cadernos fgv projetos nº 1 - energia & petróleo

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  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    AMASEKN&ZAYSHAD > WAYABCSD 3::0

    AMASEKN&ZAYSHADG NIASMDW@EP ZSDFAYDWx NMD> x M > x WAYABCSD3::0

    AMYSAPKWYN Fdw Wsekd EncskahhkZsawkiamya in Zaysdcsnw

    N SYKEDW AGDBAMYSKDWIazamimgkn a ikpaswk`kgndmd `dsmagkbamyd ia ew mnyqsnhMdpd bnsgd saeqhnyskd znsn n kmiwysknid ew mnyqsnh6 was magawwskn

    nzsdpnd ia mdpn haekwhnd4

    Gqwyd ia gnzkynh znsn a|znmwdin d`asyn ia amasekn ahyskgnDwsd{nhykawa dw bqmkgzkdw inCngkn ia GnbzdwN gdmyn id Ckdikawah

    N iabnmin ia amasekn ab 3:>1

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    AMASEKN&ZAYSHAD 3 WAYABCSD 3::0

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    AMASEKN&ZAYSHAD 7 WAYABCSD 3::0

    Zqchkgnd zaskikgn id Mghad ia Amasekn a Zayshad in @EP Zsdfaydw-Dw nsykedw wd ia sawzdmwnckhkinia idw nqydsaw a md sa`hayab( magawwnsknbamya(n dzkmkd in @EP-

    @EP ZsdfaydwIksayds A|agqykpd6 Gawns Gqmln GnbzdwIksayds Ygmkgd6 Skgnsid WkbdmwamIksayds ia Gdmysdha6 Nmymkd Gnshdw Nkins

    Aikyds Gla`a6 Skgnsid WkbdmwamAikyds A|agqykpd6 Aqemkd BdmydsdZsdiqd Es`kgn6 Bnsgahd Nhy Fdsmnhkwyn Sawzdmwpah6 @asmnmin Cqsfnyd " BYC 7>>5 " GAZ 33315";5:( Yah-6 ,3>+ 311;"0:::( uuu-`ep-cs

    Zskbaksd Zsawkiamya @qminids6 Hqkv Wkbaw HdzawZsawkiamya6 Gnshdw Kpnm Wkbdmwam Hanh

    Pkga"Zsawkiamyaw6 @snmgkwgd Dwunhid Mapaw Idsmahhaw( Bnsgdw Gkmysn Gnpnhgnmyaia Nhcq~qas~qa a Wsekd @snmohkm qkmyahhn

    Gdmwahld Iksayds6

    Zsawkiamya6 Gnshdw Kpnm Wkbdmwam Hanh

    Pkga"Zsawkiamyaw6 @snmgkwgd Dwunhid Mapaw Idsmahhaw( Bnsgdw Gkmysn Gnpnhgnmyaia Nhcq~qas~qa a Wsekd @snmohkm qkmyahhn

    Pdenkw6 Nsbnmid Ohnckm( Gnshdw Nhcasyd Zksaw ia Gnspnhld a Nhcq~qas~qa( AsmnmaEnhpnw( Fdw Hqkv Bksnmin( Hkmidhzld ia Gnspnhld Iknw( Bnmdah Zkd Gdssan Fmkds(Bnsghkd Bns~qaw Bdsaksn a Sdcasyd Znqhd Gwns ia Nmisnia

    Wqzhamyaw6 Nh`said Nbskgd ia Wdqvn Snmeah( Nmymkd Bdmyaksd ia Gnwysd @khld(

    Gskwyknmd Cqns~qa @snmgd Mayd( Aiqnsid Cnzykwyn Pknmmn( @hk| Iacqhlaw( FngdcZnhkw Fmkds( Fdw Asbskd ia Bdsnaw Mayd( Fdw Fmkds ia Nhbakin Wammn aMawyds Fdwy

    Gdmwahld gqsnids6

    Zsawkiamya6 Gnshdw Nhcasyd Hamav Gwns Zsdywkd

    Pkga"Zsawkiamya6 Zaisd Fdw in Bnyyn Bnglnid ,Ohnckm Ksbdw & Gkn+

    Pdenkw6 Nha|nmisa Odgl Ydssaw ia Nwwkw( Gnshdw Nhcasyd Pkaksn ,@aiasndCsnwkhaksn ia Cnmgdw+( Gnshdw Bdngks Edbaw ia Nhbakin( Idbkmedw Cqhdw ,UlkyaBnsykmw a Enwaw Kmiqwysknkw Hyin-+( Aibqmid Zammn Cnscdwn( Asnhid Ykmdgd Bahd,Awynid in Cnlkn+( Lakyds Glnenw ia Dhkpaksn( Fdsea Easinq Fdlnmmzayas ,EasinqW-N+( Hvnid ia Bahhd Csnmid ,Cnmgd Csniawgd W-N+( Hqkv Nzzdhdmkd Mayd,Kmwykyqyd ia Sawwaeqsdw id Csnwkh KSC+( Hqkv Glds ,Gldvkh Ameamlnskn Hyin-+(Hqkv Aiqnsid Nhpaw ia Nwwkw ,Cnmgd GG@ Csnwkh W-N+( Hqkv Ynpnsaw Zasaksn @khld,Wkmikgnyd inw Abzsawnw ia Waeqsdw Zskpnidw( ia Gnzkynhkvnd a ia Sawwaeqsdw

    md Awynid id Skd ia Fnmaksd+( Bnsgahd Was`ny{( Bsgkd Fdd ia Nmisnia @dsya(Bnqsd Wnhhaw ,Zqchkgkw Wnhhaw Mdsydm+( Mkgnmisd Iqsnmya ,Wdqvn Gsqv W-N+( WsekdSkcaksd in Gdwyn Uashnme

    Wqzhamyaw6 Nhvksn Nhpaw ia Ncsaq( Ekhcasyd Iqnsya Zsnid( Fdd Zaisd Edqpakn Pkaksn @khld ,Sa`kmnskn ia Zayshad Kzksnmen W-N+( Hqkv Sdcasyd Mnwgkbamyd Wkhpn(Bnsgahd Fdw Cnwhkd ia Wdqvn Bnskmld ,Csnwgnm Csnwkh Hyin-+( Ma{ Gda ia Dhkpaksn(Mkhwdm Yak|aksn ,Cnmgd ia Kmpawykbamyd Gsaiky Wqkwwa W-N+( Znyskgo ia HnssnedkykHqgnw ,Wqh Nbskgn Gdbznmlkn Mngkdmnh ia Waeqsdw+( Znqhd Bskd @saksa ,QmkpaswnhGdbsgkd a Abzsaamikbamydw Hyin-+( Zaisd Lamsk~qa Bnsknma Ckyyamgdqsy ,CnmgdCCB W-N+( Sqk Cnssayd ,Gn` Wdhpah Csnwhkn W-N+( Ykyyd Cdyahld Bnsykmw ,OBBkmasnd a Baynhqsekn W-N+

    Gdmwahld Gdmwqhykpd6 Gawns Gqmln Gnbzdw( Inmkah Inmynw( Ahkavas Cnzykwyn(Awynid ia Bkmnw Easnkw( @asmnmid Zassdma( Easnhid Fdw Gnscdma( Hqkv @asmnmidin Wkhpn Zkmyd a Sdcasyd Eqwbd-

    AMASEKN&ZAYSHAD

    AIKYDSKNH-------------------------------AMYSAPKWYN------------------------------

    Fdw Wsekd EncskahhkZsawkiamya in Zaysdcsnw

    NSYKEDW A GDBAMYSKDW--------------- 0

    Iazamimgkn a ikpaswk`kgnd md`dsmagkbamyd ia ew mnyqsnh

    Mdpd bnsgd saeqhnyskd znsn n kmiwyid ew mnyqsnh6 was magawwskn nzsdia mdpn haekwhnd4

