08 Mar 2010 - by PreSalt.com - Source: Agência Brasil
The proposed capitalization of Petrobras (Bovespa: PETR3/PETR4, NYSE: PBR / PBRA, Latibex: XPBR / XPBRA, BCBA: APBR / APBRA), in package of four bills sent to Congress by the government to regulate the exploiration of oil in the pre-salt layer, has a series of "omissions" that could undermine the initiative. The analysis was performed by four legislative consultants of the Senate, the study Assessment of the Proposed Regulatory Framework of the Pre-Salt, which should inform the parliamentary debate on the matter.
That would be the case, for example, of payment of royalties on the product of the exploiration of areas in the pre-salt, a major clashes in the House of Representatives. According to technicians, the bill "silencing" to levy special participation, which raises doubts whether the government participation will be charged or not in oil exploration.
The consultants also warn that the "project is also silent with respect to other government revenues, such as signing bonuses and called portion of the surplus oil.
For technicians, another ambiguous point of the bill is saying that the regulation and supervision of exploration activities in the area acquired by Petrobras will cover also the terms of agreements for individualization of production to be signed between the Petrobras and the dealers blocks located in the area of pre-salt. They said the proposal "silent" about the chances of individualization of production that can possibly exist between Petrobras and an area or block does not bid.
Another point raised concerns the deadline for the Union to burdensomely the right to exploration of oil to Petrobras. The bill provides that this should occur within 12 months.
"In this case, what will prevail provided in Article 36 of Bill No. 5938, 2009, which says the Union, represented by Petro-Sal [corporation created by Bill No. 5939, 2009, to manage contracts exploiration and marketing of oil], conclude the agreement with the parties, "say the consultants.
In this situation it would be the National Petroleum Agency (ANP) to provide the information necessary to conclude the agreement, for example, the extent of the area. The problem, according to experts, is that the ANP is unable to perform the assessment activities of the deposits due to lack of personnel and equipment, may contract to Petrobras, and only that company, to conduct the studies.
The consultants believe that thus created would be "an obvious conflict of interest, in which Petrobras will supply to the ANP studies as a basis for agreements to be concluded by the company."
"Given that the project came from the executive branch, the term insignificant suggests that the Union already knows the areas in which to place onerous assignment and already has pre-estimated value of the assignment. Otherwise, the term seems to be insufficient to limit the area to estimate the volume of oil in the sale and price consideration ", say the technicians of the Senate.
| < Prev | Next > |
|---|
