TARGET PRÉ-SAL
Joint Venture - US Diplomacy, Chevron, IBP, PSDB, Exxon Mobil & CIA
Documento da "Public Library US of Diplomacy", datado em 28 de Janeiro de 2008, relata a ocorrência de uma mesa redonda sobre as perspectivas de investimentos nas áreas de petróleo e gás no Brazil - organizada pelo Serviço Comercial dos EUA no Rio de Janeiro. O evento contou com as presenças das empresas de petróleo dos Estados Unidos e o embaixador norte-americano Sobel. Os CEOs da Chevron, da Exxon Mobil, da Devon Energy, da Anadarko e da Hess Corporation foram informados pelo diplomata Sobel sobre o clima de investimento na área energética do Brazil. Com a descoberta do potencial do Pré-Sal, os olhos das grandes corporações petrolíferas e países consumidores de petróleo se fixaram na costa marítima brasileira, onde está a "província" do pré-sal, que é composta por grandes acumulações de óleo leve, de excelente qualidade e com alto valor comercial.
Ambassador Sobel met with executives from US oil companies operating in Brazil on January 8 in a roundtable organized by the US Commercial Service in Rio and hosted by American Chamber of Commerce President Joao Cesar Lima. Participants included Anadarko President Kurt McCaslin; Chevron Brasil President Daniel Rocha and Business Development and Government Relations Director Patricia Pradal; Devon Energy President Murilo Marroquim; Exxon Mobil (Esso) President John Knapp; and Hess Brasil Exploration Coordinator Paul Gomes and Negotiations and Business Manager Joseph Wesley.
No documento é relatado que os participantes concordaram que as perspectivas eram realmente positivas quanto a potencialidade do Pré-Sal, porém indicaram obstáculos como a instabilidade dos leilões, os impostos e o regime de licenciamentos dos campos petrolíferos. O embaixador americano se ofereceu para negociar em nome dos participantes junto ao governo brasileiro e com a Agência Nacional de Petróleo . Também sugeriu propor ao Instituto Brasileiro de Petróleo (IBP) se encontrar com relevantes embaixadores estrangeiros no Brazil para discutir sobre o tema.
Ambassador Sobel asked the participants for an overall description of the investment climate for US companies in Brazil. Expressing the view of all present, John Knapp, President of Exxon Mobil, confirmed that Exxon had a great deal of interest in Brazil because of perceived substantial undiscovered potential beyond even the Tupi field that Petrobras recently discovered. However, he expressed concern about the recent unstable investment environment caused by Rio State tax changes, oil blocks being removed in the last two auctions, and the Government of Brazil's (GOB) apparent willingness to change the oil concession contracts. He indicated that companies might begin to reassess the economic benefits of investing if there were continued instability.
Com a descoberta do Pré-Sal na costa marítima do Brazil, as pe-troleiras norte-americanas, encabeçada pela Chevron, junto com o IBP, a FIESP, a Diplomacia U.S. e outros, iniciaram um poderoso lobby junto a políticos neo-liberais brasileiros - como os deputados e senadores do PSDB, DEM, PMDB e de alguns partidos menores. Além disso, a Câmara Americana de Comércio do Rio de Janeiro (AmCham), por meio do seu Presidente Joco Lima, mencionou que alguns governadores estaduais pareciam interessados em um mesa redonda com os Amchams de todo o Brazil, o que o embaixador Sobel disse ser interessante devido à influência política que pode dar a indústria americana de óleo. A associação de lobistas objetiva três metas a serem cumpridas:
1) Diminuir o percentual das taxas de participações sobre a exploração do Pré-Sal:
A base de cálculo da taxa de participação especial é sobre a receita líquida da produção trimestral. Os percentuaias da taxa sobre a exploração de hidrocarburetos varia entre 10% a 40%, conforme a produtividade. O IBP acredita que a modificação não precisaria passar pelo congresso nacional, então o lobby deveria ser feito junto a Petrobras e ao Governo do Brazil.
2) Revogar a parte do regimento do Pré-Sal que dá exclusividade a Petrobras sobre a exploração de no mínimo de 30% do petróleo e gás.
3) Alterar a regulamentação sobre os leilões de campos de exploração no Pré-Sal, pois o modelo brasileiro se tornava mais vantajoso para países como a China, pois não tem como meta principal o lucro e sim o abastecimento das engrenagens do dragão asiático.