    Gqwyd ia gnzkynh znsn a|znmwdin d`asyn ia amasekn ahyskgn

    Dwsd{nhykaw a dw bqmkgzkdwin Cngkn ia Gnbzdw

    N gdmyn id Ckdikawah

    N iabnmin ia amasekn ab 3:>1

    I AWYN^QAS AEQHNYSKD--------------39

    GDMFQMYQSNW A ZSDFAAW-----------31

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    AMASEKN&ZAYSHAD 9 WAYABCSD 3::0

    N amasekn qb wayds awysnyekgdznsn n agdmdbkn csnwkhaksn-Sa`asmgkn ia amwkmd md Znw a mda|yaskds( n @qmind Eayqhkd Pnsenwysncnhln( l bnkw ia 0: nmdw( gdb n bkwwdia gdmyskcqks znsn d iawampdhpkbamydmngkdmnh a( nwwkb( md zdiaskn znwwns ndhnsed iawwn wkemk`kgnykpn ikwgqwwd-

    Dw zsdesnbnw ia esniqnd( bawysnid(idqydsnid a ysncnhldw ia gdmwqhydsknysnmw`dsbnsnb n @EP ab qb gamysd iaa|gahmgkn ngnibkgn( nysnpw in kmyamwnzsdiqd kmyahagyqnh- Awynbdw( nedsn(iawykmnmid znsya ia mdwwdw aw`dsdw znsnawwn san ~qa ysnyn ia zsdchabnw ~qan`aynb( md wdbamya nd Csnwkh( bnw n ydinn gdbqmkinia kmyasmngkdmnh-

    Bqkydw ia mdwwdw zsd`awwdsaw a gdmwqhydsawawyd ab cqwgn ia wdhqaw ~qa pknckhkvab(ia `dsbn waeqsn a gdmgsayn( n a|zhdsndkmyahkeamya ia mdwwdw sagqswdw mnyqsnkw aamaseykgdw- W nwwkb zdiasabdwzsdbdpas d gsawgkbamyd agdmbkgdmngkdmnh- Ab >;;5( d wayds ia zayshad aew asn sawzdmwpah zds 3(5! id ZKCcsnwkhaksd- Ldfa( f sawzdmia zds ;(>!- Ngskwa ia amasekn ~qa dgdssaq ab 3::> mdwnhasydq znsn n kbzdsymgkn idzhnmafnbamyd a ia gdmwynmyaw iacnyawwdcsa d yabn- Ab 3::0( n Zaysdcsnwnmqmgkdq n yd neqnsinin nqyd"wq`kgkmgkna( gdb n nyqnh ncasyqsn id wayds ia

    zayshad( 19 mdpnw abzsawnw amysnsnb mdbasgnid a znwwnsnb n easns bnkwdzdsyqmkiniaw ia ysncnhld-

    Mdwwn san ia gdmwqhydskn( n @E n sawzdmwpah zds bnkw awyn zq~qa ysnv awynbznin n gsaikckhkiniakmwykyqkd( casd ia zsawkiamabzsawnw( bkmkwysdw ia awynid( iknqydskiniaw edpasmnbamynkw- Nysns amysapkwynw( gdb kbzdsikskeamyaw id wayds zchkgd a zsahngkdmninw amasekn a zay^qawyaw hkeninw saeqhnd( ha`dsmagkbamyd( a|ysnd( zsdiqgdmwqbd( zsdfaaw a nhyasmnyamasekn wasd znqyn ia awyqidw a ia samdbnidw zsd`awwdsaw a gdmw~qa gdmyskcqksd gdb wqn pnwyn gnygmkgd"gkamy`kgn znsn awwn ik

    kbzdsynmya sawwnhyns ~qa dgdbzsdbkwwd iawyn zqchkgnd ydinw nw nykpkiniaw in @EP a kmiazamimgkn a n zhqsnhkinia ia ia pkwyn-

    Awzasnbdw ~qa n zqchkgnd AmZayshad zdwwn was qbn wkemkgdmyskcqkd in @EP Zsdfaydw znsna znsn d wayds md Csnwkh-

    @qmind Eayqhkd Pnsenw6a|gahmgkn( gsaikckhkinia a kmd

    AIKYDSKNH

    Wasekd @snmohkm ^qkmyahhnPkga"Zsawkiamya in @qmind Eayqhkd Pnsenw

    Bqkydw ia mdwwdw zsd`awwdsaw a gdmwqhydsawawyd ab cqwgn ia wdhqaw ~qa pknckhkvab(ia `dsbn waeqsn agdmgsayn( n a|zhdsndkmyahkeamya ia mdwwdwsagqswdw mnyqsnkw aamaseykgdw-

    Ia znsykgqhns sahapmgkn znsn d Skd iaFnmaksd( d wayds zaysdh`asd iawkemn bnkwia 3:! id ZKC awyniqnh pknsd{nhykawaznsykgkznaw awzagknkw a sazsawamynsamdsba bqinmn mn awysqyqsn agdmbkgnid awynid- Ia nyd( gdb n gamysnh ia sa`kmda zaysd~qbkgn ~qa awy zsapkwyn znsnKyncdsn $ Wd Edmnhd( d Awynid id Skdmagawwkyns ia ameamlaksdw( agdmdbkwynw(nibkmkwysnidsaw ia abzsawnw( nipdenidwa dzasskdw awzagknhkvnidw znsn nw qmkiniawia waeqmin a yasgaksn easnd ~qa nhk wasdkmwynhninw- N @EP awy zsaznsnin znsnnzdkns( nysnpw inw wqnw qmkiniaw iaamwkmd( zaw~qkwn a gdmwqhydskn( awya mdpdZhd Zaysd~qbkgd-

    Wasekd @- ^qkmyahhnPkga"Zsawkiamya

    @qmind Eayqhkd Pnsenw

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    AMASEKN&ZAYSHAD 1 WAYABCSD 3::0

    N Zaysdcsnw( ~qa gdbzhayns 17 nmdwia nykpkiniaw md zs|kbd bw iadqyqcsd( ldfa qbn sa`asmgknbqmiknh ab yasbdw ia zsdwzagd ab eqnwzsd`qminw a nzsawamyn qb idw bahldsawiawabzamldw id wayds- Gdb sagakyn h~qkinia S) >70( 0 ckhlaw( hqgsd h~qkid ia ~qnwaS) 39 ckhlaw ,cnhnmd ia 3::1+ a zhnmd iakmpawykbamydw wqzaskds n QW) : nmdw( qb bkhld iazsd`kwwkdmnkw ~qa gdmwkiasab nw ~qawyaw wdgkd"nbckamynkw gdbd znsya idw waqw maegkdw- `samya ia ydid awwa gnzkynh lqbnmd(yagmdhdekn ia zdmyn a gk`snw kbzsaw"wkdmnmyaw( awy qb cnknmd ia 11 nmdw(

    wkbzykgd a bdiawyd- Fdw Wsekd Encskahhknkmin `nv ~qawyd ia sawwnhyns nysnmwkydskainia ia wqn gdmikd- Awydqzsawkiamya in Zaysdcsnw( zdkw wdq zsd`awwds(sawwnhyn- Agdmdbkwyn `dsbnid zahnQmkpaswkinia @aiasnh in Cnlkn( dmia `avbawysnid( a idqyds ab agdmdbkn zahnCdwydm Qmkpaswky{( Encskahhk dgqzn d gnsediawia fqhld ia 3::1( iazdkw ia zdqgd bnkwia idkw nmdw gdbd iksayds kmnmgaksd- Iawiaamyd( yab ysncnhlnid dcwykmninbamya znsngdmwdhkins awyn zdwkd ia hkiasnmn a

