Brazilian President Luiz Inácio Lula da Silva and Minister of Mines and Energy Alexandre Silveira are studying additional revenue measures with oil to alleviate the budget restriction scenario this year. If the measures are implemented, it is expected that it will be possible to increase public coffers by R$ 35 billion by 2026. The measures are being studied amid the impasse between the government and Congress regarding the increase in the IOF (Financial Operations Tax). After the government raised the tax to try to close the year's accounts, lawmakers reacted by threatening to repeal the measure, forcing the Executive to study other initiatives. The government has aligned with the presidents of the Chamber of Deputies, Hugo Motta (Republicans-PB), and the Senate, Davi Alcolumbre (Union-AP), a resolution to resolve the issue by this Tuesday (3rd). The deadline, announced by Minister Fernando Haddad (Finance), was set to resolve the issue before Lula's trip to France, where he will have a series of commitments. The urgency to resolve the issue made Lula call Minister Silveira at short notice to discuss the matter on Monday. The minister was scheduled to speak at an event in Rio de Janeiro and canceled his participation, leaving the public commitment to Pietro Mendes, Secretary of Petroleum and Gas. According to Folha, it would be necessary to generate around R$ 20 billion in additional revenue in 2025. A bill to ensure this amount was sent by the Executive to Congress last week. The government plans to include the value in the bi-monthly report on revenue and expenses to be released on July 22. This would give it a chance to alleviate the scenario for meeting the fiscal target - as when there is a risk of not achieving the goal, it is necessary to contingency resources (and additional revenue makes the opposite movement, releasing funds). The list presented by Silveira includes a series of already expected or announced revenues, such as the sale of R$ 15 billion in non-contracted oil from the Tupi, Mero, and Atapu areas and the collection from the auction of oil concession areas already scheduled for June (R$ 150 million). The government also expects the National Petroleum Agency (ANP) to conclude an agreement on individual production in the Jubarte field (R$ 2 billion), which would generate more revenue for the Union, and to review the reference prices of oil for royalty calculation (R$ 1 billion) by the end of July. The agency will also review the participations in the Sapinhoá field in the pre-salt (R$ 100 million) and the government expects to conclude by the end of June an alteration of the decree on special participation in production (R$ 4 billion, half for the Union and half for states and municipalities). For 2026, there would be an additional R$ 15 billion in revenue. Among the measures presented by Silveira are the already expected increase in revenue from the sale of oil by the state-owned PPSA (from R$ 17 billion to R$ 25 billion) and the alteration of the decree on special participation that could generate R$ 9 billion with the Tupi field (half for the Union). Also on the list for 2026 are the approval by ANP of the review of oil reference prices, with a potential of R$ 3 billion (half for the Union), and the signing of joint declarations by the Environment and Mines and Energy ministries to auction new exploration blocks in the Campos, Santos, Espírito Santo, and Pelotas basins (R$ 1 billion).
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