Brazil expects to raise US$116bn in 10 years from subsalt oil sales
Pré-Sal Petróleo (PPSA), the Brazilian state-owned company managing the government's share of oil produced in subsalt areas, estimates the required investments in the Brazilian Pre-salt Polygon at US$99bn until 2031, of which US$33bn would be invested in production platforms, US$37bn in wells and US$29bn in subsea systems. Moreover, it estimates that crude oil production under production sharing contracts could reach 8.2 mbl over the next ten years, of which 1.5 mbl would be owned to the government. In 2031, the average production of oil contracts would stand at 3.5 mb/d, i.e. 2/3 of the expected national production. Consequently, the Brazilian government could raise as much as US$116bn from the sale of the government's oil until 2031; in addition, the Production Sharing contracts should generate US$92bn in royalties and US$77bn in Corporate Income Tax and Social Contribution on Net Income, raising total revenues for the Brazilian state of US$285bn over 10 years.
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