A primeira vista podemos concluir que o Lobby encabeçado pela Chevron já surtiu efeito. O Projeto de Lei (PLS 131/2015) de José Serra revoga a participação obrigatória da Petrobras no modelo de exploração de partilha da produção de petróleo na camada pré-sal. Não podemos descartar, considerando o poder econômico e suas manipulações, que o Lobby Chevron não seja uma das molas da destituição da presidenta Dilma Rousseff, pois com a posse de Michel Temer, certamente, o Pré-Sal e a Petrobras correm o risco de privatização.
| U.S. OIL COMPANIES ON INVESTMENT OPPORTUNITIES IN BRAZIL | |
2008 January 28, 16:36 (Monday) | 08RIODEJANEIRO19_a |
UNCLASSIFIED,FOR OFFICIAL USE ONLY | UNCLASSIFIED,FOR OFFICIAL USE ONLY |
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1. (SBU) Summary: The US Commercial Service in Rio organized an
oil roundtable discussion with US oil companies and Ambassador Sobel
on January 8, 2008. The CEOs of Chevron, Exxon Mobil, Devon Energy,
Anadarko, and Hess Corporation briefed Ambassador Sobel on the
investment climate for foreign players in Brazil, prospects for
future oil discoveries, and shared their views on the oil and gas
regulatory and fiscal regimes. The participants believed the
overall investment climate was positive for US companies but
obstacles included instability in the oil auctions and in the tax
and licensing regimes. The Ambassador offered to advocate on behalf
of the participants with GOB officials and with the National
Petroleum Agency (ANP). The companies welcomed this idea and
suggested emphasizing the need for stability to encourage
investment. The Ambassador also proposed that the Brazilian
Petroleum Institute (IBP) meet with relevant foreign ambassadors in
Brazil to discuss overall concerns. End of Summary.
2. (U) Ambassador Sobel met with executives from US oil companies
operating in Brazil on January 8 in a roundtable organized by the US
Commercial Service in Rio and hosted by American Chamber of Commerce
President Joao Cesar Lima. Participants included Anadarko President
Kurt McCaslin; Chevron Brasil President Daniel Rocha and Business
Development and Government Relations Director Patricia Pradal; Devon
Energy President Murilo Marroquim; Exxon Mobil (Esso) President John
Knapp; and Hess Brasil Exploration Coordinator Paul Gomes and
Negotiations and Business Manager Joseph Wesley.
Brazil's Oil and Gas Potential
------------------------------
3. (SBU) Ambassador Sobel asked the participants for an overall
description of the investment climate for US companies in Brazil.
Expressing the view of all present, John Knapp, President of Exxon
Mobil, confirmed that Exxon had a great deal of interest in Brazil
because of perceived substantial undiscovered potential beyond even
the Tupi field that Petrobras recently discovered. However, he
expressed concern about the recent unstable investment environment
caused by Rio State tax changes, oil blocks being removed in the
last two auctions, and the Government of Brazil's (GOB) apparent
willingness to change the oil concession contracts. He indicated
that companies might begin to reassess the economic benefits of
investing if there were continued instability.
Changes in Oil Auctions
-----------------------
4. (SBU) Responding to Ambassador Sobel's question on whether the
oil blocks removed from the recent 9th oil licensing round would be
made available for an upcoming auction, Knapp said that the GOB had
not yet made a decision. One of the justifications alleged by the
GOB for having removed those blocks was based on Petrobras'
statement that the Tupi oilfield discovery brought a new exploration
niche for Brazil, thus reducing the exploration risk to find oil,
with which Knapp did not agree. In his opinion, exploring
under-salt areas presented significant geological and technical
challenges. Devon Energy's President Murilo Marroquim added that
Petrobras had lied about the easy prospects of finding oil in
under-salt areas due to the Tupi discovery. He believed Petrobras
influenced the GOB to remove the blocks from the 9th oil auction to
avoid stiff competition with other bidders. Devon asserted that
Petrobras did not have sufficient drilling equipment so had an
interest in removing those blocks to allow more preparation time for
it to bid for those blocks in future auctions.
5. (SBU) Knapp believed that the GOB might reconsider the current
oil auction model that is based on signature bonuses. Marroquim
from Devon did not seem so sure about drastic changes, and added
that if substantial modifications to the current oil law were
proposed, the Brazilian Congress would need to approve them, which
might take a long time. Marroquim believed that the GOB might not
want to take this route as it may have an unpredictable outcome.
