Impacto do benefício fiscal Repetro no Investimento de Empresas de Óleo e Gás que atuam no Brasil

Resumo

The Oil and Gas sector representes a significant share of the brazilian GDP. Ever since its monopolity was broken down in the late 1990s, the government created a program called Repetro, later updated to Repetro-Sped, to instigate the investment in this strategic economic sector. There are several studies about the importance of the Oil and Gas sector in the energy strategy of a country. This thesis aims to test the impact the existance of Repetro-Sped has in the investment of the Exploration and Production of petroleum in Brazil. To this end, two models were tested using panel data. The independent variables are: value of the suspended taxation due to the REPETRO fiscal benefit, the medium depth of wells in meters by each Operator, the total sum of drilled meters by Operator, the ratio between Revenue and Capital Expenditure, the value in Research, Development & Inovation (PD&I), and the production of oil quantified by barrels. For the first model, it tests if the ratio between Capital Expenditure (CAPEX) and Capital varies due to the independent variables. The ratio is used to normalize the size of the companies. None of the variables demonstrated a significant impact on this model. For the second model, it tests if the Capital Expenditure varies according to the independent variables. In this model, the suspended taxation due to REPETRO did not show any impact in the CAPEX, however the medium depth, the ratio between Revenue and Capital Expenditure, and PD&I had some impact on different levels of significance. The third model is similar to the second, however Capital Expenditure is transformed into logaritm in order to smoothe out the curve. In this model, REPETRO does not impact Capital PÚBLICA Expenditure and only well's medium depth and the Petroleum production show a low significance impact on Capital Expenditure. Our results indicate that REPETRO does not influence the Operator's decision of investimento. That much is aligned with previous literature on how technical and engineering factors are more important to define investments.

Ficha do documento

Tipo

Tese

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38638

Temas

EconomiaFinanças Públicas

Palavras-chave

REPETROInvestimentoPetróleoÓleo e gásCAPEXInvestimentPetroleumOil and gasEconomiaPetróleo e gásInvestimentosEmpresas - PetróleoIsenção tributária