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Auction of oil in Brazil
AUCTION OF OIL IN BRAZIL
Cheap in price
There is one attempt to the vast field approach demonstrates the weakness of Brazil, which led the state to develop its oil reserves
Six years after the discovery of giant offshore "PRE-SAL" deposits of oil, so called because they are located under a thick layer of salt beneath the ocean floor, Brazil may sell at public auction in the end the right to develop some of the wealth buried deep. on October 21 field LIBRA , off the coast of Rio de Janeiro (see map), was sold to a consortium led by Petrobras, the oil company controlled by the state in Brazil, including Total, Shell France, the British-Dutch state-owned CNOOC of China and China National Petroleum Corporation. in the balance of an estimated 8 billion - 12000000000 barrels of recoverable oil make it the largest potential for oil in the world to be auctioned this year. once production reaches its peak, sometime in the next decade, and should increase production in Brazil from 2.1M to about 3.5M barrels a day.
Sometimes just holding an auction seems an accomplishment. marked on a series of legal challenges unsuccessful period that preceded. was also underway at a hotel in Rio on the beach, and soldiers outside the used rubber bullets and tear gas to keep the oil workers' strike, anarchists masked and trade union activists opponents for private sector participation in the oil sector. formed hundreds of soldiers a human chain to the water's edge, prompting sunbathers confused and surfers aside. warned that the likely trouble, Dilma Rousseff, who planned to attend, instead I watched through closed-circuit television from the presidential palace in Brasilia.
The presence of Shell and Total in the consortium winner allowed the government to announce the auction a success. , but while it was expected to more than 40 companies to register to participate, I did only 11. , and although it was expected at least six consortia to bid, offer, to win the eligible limit the minimum amount, and made just one. was the lack of competition let down after the euphoria of six years ago, when he described the President of the day, Luiz Inacio Lula da Silva, before SAL sees as a "lottery ticket winner." during the long wait while the rewrite rules auction and differed federal governments and local communities on how to share the revenue in the end, shale gas displaced by the SAL as potential energy in the world's most exciting. evaporated most of the attention of the private sector. did BG, BP, Chevron and Exxon, which spent heavily in Brazil, and is not registered to bid .
Even so, came the auction results as a relief to Petrobras. surge of resource nationalism which was launched by the SAL finds prompting the government to rework the rules auction, which was in force since the company is part of the privatized and lost its monopoly on national at the end of the 1990s. instead of each company compete on an equal footing, we must Petrobras now run all PRE-SAL blocks, with other companies taking in most of the financial stake of 70%. once in a consortium sold enough oil to offset their costs, are split profits with the government. bidder should submit a delivered the largest share of these "profit oil" wins.
The objective of the government to avoid selling PRE-SAL rights cheaply too. drilling through thick layers of transformation and salt corrosion is a big expensive, and the development of the will of the balance will cost about 400 billion riyals (184 billion dollars) over 35 years coming, but before SAL deposits is very extensive so the risk of exploration and is believed to be very low, you should be companies willing to pay the meaning generously to the development rights. However, perhaps the simplest is just to raise taxes on production: Credit Suisse, a bank, says that trying to balance the holder to pay 41.65% in the "profit oil "will lead to three-quarters of the value of the field goes to the government coffers when taxes are included, and a little more of the total 70% take under the previous rules. will provide the balance as a waiver of the old-fashioned have attracted more bidders, resulting in a higher price paid, believe Paula Kovarsky bank Itau BBA.
The worst of it, put the new rules trap hidden for Petrobras. by putting it in charge of all operations in the pre-SAL areas and forced to buy at least a 30% stake in all winning bids, turned government by SAL auctions in nail-biting wait Petrobras to know conditions that have other bidders were committed. fear was this time that would state-owned enterprises of China, are more interested in providing a stable supply of energy in the long term to negotiate a low price, and compete strongly for Libra, and commit Petrobras to where I found is reasonable.
That such an outcome does not happen relieved investors Petrobras, who have suffered too long, who saw the company's share price decline since a record $ 70 billion proceeds of IPO in 2010, and aims to set up for pre-SAL era. Since then, the government's insistence on capping prices gasoline to tackle inflation, causing the company to hemorrhage cash. Brazil is importing large oil derivatives, so not only do not Petrobras on less than the world price of oil of its own, but must also be even higher abroad, and sell at a loss. have strict requirements for the purchase of equipment other local burdened budget and slowed its investment program.
The auction balance is not a disaster can be had for Petrobras, says Ms. Kovarsky. , but will develop the field means that the company has a delay or drop the other projects that would have had higher returns. rise in fuel prices is necessary now. "Petrobras not only needs to rise in price for once, but the international price of equality, "she says. On top of all this, unless you change the rules of the bidding in the next day before SAL auction, held in 2015, may see the company is committed to bargain the price that it does not have chosen themselves.
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