It is impossible to compare the privatizations carried out by previous governments with the model implemented in Lula and Dilma governments. In the first case, our equity was leased, or sold. What was worse, leased or sold at lower prices than the market value of companies at the time - and often using public funding to assist for private companies in their purchase. In the current sharing regome, as the name implies, there is a division between the state and business, and it is the Federal Government that gets the majority share. This is doubly fair: first, because it rewards Petrobras, which has invested for decades to find the pre-salt. And second because most of the resources will be used to improve the quality of lives of the Brazilian people.
In 2006, Brazil was able to produce the same volume of oil it consumed. However, in the following years, consumption grew with the intensification of the country's economic growth and the increase in the vehicle fleet, thanks to the federal government policy tax exemptions. Increased production with the pre-salt will lead Brazil to again produce a volume at or above the level of consumption.
doing poorly on the Stock Market?
The exploration of pre-salt is already showing results in the Petrobras balance sheets. Suffice it to say that the company's net profits increased by 11% last year, reaching R $ 23.5 billion, while other major oil companies declined. These funds will be distributed to the shareholders, as well as reinvested in exploring for more oil, turning the wheels of the economy. Short term market behavior does not always reflect the true economic position of the company, but rather the mood of the large speculative investors. For the investor looking for a sound long-term investment, Petrobras is still a great option, especially for those who have FGTS and want to invest part of their resources.
The exploitation of new reserves discovered below the oceanic crust layer of salt will involve investments of R$ 130 billion over the coming decades. At least 12 to 18 new platforms and 60 to 90 support vessels will be needed, according to calculations by the National Petroleum, Natural Gas and Biofuels Agency (ANP). By themselves, the Brazilian government would take much longer to extract this oil. Therefore, Brazil entered into partnerships with private companies. The sharing model ensures private investment for exploration, without giving up the Federal Government’s rights to this wealth..
The Tupi field, for example, has reserves 5 to 8 billion barrels, making it one of the giant fields discovered in the world. And the first samples extracted by Petrobras are of excellent quality, showing that the pre-salt oil is predominantly light, higher in quality and more conducive to the production of gasoline. This will reduce and even eliminate Brazil's dependence on imported oil, improving the external accounts of the country. Moreover, the oil from Tupi has lots of gas in solution - that is mixed with the oil. Separated, this gas can supply the Brazilian market for the product, which is currently also dependent on imports. That is, both for the citizen who buys gasoline to fuel his car, and for the industry that uses gas for energy, the exploration of pre-salt represents a gain in the autonomy of production.
In 2008, Petrobras drew the first oil from the pre-salt, in the Jubarte field in the Campos basin. The company has been producing from the Tupi area since 2009. In addition, pre-salt reserves are high productivity. In February 2014, Petrobras recorded reported consecutive records of daily extraction in the pre-salt, exceeding 400,000 barrels of oil per day on both February 20 (407,000 barrels) and February 27 (412 000 barrels). The production achieved in the pre-salt is about 20% of the national daily production and was obtained with only 21 wells in operation. That's over 19 thousand barrels of oil (bpd) in each well. To have a basis for comparison with some important oil-producing regions, the productivity of subsea wells in the North Sea is up to 15,000 bpd; the Gulf of Mexico, up to 10,000 bpd. In the Lula and Sapinhoá pre-salt fields, daily production is between 25 000 and 30 000 bpd. In 2014, the barrels of oil already extracted from the pre-salt in Brazil ensure self-sufficiency in oil. And, in 2020, half of the oil extracted in Brazil - which will be double current levels – will come from these fields.