BRASILIA: Brazil received a record 5.4 billion reais ($1.66 billion) from a special royalty on oil and gas production in the fourth quarter, just below the 5.9 billion reais it received for all of 2016, Brazilian oil regulator ANP said on Tuesday.
The payments, a windfall-profits tax known in Brazil as “the special participation,” is an additional royalty paid to the government on large and especially productive fields above and beyond the standard 10 percent per barrel.
ANP said the Lula field generated 3.375 billion reais, the biggest share of the proceeds in the quarter
