Time is Money
If Brazil does not explore the Pre-salt in the next four or five decades, it runs the risk of most of the recoverable oil from this province never being produced. The government revenues from exploration of the Pre-salt are urgently needed because Brazil is still fighting against problems such as extreme poverty, social inequality, and functional illiteracy.
In the current framework of climate change it is likely that 50 years from now oil will lose its value because the planet is showing clear signs of the worsening of the greenhouse effect. Furthermore, new technologies are being developed. The energy model for the goods and personal transport sector, based on trucks and cars powered by oil by-products, may change in the coming decades.
If Brazil, in fact, opts for a minimum participation of 30% in Petrobras in all the Pre-salt areas not yet bid for, the rate of exploration could be limited by the firm’s ability to invest, which can mean a slower increase in the potential revenue of the state.
According to carmakers, in 2025, 30% of new cars could be electric. If the USA and Europe invest heavily in new technologies, the importance of oil in the industry could be reduced.
Thus, under the State’s strictest control, international companies should be encouraged, so that the rate of exploration of the Brazilian Pre-salt may be speeded up, and different ideas and concepts applied. We know that the capital and technology for oil exploration of such companies are being attracted by countries such as Angola and Norway.
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