    gdmwysqks nw cnwaw znsn qb zsdgawwd iagsawgkbamyd wqwyamynid znsn dw zs|kbdwiav nmdw- Zdkw dk awya a|agqykpd( idmd ia qbn neaminia bqkydw gdbzsdbkwwdw( ~qa sagacaq na~qkza in @EP Zsdfaydw( znsn qbn amysapkwyn

    a|ghqwkpn( mdw mdpdw a bdiasmdw awgskyskdwin abzsawn ab Wd Znqhd( mn wa|yn"`aksn(ikn 3> ia fqhld( bawbd ikn ab ~qanzsawamydq d Zhnmd ia Maegkdw 3::5 3:>> in Zaysdcsnw( znsn abzsawskdw mnwaia in @KAWZ- Md amgdmysd( `dk zdwwpahgdbzsdpns d idbmkd ~qa Encskahhk yabwdcsa dw nwwqmydw ygmkgdw( n hqgkiav znsnkmyaszsayns d gamskd gdmfqmyqsnh a wqnwzdwwpakw apdhqaw( n pkwd ghnsn agdmwkwyamya znsn kmyasneks gdb d `qyqsd ~qa f znsya zdsyn-

    @EP Zsdfaydw6 N Zaysdcsnw yab ia`kmkin ab wqn Bkwwd n iayasbkmnd zahn kmyasmn"gkdmnhkvnd- D ~qa d wamlds zdia `nhns nawya sawzakyd4

    Fdw Wsekd Encskahhk6N Zaysdcsnw pkpaqpsknw aynznw mawya zsdgawwd ia kmyasmn"gkdmnhkvnd( gdbanmid gdb n~qahn ab ~qaykmln gdbd dcfaykpd nwwaeqsns `dmyaw iawqzskbamyd ia zayshad- Mawyn zskbaksn `nwa(n m`nwa awynpn ab kmpawyks mn zsdiqd iaiaskpnidw ia zayshad znsn d basgnidcsnwkhaksd( zdgn ab ~qa n abzsawn zdikn waspkwyn gdbd qbn esnmia kbzdsynidsn a gdbgnzngkinia hkbkynin ia sa`kmd-

    N waeqmin `nwa `dk gnsngyaskvna|znmwd kmyasmngkdmnh( zahn magikpaswk`kgnd( md w mn cqwgn bnw ynbcb gdbd zsdiqd a( awzagkbamya( gdbd zsdgqsabamy znsn n gdia bnyasknkw-

    Mn wa~mgkn( n Zaysdcsnw kmkgkd~qa ngahasdq wqn gnzngkynd zsdwzagd ab eqnw zsd`qminw a znsnia had zawnid- Nhb ikwwd( `dsnb kmpawykbamydw idbwykgdw ab zazsdiqd( ny zds~qa lnpkn qbiawpkmgqhnd amysa d had zsdiqvawysqyqsn ia sa`kmd ~qa asn ikwzdm

    Mn ~qnsyn `nwa( ldqpa qbn ngahasnzsdgawwd ia gdmpaswd ia sa`kmngdbadq n wa pask`kgns qbn a~qkpnin zsdiqd a id gdmwqbd( d ~qa

    nzdmynpn znsn n kbkmmgkn inwq`kgkmgkn- Mawya zasdid( `dk gZasav Gdbznmg( abzsawn nseamkmyaesnin ia amasekn-

    Nyqnhbamya( pkpabdw n ~qkmyn aynd `dgd ensnmyks n gdmykmqkingsawgkbamyd a n a|znmwd in zsdiqzsawamn `dsya a gsawgamya ab iksaekaw id bqmid- Mdwwdw dcfaykp3:>1 zsapab ~qa iapabdw awyzsdiqvkmid 9(0 bkhlaw ia cnsskw,gdmysn dw nyqnkw 3(9 bkhlaw ia cnd ~qa a~qkpnha zsdiqd nyqnh in Adq baynia id ~qa zsdiqv n Swwkn dNsckn Wnqikyn-

    Fdw Wsekd EncskahhkZsawkiamya in Zaysdcsnw

    AMYSAPKWYN

    Nyqnhbamya( d `dgd ensnmyks n gdmykmqkinia idgsawgkbamyd a n a|znmwd in zsdiqd( gdb zsawamn `dsya a gsawgamya ab ikpaswnw saekaw id bqmid-

    U NHIDBKSD G NSPNWFQMKDS

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    AMASEKN&ZAYSHAD 0 WAYABCSD 3::0

    @EP Zsdfaydw6 Ab ~qa saekaw id bqmid nZaysdcsnw awy ldfa a gdb ~qa ykzd ianyqnd4

    Fdw Wsekd Encskahhk6 Mw awynbdwzsawamyaw ab psknw a kbzdsynmyaw sanw idbqmid( wafn zsdwzagynmid( wafn zsdiqvkmid

    dq ikwyskcqkmid- Ia`kmkbdw ysw sanw gdbd`dgd ia mdwwn nyqnd kmyasmngkdmnh6 nNbskgn id Wqh( dmia zsayamiabdw sa`dsnsgnin pav bnkw mdwwn zdwkd ia hkiasnmn mnwsanw ia ew a amasekn a mn ia gdbcqwypakw,~qa md awy nkmin yd kmyaesnin+-

    Dqysn san ab ~qa awynbdw zsawamyaw ddawya in `skgn( wafn zds ~qawyaw iawabahlnmn eadhekgn( wafn zds pmgqhdwawyncahagkidw l pskdw nmdw- Mawyn saekd(pkbdw `nvamid zsdwzagd ab eqnwzsd`qminw mn Mkeskn ,wdcsayqid+( ab Nmedhna bnkw sagamyabamya mn Eqkm A~qnydsknh(wdvkmldw dq gdb wgkdw-

    Nkmin mn `skgn( pkbdw ysncnhlnmid md hawya(bnkw awzagk`kgnbamya mn Ynmvmkn a abBdnbck~qa( znsn n a|zhdsnd a zsdiqdia ew( ynhpav EMH( zahnw ~qnmykiniaw ~qazdiasd zasbkyks a|zdsynd- Awya ysncnhldyab ngdmyagkid ab znsgaskn gdb Glapsdm(gdb Enhz( gdb Ydynh( znsn gkyns nheqmw mdbaw-

    Md Hckn a mn Yqs~qkn ,Bns Maesd+ awynbdw`nvamid kmpawykbamydw saiqvkidw ab zsdw"zagd ab san ia ahapnid skwgd a|zhdsnyskd-

    A ynbcb pkbdw nyqnmid gdmwkwyamyabamyamdw Awynidw Qmkidw( ab a|zhdsnd mn saekdid Edh`d id B|kgd a ab zsdiqd iaiaskpnidw gdb n gdbzsn ia 1:! ia qbnsa`kmnskn md awynid id Ya|nw( ~qa ks zsdiqvksiaskpnidw ia zayshad( yamid gdbd bnyskn"zskbn had csnwkhaksd ,bnshkb+-

    @EP Zsdfaydw6 Gdbd d wamlds ia`kma n zdwkd csnwkhaksn ab yasbdw ia yagmdhdekn

    `samya n dqysdw znwaw4

    Fdw Wsekd Encskahhk6Zdiabdw n`ksbns ~qaawynbdw( ab bqkydw gnwdw( nyqnmid mn`sdmyaksn yagmdhekgn- Qb cdb a|abzhd nmdwwn dzasnd md Edh`d id B|kgd( ab ~qazdwwqbdw 317 zdmydw a|zhdsnyskdw abeqnw qhysn"zsd`qminw( wdvkmldw dq abznsgaskn gdb CLZ( Wlahh a CZ( gdb d ~qa lia bnkw bdiasmd a kmdpnids- Mawyn bawbnsaekd( pkbdw gdmiqvkmid cqwgn ia zayshadab eqnw snwnw gdb zsdwzagd zsd`qmin-

