Espirito Santo Oil & Natural Gas Yearbook 2021
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42
ESPÍRITO SANTO OIL & NATURAL GAS YEARBOOK | 2021
CHAPTER 3 GOVERNMENT SHARE AND ECONOMIC IMPACTS
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43
Ranking of amounts received in Government Shares
1st: Rio de Janeiro
R$ 18.7
billion
was received by Rio de Ja-
neiro in Government Shares
2nd: São Paulo
R$ 2.5
billion
was received by São Paulo
in Government Shares
3rd: Espírito Santo
R$ 2.3
billion
was received by Espírito
Santo in Government Shares
Chart 25 Evolution of the composition of the government share in Brazil, by modality (R$ billions)
Compared to 2019, the amount re-
ceived from Government Share by
Espírito Santo decreased by 43,9%
in 2020. And the drop in revenue in
the state government (-47.1%) was
greater than that of the municipali-
ties of Espírito Santo (-36.5%).
The main contributing factor to
the loss of revenue from the gov-
ernment share in Espírito Santo
is caused by the drop in special
shares received (-53.1%). It is worth
noting that 2019 recorded an atypi-
cal flow of Special Shares received
due to the signing of the agreement
to unify Parque das Baleias, which
caused the basis for comparison
to be higher. Not only that but roy-
alties (-27.2%) also declined in the
State at the turn of the year.
Furthermore, in 2020, the drop in oil
and natural gas production and the
devaluation of the price of the barrel
- provided that the latter is explained
Chart 27 Evolution of the average reference price of oil in Espírito Santo (in US$)
by the reduction in world demand
due to the Covid-19 pandemic - also
contributed to the reduction in the
revenue from the Government Share
both in the state and country. On the
other hand, the devaluation of the
Brazilian currency (Real) exchange
rate against the dollar was a coun-
terpoint to this result, which can be
seen by the difference in the magni-
tude of the reduction in the average
reference price of Espírito Santo in
Reais and US Dollars (chart 27).
(R$ bilions)
140
120
131.9
20%
18%
16%
100
80
14%
77.7
12%
60
48.9
37.9
40
72.1
48.7
34.7
30.8
20.7
10%
8%
47.0
6%
4%
20
2%
0
0%
2010
2011 2012 2013 2012
2015
2016
2017 2018 2019
2020
ES participation in BR (Royalties and PE)
Royalties
Special Shares
Ocupation or area fee
Signing Bonuses
$103.28
$95.88
$97.51
$98.72
$62.67
$55.22
$50.20
$43.57
$37.10
$31.69
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total government shares
Share of ES (Royalties and PE)
(*) Amounts with deflation calculated according to the IPCA index (accumulated from Jan-Dec 2020).
Source: ANP | Prepared by: Ideies/Findes
Share transferred to ES in BR (Royalties and PE)
Chart 26 Revenue from the government share (royalties and SS) in Espírito Santo in constant amounts* (R$ million)
Source: ANP | Prepared by: Ideies/Findes
Chart 28 Evolution of the average reference price of oil in Espírito Santo (in R$)
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Municipality of ES State of ES
(*) Amounts with deflation calculated according to the IPCA index (accumulated from Jan-Dec 2020).
Source: ANP | Prepared by: Ideies/Findes
R$ 227.8
R$ 206.3
R$ 197.3
R$ 158.4
R$ 156.9
R$ 139.6
R$ 113.1
R$ 223.1
R$ 215.1
R$ 184.2
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Source: ANP | Prepared by: Ideies/FindesView entire presentation