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US$284 million in 2004.10 However, by 2010, Bolivia had lost nearly half its gas reserves, or approximately 4 percent of the country’s GDP.11 In 2011, government incentives to E&P companies brought new exploration commitments and foreign oil company production and discoveries. Brazilians would like to compare their soft resource nationalism to Norway’s model of conservationism. However, as is too often the case when significant oil discoveries are made, Brazil’s newfound oil wealth exposes the policy challenges of an emerging economic power. In 1994, Brazil became one of the latest countries to open its petroleum sector to foreign participation. Energy reforms attracted foreign investments, but their most important effect was the transformation of Petrobras into a successful oil company in terms of revenue, production, and reserve additions. In 2007, Petrobras and its partners made one of the world’s largest oil discoveries in the last twenty years: the Tupi (now Lula) field in the Santos Basin. The discovery sparked an intense political debate, which resulted in a change in Brazil’s regulatory environment. Instead of allowing oil companies to develop the resource through a competitive market system, the government excluded the pre-salt area from the concession, preferring a production-sharing agreement with Petrobras. By granting Petrobras privileged access to the country’s reserves and changing the fiscal model, Brazil opted for a rent maximization strategy that is likely to slow development of Brazil’s resources. In fact, instead of benefitting from the exploration efforts of competing companies, the development will be limited by Petrobras’ capabilities. Brazil’s new oil potential is perceived as an opportunity to promote industrialization by increasing the linkages between oil activities and the local economy. The government implemented an ambitious program that requires oil companies to use local suppliers for a percentage of their services. However, due to the size and complexity of Petrobras’ projects, local-content rules are expected to cause delays and increase costs. Achieving both, Petrobras’ ambitious corporate goals and those of the government is proving difficult. The government would like to use oil revenues to solve Brazil’s infrastructure and social deficiencies. A new allocation of revenues from oil royalties has been proposed. The shift, modifying the revenue distribution among federal, state, and municipal governments, has created a firestorm between oil- rich states, like Rio de Janeiro, and poor states. Although the idea of regional equalization of revenues is a good one, little social development can be expected if revenues from oil production are distributed to states and municipalities that lack proper management and good governance. The Brazilian government also struggles to find the right balance between environmental protection and far-reaching infrastructure developments. Environmental regulations are strict and the approval process 10 Brent Z. Kaup, “A neoliberal nationalization? The constraints of natural gas led development in Bolivia,” Latin American Perspectives (2010) 37:123, p. 129. 11 Assumes an average export price of US$7 mm btu. Bolivia’s GDP is approx US$22 billion. 16PDF Image | Infrastructure and Environment Department
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