    Am`samynbdw( ynbcb( nheqmw mdpdw iawn`kdwmd wqh id Edh`d id B|kgd( dmia( awynbdwa|zhdsnmid ncnk|d ia mpakw fnbnkw nykmekidw(ynbcb gdb a~qkznbamydw ia pnmeqnsinyagmdhekgn( ~qa zasbkyab kmghqwkpa diawngdzhnbamyd zhnyn`dsbn$csdgn( awzagknh"bamya ykh mn~qahn saekd yd wqfakyn n

    `qsngaw-@EP Zsdfaydw6 Gdb ydinw awynw `samyaw( zdia"wa ensnmyks ~qa n nyqnh zsdiqdcsnwkhaksn wafn wqwyamypah4

    Fdw Wsekd Encskahhk6 Waeqsnbamya( wkb-Mdwwnw zsdfaaw ny 3:>> gdmyabzhnb qbna|znmwd id ZKC bqmiknh in dsiab ia 9(3!nn a ia gsawgkbamyd in agdmdbkn csnwkhaksnia 9! nn- Mawya bawbd zasdid( n apdhqdid basgnid csnwkhaksd ia gdbcqwypakw iapaswas in dsiab ia 7(>! nn( am~qnmyd mdwwnzsdiqd iapa nykmeks dw 5(

    A znsn ensnmyks awyn bkmln zdwkd( cnwyndhlns dw kmikgnidsaw sawaspn $ zsdiqd- Ldfa(wa md nqbamynsbdw qb mkgd cnsskh iazayshad( mdwwnw sawaspnw mdw ensnmyab >;nmdw ia zsdiqd ndw mpakw nyqnkw- Ab 3:>1(gdb nw km`dsbnaw ikwzdmpakw ldfa( awyakmikgnids nzdmyn znsn >1 nmdw( d ~qa a|ysabnbamya nhyd ab yasbdw id wayds-

    @EP Zsdfaydw6 ^qnh n pnhkinia awysnyekgnid enwdiqyd mn Nbskgn Hnykmn( in Pamavqahnny d a|ysabd wqh4

    Fdw Wsekd Encskahhk6 Nmyaw ia sawzdmias( phkid `nhns qb zdqgd wdcsa dw enwdiqydwa|kwyamyaw mn Aqsdzn- Dw esnmiaw zsdiqydsawia ew awyd hdgnhkvnidw mn Wkcskn( md mdsyain `skgn( md Dskamya Bikd a md NyhmykgdMdsya? znsn kmyashkens awynw sanw ndwzskmgkznkw zhdw gdmwqbkidsaw a|kwyab

    bkhlnsaw ia ~qkhbaysdw ia enwdiqydw(kmyashkenmid n Mdsqaen @snmn( d Aekyd Awznmln( n Wkcskn Nhabnmln( amysa dqysdw(nheqmw gdb bnkw ia 0 bkh ob ia a|yamwd(wafn zds yassn dq bns- N hekgn iawynwdzasnaw qmks esnmiaw saekaw zsdiqydsnwndw zskmgkznkw basgnidw-

    Awyn bawbn hekgn phkin znsn n NbskgnHnykmn( qbn pav ~qa waqw basgnidw nkminamgdmysnb"wa iawkmyaesnidw- Dw esnmiawgdmwqbkidsaw ia ew mawyn saekd wd d Glkha(

    n Nseamykmn a d Csnwkh? id hnid in iawyn~qaw kgnb gdb Cdhpkn( Zasq( PNseamykmn ,ab ~qain+ a Csnwkh ,ab nNwwkb( ab yasbdw awysnyekgdw( wamykid qmks zsdiqydsaw a gdmwqnysnpw ia qb enwdiqyd( bnw awyn mabzsakynin ia gqsyd zsnvd-

    Ysnyn"wa ia dcsn ekenmyawgn( gdb kpnskpakw n wasab nmnhkwninw( iawiny n zdhykgn ia zsadw( znwwnmensnmykn in d`asyn a zahdw `kmnmgmagawwskdw- Yabdw ldfa bnkw ia >::ampdhpkinw mawyn `nwa ia nmhkwa

    @EP Zsdfaydw6 Inin n nyqnh pdhnykhkinia mdw zsadw id cnsskh ia zayshad( gdbd gdmiqvkin n zdhykgn ia zsadw iagdbcqwypakw md Csnwkh4

    Fdw Wsekd Encskahhk6 kbzdsynmya iawyng~qa md l qbn `sbqhn mkgn znsn `kia zsadw- L pskdw zdmydw ia sa`aszsagkwnb was nia~qninbamya gdmwka nmnhkwnidw znsn ~qa wa zdwwn izdwkgkdmnbamyd gdmwkwyamya ia z

    Zds a|abzhd( pkpabdw nyqnhbamybdbamyd ab ~qa dw zsadw id cnsskzayshad awyd ab mpakw ahapgdmpkpamid gdb bqkyn pdhnykhkinia ,zin kmwynckhkinia md Dskamya Bikyn|nw ia fqsdw cnk|nw-Amysa dw dqysdw gdbzdmamyaw ~qa mn ia`kmkd ia zsadw( l d gsawgkbagdbcqwypakw samdppakw( n ~qawbnkds znsya in zsdiqd a|zdsynin awygnsed ia awynidw ab sanw kmwypnmykenw waya ksbw nzsawamynb fnmdw bnkw paminw ~qa zsdiqd( dwbabcsdw in DZAZ md yb awybqhngahasns wqn zsdiqd a d awysnmeqhid sa`kmd ia had zawnid( d ~qa ia

    nqbamyns n bnseab znsn ~qab gdmwazsdgaww"hd-

    Nhb ikwwd( d Csnwkh yab nhgnsngyaswykgnw mkgnw zds yas wnqydbdckhwykgn ldfa zsnykgnbamya zds yas qb hdmed lkwyskgd gdb d gdbcqwypah a zds nzsawamyns azasgamyqnh ia niqhyasnd- Yqid kbznia`kmkd idw zsadw a yab mdw zabnmy"hdw sahnykpnbamya awypakwpdhnykhkinia kmyasmngkdmnh-

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    AMASEKN&ZAYSHAD 5 WAYABCSD 3::0

    Iazamimgkn a ikpaswk`kgndmd `dsmagkbamyd ia ew mnyqsnh

    E WM NYQSNH

    Dypkd Bkahmko Idqyds ab Agdmdbkn in Amasekn( Kmwykyqy iAgdmdbka ay ia Zdhkyk~qa ia hAmaseka(Qmkpaswky ia Esamdcha( a gdmwqhyds in @EP Zsdfaydw

    N waeqsnmn md nzsdpkwkdmnbamyd iaamasekn awysnyekgn znsn n

    awynckhkinia agdmbkgn a diawampdhpkbamyd- Apdhqkmid idw awynidwmngkdmnkw ehdcnhkvnd( wqzasnmid dgdm`hkyd a pnhdskvnmid n gddzasnd( nensnmykn id wqzskbamyd ia amasekn yab wkiddcykin gdb n zsdbdd ia cama`gkdwgdbqmw nd gdmfqmyd idw znsykgkznmyaw-

