By Brazil Stock Guide – Petrobras (B3: PETR3, PETR4; NYSE: PBR) paid $12.4 billion (76.8 billion reais) to governments in 2024. The total included $9.96 billion in royalties and $2.34 billion in production-sharing rights, according to a filing with the U.S. Securities and Exchange Commission.
Most payments came from offshore fields in the Santos basin off Rio de Janeiro and São Paulo and the Campos basin off Rio de Janeiro and Espírito Santo, which together exceeded $10 billion. State-run Pré-Sal Petróleo S.A. (PPSA) received $2.25 billion in oil-in-kind under production-sharing contracts, while the National Treasury collected most of the royalties.
Pre-Salt Drives Revenue
The Santos basin alone accounted for $8.0 billion in royalties and $2.25 billion in production sharing, underscoring its dominance. The Campos basin added more than $800 million in royalties, with Espírito Santo contributing another $628 million.
Onshore operations, though smaller, also contributed. The Solimões basin in Amazonas generated $81 million in royalties, while the Recôncavo basin in Bahia added $22 million. The Potiguar basin in Rio Grande do Norte and the Camamu basin in Bahia reported smaller payments.
In addition to royalties and production sharing, Petrobras paid $42 million in fees and $43 million in community and social responsibility contributions, mainly to ICMBio.
Bolivia a Minor Share
In Bolivia, payments totaled $3.1 million, including $1.4 million in signing bonuses to YPFB and $1.7 million in taxes to the National Tax Service. These represented less than 0.1% of the total.
Figures are reported in U.S. dollars, using the year-end 2024 exchange rate of 6.19 reais per dollar and 6.96 bolivianos per dollar. Brazil accounted for more than 99% of the payments, with the pre-salt region off Rio de Janeiro and São Paulo remaining the government’s largest single source of oil-related revenue.
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