Captura e alocação da renda extraordinária do petróleo no Brasil: fundamentos, evolução, racionalidade e alternativas

Abstract

The purpose of this dissertation is to make a criticism of the petroleum income destination, considering the fundamentals of royalties; the rationality of petroleum income distribution in Brazil; the analysis of the economic indicators in the five districts that get the biggest part of the government take in the country, and, finally, an observation of the successful international experience. This work points to an alternative of the portfolio management derived from the petroleum exploration, specially in a situation where the country faces a huge challenge in becoming a relevant global player of the oil industry. The importance of the theme, debated in the government and enterprise fields, by the media and by the society as a whole, has become more remarkable, concerning the breakthrough in the reserves located on the Brazilian offshore oil fields, named pré-sal . The undersea potential wealth discovered by Petrobras might turn the country into one of the main global hydrocarbon producers, from a medium to long term timeframe. The mastery of the new technological boundary requires huge investments and a great effort by the country in order to make the upstream sector economically viable. A new regulatory mark for the country must be discussed in the light of the fundamentals of royalties and the understanding of the national current model logic, based on the Petroleum Law of 1997. The creation of a Petroleum Sovereign Fund is aligned with the economic fundamentals of royalties, as long as the resource origin is not mixed with other income sources. From that point of view, the sustainable economic growth is possible, once the capital expenditures are located in human and renewable capital, which is a competitive and diversified industry development pillar, besides being committed to intergeneration justice.