    N apdhqd yagmdhekgn sagamya pabzasbkykmid wqzasns cnssaksnw hdgnkw a nbzhknsnw `sdmyaksnw idw basgnidw amaseykgdw- Mdgnwd id ew mnyqsnh( awyn apdhqd yabam`samynid n skekiav inw gdma|aw zds

    enwdiqyd( ~qa hkbkynb d ngawwd idwgdmwqbkidsaw n qbn mkgn san ia zsdiqd-N kmysdiqd ia gniaknw ia ew mnyqsnhhk~qa`akyd ,EMH+ nhyasn wqcwynmgknhbamya awwnwkyqnd( kmysdiqvkmid n gdmgdssmgkn ehdcnhamysa zsdiqydsaw a zasbkykmid d ngawwd idwgdmwqbkidsaw n bahldsaw gdmikaw ia d`asynid zsdiqyd-

    D qwd id ew mnyqsnh yab wa a|znmikid aesniqnhbamya wqcwykyqid dqysdw amaseykgdwmn easnd ysbkgn ia amasekn ahyskgn( mn

    snvd ia qbn ~qasahn wagqhns ~qa dza znwaw( iawia ~qa n Cdhkpkn zasiaq

    nd bns mn Eqassn id Zng`kgd( ab >Ncnhnin zds wqgawwkpnw gskwaw zdn iazdwkd ia Edmvnhd Wnmglav ia Hab dqyqcsd ia 3::7( n Cdhkpkn wd`saqiswykgn saiqd mdw kmpawykbamywskdw nd iawampdhpkbamyd ia wqnwew mnyqsnh-

    kmiwyskn( mnw sawkimgknw a md waydsgdbasgknh( zskmgkznhbamya mdw Awynidw

    Qmkidw( mn Aqsdzn a md Fnzd- Nw sawaspnwia ew mnyqsnh amgdmysnb"wa( bqkynw pavaw(ikwynmyaw idw zskmgkznkw gamysdw ia gdmwqbd(`nvamid gdb ~qa d ysnmwzdsya wa ydsma dahabamyd iagkwkpd znsn n pknckhkvndagdmbkgn( zdhykgn a nbckamynh id `hq|d iaew mnyqsnh-

    Mn Nbskgn id Wqh( n Nseamykmn d bnkdsbasgnid ia ew mnyqsnh( qykhkvnid ab 11!id gdmwqbd ia amasekn id znw- Gdb sawaspnwwqcwynmgknkw( n Nseamykmn qykhkvn 7

    id zsdiqyd gdmwqbkid md Glkha- Nw bnkdsawsawaspnw in saekd amgdmysnb"wa mn Pama"vqahn( gdb 9-3 yskhlaw ia baysdw gckgdw,b+ ia sawaspnw zsdpninw ,0>! id ydynh+-

    N Cdhkpkn yab qb basgnid sahnykpnbamyabdiawyd( bnw ikwza ia sawaspnw a qbnhdgnhkvnd eades`kgn zskpkhaekninw ab sahndndw zskmgkznkw basgnidw in saekd- Gdbenwdiqydw hkenmid wqnw sanw ia zsdiqd iaew mnyqsnh Nseamykmn a nd Csnwkh( n Cdhkpknmd yab gdma|d gdb d basgnid id Glkha ab

    Ia nyd( dw skwgdw nwwdgknidw zsdimnyqsnh nqbamynsnb gdmwkiasnpahbanzsdpnd in mdpn Hak ia Lkisdgnscdmabnsd ia 3::1( a n ahakd zsawkiamgknhBdsnhaw( ab mdpabcsd id bawbd nmd( g

    hkinmid d nqbamyd ia >

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    AMASEKN&ZAYSHAD < WAYABCSD 3::0

    > ^qnmid awykpas gdmghqid( d Enwdiqyd YWC yas 0>9 ob( gdmagynmid Qsqeqnknmn n Zdsyd Nhaesa- Zds am~qnmyd( yab nzamnw 31 o`sdmyaksn gdb n Nseamykmn( d YWC wa gdmagyn nd YEB ,Ysnmwzdsynidsn Enw iah Basgdwqs+-

    3 Iawampdhpkidw zds Nmi{ @hduas( Fnbaw Famwam( amysa dqysdw-

    D gdmwqbd ia ew mnyqsnh md Glkhagdssawzdmia n 3;! in amasekn gdmwqbkin mdznw( qykhkvnid awzagknhbamya znsn n easndahyskgn- Yamid n Nseamykmn gdbd mkgd dsma"gaids( d Glkha `dk nykmekid zahn saiqd mnzsdiqd ia ew mnyqsnh nseamykmd ab 3::7"3::9- Sawqhynid id gdmeahnbamyd mnw ynsk`nw

    ia ew mnyqsnh kbzdwyd zahd edpasmdnseamykmd amysa Fnmaksd ia 3::3 a Bnkd ia3::9( n gskwa ia ncnwyagkbamyd apkiamgkdq niazamimgkn a pqhmasnckhkinia id Glkha absahnd Nseamykmn- N wqzasnd inwik`asamnw gdb n Cdhkpkn waskn n bahlds dzdznsn ~qa d Glkha ensnmykwwa d waqncnwyagkbamyd ab ew mnyqsnh a bahldsnwwan wqn zdwkd ia maedgknd gdb nNseamykmn-

    D basgnid id ew mnyqsnh md Csnwkh awy aba|znmwd( yamid gsawgkid 33! nd nmd amysa3::: a 3::9- Mawwa zasdid( d gdmwqbdznwwdq ia 9! znsn >:! id gdmwqbd ydynh

    zsdpb in Cdhkpkn ,;3!+ a in Nseamykmn ,

    Nseamykmn iawykmnb"wa nzamnw QwkmnYasbahyskgn ia Qsqeqnknmn ,0:: BU+( mdSkd Esnmia id Wqh( md kmgkd id EnwdiqydYWC ,Ysnmwzdsynidsn WqhCsnwkhaksn+( zs|kbd `sdmyaksn gdb n Nseamykmn>-

    Qbn mdpn san ia zsdiqd `dk iawgdcasynmn Cngkn ia Wnmydw ,Gnbzd ia Ba|khld+( ab3::7( gdb sawaspnw awykbninw ab 9>; ckhlawia b- Awwn iawgdcasyn( n >1: ob id bnkdsgamysd ia gdmwqbd ia ew mnyqsnh id znw(ab qbn san waspkin zahd ew cdhkpknmd(nesaedq 97! w sawaspnw zsdpninw id znw aawyncahagaq mdpnw cnwaw znsn n maedgkndgdb n Cdhkpkn- Ia `nyd( d Gnbzd ia Ba|khld

    ikwza ia qbn samin ia zdwkd ab sahndnd ew kbzdsynid in Cdhkpkn( kmfaynid abenwdiqyd n qbn ikwymgkn ia 3-9:: ob insaekd baysdzdhkynmn ia Wd Znqhd-

    N sagamya awynykvnd in zsdiqd ia ewmnyqsnh mn Cdhkpkn a n bqinmn mnw gdmikawia maedgknd idw zsadw id ew a|zdsynidawyd saia`kmkmid n zdhykgn ia ncnwyagkbamydia ew mnyqsnh id Csnwkh- N zdwkd idedpasmd Apd Bdsnhaw pkwn nbzhkns nw sagakynwin Cdhkpkn gdb n pamin ia ew mnyqsnh a

    gdmwdhkins waq zdias zdhykgd- Mdwqn zskmgkznh gdmwa~qmgkn awygkns nw zsdzdsaw in iazamimgbasgnid csnwkhaksd ab sahnd n qb `dsmagaids ia ew mnyqsnh- Nhb iiabdmwysn n magawwkinia ia ikpaswngawwd n dqysnw `dmyaw ia `dsmagk

    zsdzdsaw ~qa gdmwdhkiab n waeqsnzsdpkwkdmnbamyd-

    In iazamimgkn In iazamimgkn In iazamimgkn In iazamimgkn In iazamimgkn ikpaswk`kgndikpaswk`kgndikpaswk`kgndikpaswk`kgndikpaswk`kgnd

