Oil and development in Brazil: Between an extractive and an industrialization strategy

Antolín, María José Paz

doi:10.1016/j.enpol.2014.06.021

Cited by 19 publications

(5 citation statements)

References 9 publications

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“…Thus, the rationality of this downsizing strategy must be questioned, since, despite the current difficulties faced by Petrobras, the company and the country encounter favorable conditions to carry out a resource-based industrialization strategy (Paz, 2014). This step back has been accomplished at a time when the National Petroleum Company is making a significant jump in its crude oil production, therefore, precisely when it is faced with a promising opportunity to expand its productive chain and strengthen the business model from the well to pump.…”

Section: The Change Of Strategy In the Refining Segment During Presidmentioning

confidence: 99%

The irrationality of Petrobras’ divestments in refining

Ribeiro

Silva

Almeida

2019

BKR

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<p>Petrobras is a Brazilian state-owned company that is one of the largest oil companies in the world. It is internationally recognizedfor being a company at the technological frontier in the segment of exploration and production (E&P) of oil and gas in deepwaters. Also, Petrobras is the publicly traded oil company with the largestproduction of hydrocarbons in the world. This paper aims to investigate the strategies Petrobras currently adopts in refining based on an econometric analysis of panel data. The article is apioneer in the sense of empirically demonstrating that Petrobras consolidated its position in E&P while advancing in the aggregation of value in the refining sector. We can see that income elasticity are less than 1 (about 0.6%). Thisis positive and significant, but the smaller sensitivity than unity demonstrates that the country has broken the barrier to entry into the export sector of oil products.Thus, based on econometric estimates, it is believed that there is a great misunderstanding in the strategy of divestitures and downsizing in the segment of refining.</p>

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Section: The Change Of Strategy In the Refining Segment During Presidmentioning

confidence: 99%

The irrationality of Petrobras’ divestments in refining

Ribeiro

Silva

Almeida

2019

BKR

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“…Despite the semi-privatization of Petrobras, the government has always held the majority of the shares entitled to vote, allowing the State to maintain influence over the company's investment strategy to achieve functionality within the overall energy and industrial policy (Silva, 2010;María J. Paz, 2014). A key indicator of this influence appears to be the company's investments, which have been undergoing some changes (see Table 2).…”

Section: 12-use Of Oil Revenues: Petrobras Investments In the Conmentioning

confidence: 99%

Oil fiscal regimes and national oil companies: A comparison between Pemex and Petrobras

Ramírez-Cendrero

Antolín

2017

Energy Policy

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Analysis of the determinants of the performance of national oil companies (NOCs) is and has always been among the most discussed topics in specialized literature. In this context, the uneven path experienced by two major Latin American NOCs-Petrobras and Pemex-is striking. Our work seeks to explain the uneven performance, focusing on the productive aspects. In particular, we analyze the oil fiscal regimes in Brazil and Mexico as a very crucial aspectthough not the only one-within oil-rich countries that may shed light on the disparities between Petrobras and Pemex. The contribution of our work to the existing literature derives from the relationship that we establish between the characteristics of the respective oil fiscal regimes and the productive performance of the two NOCs, with special consideration paid to the ways in which a fiscal regime contributes, or not, to promoting and guiding the investment efforts of companies. We compare investment, production, and reserve indicators of Pemex and Petrobras and conclude that the Mexican and Brazilian oil fiscal regimes can largely explain the productive and investor performance of both NOCs.

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“…Furthermore, in certain countries, this can only occur with the arrival of foreign capital, due to the lack of a local business base, and this can reinforce dependency in the development process (Evans, 1979). Finally, the importance of purely physical or geological features has been sometimes confirmed, such as in the case of Brazil, where a concentration of oil and gas reserves in ultra-deep waters has fostered linkages with the naval sector (Paz, 2014).…”

Section: Key Proposalsmentioning

confidence: 99%

What conditions may foster an industrial development strategy based on extractive industries?

Mancini

Antolín

2016

The Extractive Industries and Society

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Our work provides a selective survey of the literature on the relation between natural resources and industrialization, with a focus on extractive industries. The paper consists of three sections. First, it discusses the main problems identified by the scholars in relation to the abundance of natural resources. Second, it addresses two dimensions of the nexus between natural resources and industrial development: a fiscal one and a productive one. Third, it critically examines the two dimensions in order to find the conditions needed to set up a strategy of industrial development applicable to the extractive industries. Then, it briefly discusses some relevant issues partially neglected in early literature, and then suggests insights for further research.

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Oil and development in Brazil: Between an extractive and an industrialization strategy

Cited by 19 publications

References 9 publications

The irrationality of Petrobras’ divestments in refining

The irrationality of Petrobras’ divestments in refining

Oil fiscal regimes and national oil companies: A comparison between Pemex and Petrobras

What conditions may foster an industrial development strategy based on extractive industries?

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