Brazilian Petroleum Exploration and Production: From Monopoly to Free Market

摘要

Four important phases are identified in the evolution of the Oilrnindustry in Brazil.rn1. First phase: from the beginning of the industry uprnto the creation of the National Petroleum Councilrn(CNP), in 1938.rn2. Second phase: from 1938 to 1953. The activities,rnexclusively onshore, were carried out by CNP, until therncreation of PETROBRAS and the concept of the staternmonopoly.rn3. Third phase: from 1953 to 1998. Great development of thernindustry, supported by the monopoly, held by PETROBRAS.rnThis phase shows two great E&P cycles: an onshore cycle,rnfrom 1953 to 1968, and a predominantly offshore cycle. Thisrncycle is marked by great challenges and technologicalrnachievements, with the exploration activities in the CamposrnBasin progressing into even deeper waters as a consequence ofrnthe successive discoveries of large fields and substantialrnincrements in the proven reserves, which in thisrnphase reached 9 billion barrels and the production ofrn1 million BOPD.rn4. Fourth (current) phase: Began with the publication of Lawrn9.478 in August 1997, which eased the monopoly, opening thernmarket to competitiveness and created the National PetroleumrnAgency (ANP). The private investors answered immediatelyrnand, after 4 successful bidding rounds, 38 new concessionariesrnare active in the Brazilian sedimentary basins. As a result, it isrnexpected the discovery of part of the 25 billion oil barrelsrnpotential to even out the R/P ratio, unbalanced by a vigorousrnproduction growth which now reaches 1,5 MMBOPD, on thernway to the country’s self-sufficiency by 2005. The evolutionrnof the E&P segment in this new phase has the strong effect ofrnincreasing the local industry of goods & services with the localrngeneration of value, employment and tax profit. Its economicrnimportance may be gauged by its direct contribution to thernGross Domestic Product (GDP) growth.