For example, he and others cited the new proposed gas bill that has
been in Congress for at least four years. Petrobras has been
advocating to protect its interests in gas infrastructure, but
several amendments have been made to the gas bill that may, in the
end, not favor Petrobras. (Note: In a recent interview to the
Folha de Sco Paulo newspaper, Petrobras President Gabrielli cleared
defended changes in future oil auctions. He views oil production
sharing or service rendering contracts, where an oil company
operates an oilfield and is financially compensated for that while
the State keeps the oil field ownership, as better contract
alternatives for Brazil.)
Advocacy through IBP
--------------------
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6. (SBU) Ambassador Sobel suggested that the US companies engage
other foreign Chambers of Commerce in Brazil to advocate for their
interests. Marroquim assured the Ambassador that they already work
through the Brazilian Petroleum Institute (IBP) and noted that
generally when politically sensitive topics were discussed at IBP
meetings, Petrobras officials tended not to participate as actively.
Ambassador Sobel also suggested that the IBP organize a meeting
with foreign Ambassadors in Brazil to have an open dialogue about
the sector's issues. Chevron Business Development and Government
Relations Director Patricia Pradal, who sits on the IBP Steering
Group, expressed an interest in coordinating such a roundtable.
Additionally, Rio American Chamber of Commerce (AmCham) President
Joco Lima mentioned that some state governors seemed interested in a
roundtable with the AmChams, which Ambassador Sobel found
interesting due to the political clout it may give to the oil
industry.
7. (SBU) Marroquim further commented that in December 2007, right
after the 9th oil auction, the IBP met with the National Oil
Regulatory Agency (ANP) to voice the oil industry's concern about
possible changes in the oil law. The ANP General Director
reportedly told IBP that the GOB might want to review current oil
royalty and special participation fee levels. (Note: The latter
refers to payment due on oil and natural gas exploration and
production in the case of high volume or high profit margin fields.
The basis for calculating the special participation fees is net
revenue from quarterly production from each field after the legally
permitted deductions. The percentage rates vary from 10 to 40%.)
If these fee changes are made, IBP believes there will be no need to
pass them by Congress. Anadarko's President Kurt McCaslin said that
oil royalties were in place in the Gulf of Mexico, but special
participation fees were not. McCaslin emphasized that indirect
taxes in Brazil, in general, were a burden for foreign investors.
Partnership with Petrobras
--------------------------
8. (SBU) All US companies present at the oil roundtable confirmed
that they are partnered with Petrobras in some capacity. For
example, Devon holds nine oil concessions in Brazil, three of which
are in partnership with Petrobras. Anadarko is partnered with
Petrobras in four out of ten oil concessions. Chevron is currently
developing the Frade oil field with Petrobras. Hess has one block
in partnership with Petrobras and Exxon, the latter as the field
operator.
9. (SBU) McCaslin stressed that Petrobras owned oil and gas
infrastructure in Brazil, but being a partner with Petrobras did not
mean one would have automatic access to the facilities. Marroquim
stated that if one produced natural gas, it had to sell to
Petrobras. On the other hand, oil offshore production did not
depend as much on Petrobras' infrastructure, making exports from
Brazil an easy process. Knapp explained that it was strictly a
business decision if a company wanted to work with Petrobras.
Sometimes it made more sense to work independently. In this regard,
Brazil could be considered an open oil market. "More and more
companies now have acreage where Petrobras is not a partner." A
good example of companies not partnered with Petrobras was the case
of new oil player OGX, owned by a large Brazilian mining company EBX
and investor Eike Batista. In the most recent oil round, OGX
presented the highest bids for seven blocks with strong potential in
the offshore Campos basin. OBX spent more than 1.4 billion reais
(US$754 million), which was more than 70% of the total for the
entire round. Batista was able to attract a team of former
Petrobras officials to work at OGX, including Francisco Gros,
ex-President of Petrobras; Paulo Mendonga, ex-Executive Manager of
E&P of Petrobras; and Luis Reis, ex-Petrobras Contract Manager.
GOB to Limit Oil Exports from Brazil?
-------------------------------------
10. (SBU) Another regulatory risk cited in the roundtable was that
the GOB might restrict oil exports if Petrobras delayed domestic
(e.g. Tupi) oil production. The Brazilian oil law allows for this
possibility in case of oil shortage and energy security interests.
McCaslin worried that oil shortages caused by delayed production
might lead to instability in government and a subsequent change in
oil laws requiring foreign companies to sell to Petrobras. Hess
Corporation Oil Exploration Coordinator Paulo Otvio Gomes did not
foresee any technological barriers that would inhibit Petrobras
developing the Tupi field. Gomes cited Petrobras' advanced
technological research center as an important tool to give all the
technological support Petrobras would need. He himself led a key
Petrobras' project when he worked there aimed at the geological
evaluation of the under-salt section of the Santos Basin, including
the Tupi and "Sugar Loaf" deepwater areas between 1999 and 2001.