    Ysnynmid in waeqsnmn md nzsdpkwkamaseykgd( qbn ikwgqypah sahnd nzsawamynin amysa nqyd"wq`kgknqydmdbkn mn eawyd id wkwyabn amIa `nyd( ~qnmid d gsawgkbamyd in zsdhdgnh ia amasekn nykmea qb pdhqbzasbkya wnykw`nvas n iabnmin( gdmw

    ~qa a|kwya nqyd"wq`kgkmgkn- Mdbawbd zdia dgdssas ~qnmid n nzhkgnbaikinw ia gdmwaspnd amaseykgnab qbn saiqd id gdmwqbd( dq nkm~qnmid d gdmwqbd ia amasekn gsawgakm`askdsaw nd gsawgkbamyd in zsdimpah ia nqyd"wq`kgkmgkn ( zdsynn qb iayasbkmnid bdbamyd mn sahnzsdiqd"gdmwqbd ia amasekn( iayasbkzds gdmikaw bngsd"agdmbkgnw(hekgnw( zdhykgnw a wdgknkw( wqhkinia iagdssamya ia pnsknaw maww

    ia amasekn md znw- Awykbn"wa ~qa gdmwqbdia ew mnyqsnh nykmfn >>: bkhlaw ia b$iknab 3:>1- N zsdiqd csqyn hdgnh ia 95(9bkhlaw ia b$ikn awy hdgnhkvnin( ab wqnbnkds znsya( mn saekd Wqiawya( zskmgkznhbamyamn Cngkn ia Gnbzdw ,93! in zsdiqd ydynhid znw ab 3::1+- Mn saekd Mdsiawya awydhdgnhkvninw dqysnw sanw zsdiqydsnw ia ewmnyqsnh ,pas Yncahn >+-

    N d`asyn ia ew mnyqsnh 1:! hdgnh a 1:!kbzdsynin ,pas Yncahn 3+- Nw kbzdsynaw

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    AMASEKN&ZAYSHAD ; WAYABCSD 3::0

    N ehdcnhkvnd a n hkcasnhkvnd idw wkwyabnwamaseykgdw mdw zskmgkznkw basgnidw nbzhkdqnw zdwwkckhkiniaw ia wqn eawyd znsn nhb inw`sdmyaksnw mngkdmnkw- Kwwd kbzhkgn ab skwgdw(bnkdsaw dq bamdsaw( ab `qmd in ikwymgknamysa nw sanw ia zsdiqd a dw gamysdw iagdmwqbd( id saekba zdhykgd id znw dq

    znwaw zahdw ~qnkw ysnmwkyn d amaseykgd( inpkin ykh inw kmwynhnaw ia ysnmwzdsya( amysadqysdw- Id bawbd bdid( mn zsdiqd hdgnhia amasekn ynbcb l skwgdw( gdb saiqvkinzsdcnckhkinia bnw esnmia kbzngyd( indgdssmgkn ia ngkiamyaw ~qa kmyassdbznbd `qmgkdmnbamyd ia zhnyn`dsbnw iazsdiqd ia ew mnyqsnh( zdiamid n`ayns dncnwyagkbamyd znsn d gdmfqmyd idw

    gdmwqbkidsaw ia iayasbkmnin san iqsnmyaqb zasdid ia yabzd- Iawwa bdid( n nqyd"wq`kgkmgkn md zsawaspn qb znw id skwgdia sqzyqsn ab waq nzsdpkwkdmnbamydamaseykgd( gdb kmapkypakw gdmwa~qmgknwagdmbkgnw a wdgknkw-

    Md gnwd in nqydmdbkn mn eawydamaseykgn ia qb znw( ysnyn"wa ia nbzhknsn waeqsnmn( ikpaswk`kgnmid nw `dmyaw iancnwyagkbamyd- Ia `nyd( d zsdchabn mdawy mn iazamimgkn ia ew mnyqsnhkbzdsynid( bnw md pdhqba ~qa wa kbzdsynia gnin abzsawn dq znw zsdiqyds- Npqhmasnckhkinia md awy mn iazamimgknid ew mnyqsnh in Cdhkpkn( bnw md `nyd iasazsawamyns ;3! id pdhqba kbzdsynid a`dsmagas 1:! in d`asyn ydynh ia ew mnyqsnhmd Csnwkh- N ikpaswk`kgnd inw `dmyaw ianzsdpkwkdmnbamyd znwwn zahn kbzhnmyndia gniaknw ia ew mnyqsnh hk~qa`akyd(zasbkykmid n kbzdsynd ia pdhqbawbamdsaw zsdpamkamyaw ia ik`asamyaw znwawa pknckhkvnmid( iawwa bdid( qbn saiqdwqcwynmgknh id skwgd ia iawncnwyagkbamyd-

    N iabnmin ia ew mnyqsnh mn san waspkinzahd Enwdiqyd Cdhkpkn"Csnwkh gsawgaq 77! ndnmd amysa 3::: a 3::1- N samaedgkndawyncahagkin zahd edpasmd in Cdhkpkn( abbnkd ia 3::0( idw gdmysnydw( kbzdwydw a

    zsadw id ew mnyqsnh( zsnykgnidw zahnwabzsawnw zsdiqydsnw( iapa n`ayns nwgdmikaw agdmbkgnw in d`asyn id zsdiqydmn san waspkin zahd enwdiqyd- Awwa `nydapkiamgkn n pqhmasnckhkinia sawqhynmya iniazamimgkn ia qbn mkgn `dmya znsn nkbzdsynd id ew mnyqsnh-

    Qb enwdiqyd ysnmwmngkdmnh yamia ngdmwdhkins n kmyasiazamimgkn amysa sanwia zsdiqd( wkyqninw ab qb znw( a gamysdwia gdmwqbd( hdgnhkvnidw ab dqysd-Zsdiqydsaw wa zsadgqznb gdb diawampdhpkbamyd id basgnid gdmwqbkidszds nbzhkns n sagakyn ~qa sagacab gdb npamin id ew mnyqsnh- Gdmwqbkidsaw

    zsa`asab ~qa wafn zsawaspnin n sagakynsagackin zahdw zsdiqydsaw zds~qa kwwdbnmyb n awynckhkinia agdmbkgn azdhykgn magawwskn gdmykmqkinia idwgdmysnydw ia kbzdsynd id ew mnyqsnh-Abcdsn n sngkdmnhkinia agdmbkgn iapnzsapnhagas( qb ahapnid esnq ia

    iazamimgkn id basgnid gdmwqbkids,1:! id basgnid ia ew mnyqsnh id Csnwkh+ab sahnd san ia zsdiqd ,Cdhkpkn+bahldsn( gdmwkiasnpahbamya( d zdias iacnsenmln id zsdiqyds-

    Gdbd n pknckhkinia id ysnmwzdsya ia ew zdsenwdiqyd magawwkyn gdmysnydw ia hdmed zsnvd(ampdhpamid esnmiaw pdhqbaw( ab ~qnmyk"

    ampdhpkidw( awwn skekiav zdia waynbcb( sawzdmwpah zahn nbzhkniazamimgkn gsawgamya id basgnid ab n awwn `dmya ia ncnwyagkbamyd ab ewGdbd kwwd nyamia ndw kmyasawwawa id ysnmwzdsynids( dw skwgdw in iazw wa ydsmnb apkiamyaw ab wkyqn

