project, generating R$ 500 million in annual royalties, was delayed by two years, causing significant fiscal challenges for the government.

Despite these concerns, no companies indicated any intention to withdraw from Brazil, as the potential below ground still weighs heavily on their balance sheets.

The sector leaders noted a recent increase in competition among countries for global oil companies' attention, particularly in Latin America. Countries like Guyana, Suriname, Argentina, and now Venezuela are attracting resources. However, current high oil prices are creating a climate that temporarily diminishes concerns about certain risks, according to an experienced industry executive at the Brazil Journal. "With Brent at $100, you can swim naked."