Gomes believed there were further discoveries adjacent to Tupi. He
hoped these fields would be offered in a competitive auction so Hess
RIO DE JAN 00000019 003 OF 004
could participate.
Brazil's Gas Needs
------------------
11. (SBU) The participants agreed that Petrobras and Venezuela's
government oil company PDVSA joint projects were aimed at increasing
Brazil's heavy oil refining capacity, but Marroquim did not believe
that the planned mega gas pipeline from Venezuela to Brazil would
materialize since Petrobras is bringing liquefied natural gas (LNG)
plants to Brazil instead. None of the US oil companies are
partnered with Petrobras in this new LNG business in Brazil. In
Marroquim's opinion, Brazil was being forced to invest in Bolivia to
produce more gas. There is pressure for Petrobras to supply enough
gas to fire the natural gas power plants because of low hydropower
reservoir levels and possible power shortages. (Note: Although
Petrobras owns the majority of domestic gas-fired power plants, a
predominant share of Brazil's energy comes from hydropower
(81.2%)).
Taxation Problems
-----------------
12. (SBU) When asked about the status of changes to Rio State's VAT
("ICMS") tax on oil equipment, Patricia Pradal from Chevron provided
a quick background on the temporary admission regime (REPETRO) that
the Federal government created in 1999. REPETRO exempted from
federal taxes the importation of some of the equipment used by the
oil and gas exploration and production industry. Since then, some
states, particularly Rio, have made some changes that increased the
states' VAT tax. (Note: About 85% of the oil produced in Brazil
comes from the state of Rio. However, the VAT tax on the oil
produced goes to the states where the oil is refined, mainly Sco
Paulo which has four refineries. This has created a feeling of
inequity.) Pradal said that the most recent development to the VAT
tax was a counter-proposal made by IBP where Rio State would tax 5%
with future credits, or, alternatively, 2% without credit. The Rio
State Finance Secretary Joaquim Levy is considering a 3 to 7%
alternative.
13. (SBU) The participants welcomed Ambassador Sobel's advocacy
offer with Levy and suggested that the Ambassador convey to him a
message on the need for tax stability. As the oil industry's high
investments are only recovered long-term, it was crucial that they
invest under a stable tax regime.
Licensing Complaints
--------------------
14. (SBU) When the Ambassador asked how relations were with
Brazil's environmental licensing organization IBAMA, several
participants lamented the wait time on approvals and suggested that
IBAMA's personnel could benefit from training offered by other
countries, as Padral noted USG officials had done before. McCaslin
said, "It does not matter when you need the permit, they will
approve it two weeks before."
Advocacy through Upcoming USG Visitors
--------------------------------------
15. (SBU) Ambassador Sobel cited the upcoming visits to Brazil of
Energy Secretary Bodman and other VIPs as opportunities to engage
GOB officials on areas of concern. He also welcomed talking points
for his upcoming meeting with ANP and suggested another oil
roundtable with Secretary Bodman during his visit. (Note: CS Rio
has scheduled a meeting with ANP for February 15.) Regarding the
meeting with ANP, Gomes added that conveying the importance of
having a 10th round in 2008 would be appreciated.
16. (SBU) Chevron President Daniel Rocha noted that he was
impressed with ANP's efficiency during the 9th oil auction and he
hoped that ANP would preserve that system as it was a cornerstone
for oil investment in Brazil. He added that the ANP had strong
credibility and a good reputation for respecting contract sanctity.
Rocha further stated that as Petrobras had recently been able to win
a lion's share of blocks in the Gulf of Mexico, ANP should see that
Brazil continued to benefit from foreign investment.
Comment
-------
17. (SBU) Although our interlocutors complained of Brazil's
somewhat inadequate climate for foreign investment due to tax
instability, possible regulatory framework changes, and Petrobras'
dominance and influence over regulatory issues, all oil roundtable
participants seemed interested in remaining in Brazil due to good
geological prospects to find oil and gas, and a more reliable
investment and business environment than many other countries. A
RIO DE JAN 00000019 004 OF 004
new Brazilian Minister of Mines and Energy recently assumed office.
He will be faced primarily with ways to avoid power shortage in 2008
and 2009. Some directors at Petrobras are also expected to change
due to political pressure from opposition parties. It remains to be
seen how these changes may impact Brazil's oil sector, especially
regarding future oil auctions.
This cable has been cleared with Embassy Brasilia.
MARTINEZ
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