    D zsdfayd id Enwdiqgyd iah Wqs zsab fnmaksd ia 3::0 gdb a|yamwd zsaia ;-31: bkhikn ia ew mnyqsnh in Pamavqahn znsnNseamykmn a Qsqeqnk- Awya zsdfaa|gahamya a|abzhd znsn iabdmwysns n ia esnmiaw pdhqbaw a n gdmwa~qiazamimgkn id basgnid gdmwqbkzsdbdpkidw zds qb enwdiqyd ia esnmgnzngkinia-

    Znsn nhb inw kmyamaw zdhykgnwn km`hqmgkn id zsawkiamya in PaLqed Glpav( wdcsa dw znwaw id Gdd Enwdiqgyd iah Wqs yaskn zds a`akynw dzaw ia ngawwd id Csnwkh nd kmyasmngkdmnh ia ew mnyqsnh- Zndw kmpawykbamydw magawwskdw id enwdiqyd( esnmiaw pdhqbaw yasknbdcfayd ia gdmysnydw ia hdmed z`aglnmid d ngawwd ia znsgahn wqcwid basgnid csnwkhaksd n dqysnw sazsdiqd ia ew mnyqsnh-

    Dw zhnmdw ikpqhenidw zahdw edpaznwaw ampdhpkidw md zsdfayd kmd Csnwkh gdmwqbkskn ;: bkhlaw ian Nseamykmn 1: bkhlaw ia b$iknQsqeqnk >: bkhlaw ia b$ikn- Gdbzsapkwd ia iabnmin ia ew mnyqsn

    N pqhmasnckhkinia md awy mn iazamimgkn id ew

    mnyqsnh in Cdhkpkn( bnw md `nyd ia sazsawamyns ;3!id pdhqba kbzdsynid a `dsmagas 1:! in d`asynydynh ia ew mnyqsnh md Csnwkh-

    Qb enwdiqyd ysnmwmngkdmnh yamia n gdmwdhkinkmyasiazamimgkn amysa sanw ia zsdiqd( wkyqninw ab qb znw( a gamysdw ia gdmwqbd(hdgnhkvnidw ab dqysd-

    iniaw gsawgamyaw( l qbn skekiav ~qa ngncnwa kbzdmid a ~qa cama`kgkn( ia qb hnid( dzsdiqyds ~qa bnmyb( iawwa bdid( niazamimgkn gsawgamya id gdmwqbkids absahnd nd waq zsdiqyd a( ia dqysd hnid( dzsdzskayskd id enwdiqyd ~qa ensnmya ndgqznd in kmwynhnd a n pknckhkvnd ia waqkmpawykbamyd- Iazamiamid idw pdhqbaw

    Csnwkh( ab 3:>1( wkyqn"wa ab >>: bia b$ikn( n dcskend zahd basgncsnwkhaksd ia gdmwqbks qb pdhqbabkhlaw ia b$ikn kbzhkgnskn ab saiqzsdiqd hdgnh ~qa wa awzasn nbzab >1 bkhlaw ia b$ikn zahn zsdiqid Gnbzd ia Ba|khlaw a iawhdgnskbzdsynd in Cdhkpkn-

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    AMASEKN&ZAYSHAD >: WAYABCSD 3::0

    N kmysdiqd id ew pamavqahnmd ynbcbwaskn gdbzha|n mn Nseamykmn( zdkw ny 3:>1awzasn"wa ~qa d iawgdmeahnbamyd inw ynsk`nwpknckhkva mdpdw kmpawykbamydw znsn diawampdhpkbamyd ia gnbzdw ia ew mnyqsnhmnw cngknw ia Maq~qm a Nqwysnh- Mdamynmyd( awwaw kmpawykbamydw `kgnsknbgdbzsdbaykidw gnwd d basgnid nseamykmdykpawwa ~qa ncwdspas dw pdhqbaw nikgkdmnkwzsapkwydw zahd Enwdiqgyd iah Wqs- Bawbd~qa `dwwa iawhdgnin znsn d Glkha( awwn mdpngnzngkinia ia zsdiqd in Nseamykmnam`samynskn n gdmgdssmgkn ia yasbkmnkw iasaenwak`kgnd a mdpnw sanw ia zsdiqdia ew mnyqsnh n wasab a|zhdsninw md Glkha-

    Qbn gniakn ia EMHyab gqwyd ahapnid( bnwn ikwymgkn nd basgnidmd yd gsqgknh ~qnmyd znsn n amysaenid ew mnyqsnh zds enwdiqyd- Dw gqwydw iaysnmwzdsya zds enwdiqyd wdnhynbamya wamwpakw

    awgnhn a ikwymgkn nd basgnid-

    7 iawampdhpkidw zds Nmi{ @hduas( Fnbaw Famwam( amysa dqysdw-

    Iawwa bdid( d kmyasawwa zahd ew mnyqsnhin Pamavqahn iapaskn dskamyns"wa gdbzsnia ew mnyqsnh hk~qa`akyd( ab pdhqbaw ~qamd a|gainb qb znynbns ia waeqsnmn(maedgknidw n zsadw a gdmikawgdbzaykykpdw ab sahnd n dqysnw dmyaw ianzsdpkwkdmnbamyd-

    N samaedgknd idw gdmysnydw gdb nwabzsawnw ia zsdiqd ia ew mnyqsnh inCdhkpkn zsdpdgdq d gnmgahnbamyd ina|znmwd ia gnzngkinia id enwdiqydCdhkpkn"Csnwkh- Lnpkn kmyamd( abcdsn niagkwd `kmnh md ykpawwa wkid ydbnin( ianqbamyns nw kbzdsynaw ab bnkw 70bkhlaw ia b$ikn( d ~qa yaskn nbzhknidnkmin bnkw n iazamimgkn id basgnidcsnwkhaksd ab sahnd nd ew mnyqsnhcdhkpknmd- Iknmya in skekiav kbzdwyn zahd

    ysnmwzdsya ia esnmiaw pdhqbaw ia ewmnyqsnh zds enwdiqyd( n bahlds dzd awymn ikpaswk`kgnd inw kbzdsynaw a mdawyncahagkbamyd ia gdmikaw znsn dysnmwzdsya id ew mnyqsnh ab za~qamdwpdhqbaw gdb n kbzhnmynd ia yasbkmnkwia saenwk`kgnd id ew mnyqsnh hk~qa`akyd-

    Nbzhknmid d ngawwdNbzhknmid d ngawwdNbzhknmid d ngawwdNbzhknmid d ngawwdNbzhknmid d ngawwdid basgnid nid basgnid nid basgnid nid basgnid nid basgnid n

    dqysnw `dmyaw iadqysnw `dmyaw iadqysnw `dmyaw iadqysnw `dmyaw iadqysnw `dmyaw iancnwyagkbamydncnwyagkbamydncnwyagkbamydncnwyagkbamydncnwyagkbamyd

    N kbzhnmynd ia yasbkmnkw ia saenwak`kgndmn gdwyn id Csnwkh zdia pknckhkvns n niddia qb bdiahd ia ikpaswk`kgnd inw `dmyawia kbzdsynd id ew mnyqsnh( ab gdmikawia waeqsnmn a `ha|kckhkinia( maedgknmidpdhqbaw bamdsaw ~qa n~qahaw ysnmwngkdmnidwab gdmysnydw ia hdmed zsnvd zds enwdiqyda zsdpamkamyaw ia ik`asamyaw basgnidw a

    abzsawnw zsdiqydsnw-D Glkha awy nidynmid n kbzhnmynd iayasbkmnkw ia saenwak`kgnd iazdkw ia yaswkid wqcbaykid( ab 3::9 a 3::1( n qbnsaiqd md `dsmagkbamyd ia ew mnyqsnhin Nseamykmn( mkgd a|zdsynids id ewmnyqsnh gdmwqbkid md znw- Zsdgqsnmidsaiqvks n iazamimgkn id Glkha ab sahnd

    nd ew mnyqsnh nseamykmd a bahldzdwkd znsn n maedgknd ia zsagdmikaw( qb yasbkmnh ia saenwakwas gdmwysqid ab ^qkmyasd ,n >1:Wnmykned+- D kmpawykbamyd awyQW) 9:: bkhlaw ,kmghqkmid kmwzdsyqsknw( n saenwak`kgnidsn

    nsbnvamnbamyd+ gdb gnzngkinia iabkhlaw ia b$ikn- D yasbkmnh iapasgdmghqid ab 3::; a wqn iabnmin wakmkgknhbamya( ia 1 bkhlaw ia b$i

    Zs|kbd id Glkha( d Zasq awy kbzhnmqbn qmkinia ia hk~qa`nd znsgdbasgknhkvns d ew mnyqsnh ia G,91; yskhlaw ia b ia sawaspnw+basgnid in Gdwyn Dawya idw AwQmkidw a d Ba|kgd wd dw zdyamghkamyaw id EMH zasqnmd( bnw n amysa Hkbn a n saekd Mdsya id zdiaskn ydsm"hn qb gdmwqbkids nikgnwd lnfn kbzhnmynd ia qmksaenwak`kgnidsn mn saekd-

    N Zaysdcsnw awy gdmwkiasnmkbzhnmynd ia yasbkmnkw ia saenwa awydgneab ia ew mnyqsnh- Qb yaswas gdmwysqid md awynid id SFnmaksd( gdb gnzngkinia amysa >3bkhlaw ia b$ikn( zdiamid awygdmghqid ny 3::

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

    11/28

    AMASEKN&ZAYSHAD >> WAYABCSD 3::0

    IIIIIqnw wd nw gnqwnw ~qa zsdpdgnsnb dsagamya iawampdhpkbamyd in kmiwysknid ew mnyqsnh md Csnwkh-

    N zskbaksn( ia gnsyas awysnyekgd(sahngkdmnin magawwkinia ia ikpaswk`kgndin bnyskv amaseykgn csnwkhaksn- Md zdia dznw iazamias qmkgnbamya in easndlkisqhkgn a id zayshad znsn nyamias wqnmagawwkinia ia amasekn- Dqysnw `dmyawnhyasmnykpnw iapab was awykbqhninw znsngdbzhabamyns d wqzskbamyd amaseykgda|kekid znsn d iawampdhpkbamyd id znw-

    N waeqmin( sahngkdmnin gdb n magawwkiniaia zsawaspnd id bakd nbckamya-Awzagknhbamya mn kmiwyskn a md gdmwqbdnqydbdykpd( n qykhkvnd id ew mnyqsnh wanzsawamyn gdbd nhyasmnykpn ~qa d`asagaamdsbaw pnmyneamw gdbznsnykpnw ab sahndnd gnspd( hadw gdbcqwypakw a enwdhkmn-

    Md wa zdia bnkw ysnyns d ew mnyqsnh gdbdqbn nhyasmnykpn zdwwpah nzamnw znsn d`qyqsd- N qykhkvnd id ew mnyqsnh qbnsanhkinia md znw a sawzdmia nyqnhbamya zdsbnkw ia >:! in bnyskv amaseykgn md Csnwkh-Esnmiaw kmpawykbamydw `dsnb `akydw zahdAwynid( awzagknhbamya zahn Zaysdcsw a zahdwayds zskpnid mnw sanw ia a|zhdsnd(zsdiqd( ysnmwzdsya a ikwyskcqkd idzsdiqyd- Mdw hykbdw nmdw pask`kgdq"wangamyqnin a|znmwd idw waspkdw ia

    Mdpd bnsgd saeqhnyskd znsn n kmid ew mnyqsnh6 was magawwsknia mdpn haekwhnd4

    ikwyskcqkd id ew mnyqsnh n gnsed iaabzsawnw awyniqnkw ia ikwyskcqkd( gdbzsaidbmkd ia gnzkynh zskpnid( a inninzynd inw zhnmynw kmiqwysknkw znsnqykhkvnd id ew mnyqsnh- A l kmbasdwzsdfaydw ab nminbamyd znsn n a|znmwd idwayds- Nzamnw n Zaysdcsnw zsayamia kmpawyks(md zasdid ia 3::0 n 3:>:( QW) >0 ckhlawmn gniakn id ew mnyqsnh-Mdw hykbdw bawaw esnmia ikwgqwwd awywamid zsdpdgnin md Csnwkh zdsngdmyagkbamydw mn Cdhpkn- D Zsawkiamya Apd

    Bdsnhaw( ab nykyqia qmkhnyasnh( a|zsdzskdq dwcamw inw abzsawnw ~qa a|zhdsnpnb d ewmnyqsnh ab wdhd cdhkpknmd( mahnw kmghqin nZaysdcsw( a nbann zsdbdpas qbn nhyasndmdw pnhdsaw in gdbasgknhkvnd id zsdiqyd-D iawampdhpkbamyd in kmiqwyskn id ewmnyqsnh dcwaspnid ab mdwwd znw ngkbn

    bamgkdmnid iaq"wa( ab esnmia znsya( iapkidnd kmgsabamyd id gdmwqbd iagdssamya inkbzhnmynd id enwdiqyd Cdhpkn Csnwkh- Qbnwqwzamwd dq saiqd ncsqzyn mn d`asyn id

    ew mnyqsnh pkmid in Cdhpkn zdiasgdmwkiaspakw zsafqvdw nd waydscsnwkhaksd Zds dqysd hnid iapa was ba~qa kmpawykbamydw gdmykmqnb n wa|zhdsnd ia dqysnw sawaspnw ia ewbdwysab gdbasgknhbamya pkpakw- a|zagynykpn `dk zsdpdgnin zahn saiawgdcasyn ia sawaspnw gdmwkiaszsdiqyd mn cngkn ia Wnmydw-D Csnwkh amgdmysn"wa iawyn dsbnmagawwkinia kbzaskdwn6 zsdbdpasiawampdhpkbamyd inw mdpnw `dzsdiqd ia ew mnyqsnh( awzagknh

    nysnpw in a|zhdsnd ia mdpdw zda|znmwd in saia ia ikwyskcqkdzsdiqyd- Md zdia `kgns mn zaskedkmwypah iazamimgkn id ncnwyaiagdssamya ia zddw cdhkpknmdw( bamya iknmya idw wkmnkw sagamyawnqydskiniaw id znw pkvkmld-

    Znsn qb iawampdhpkbamyd waeqwqwyamypah in kmiwyskn id ew magawwskd ~qa wafnb `k|ninw saeawyncahanb qb bnsgd saeqhnysk

    wayds- Iapab was `k|ninw gdmikapakw a ghnsnw n sawzakyd id iawampid wayds a gskyskdw dcfaykpdw imasnd idw kmpawykbamydw n was

    E WM NYQSNH

    Aqemkd Bdmydsd Idqyds ab Gkmgknw Fqsikgnw a Wdgknkw zahn ZQG"WZ( zsd`awwds in @EP"ANAWZ a gdmwqhyds in @EP Zsdfaydw

    N qykhkvnd id ew mnyqsnh qbn sanhkinia md znwa sawzdmia nyqnhbamya zds bnkw ia >:! ,iav zds gamyd+ in bnyskv amaseykgn md Csnwkh-

    Znsn qb iawampdhpkbamyd waeqsd a wqwyamypah inkmiwyskn id ew mnyqsnh magawwskd ~qa wafn`k|ninw saesnw ~qa awyncahanb qb bnsgdsaeqhnyskd id wayds-

    >>AMASEKN&ZAYSHAD >> WAYABCSD 3::0

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

    12/28

    AMASEKN&ZAYSHAD >3 WAYABCSD 3::0

    Gdhdgn"wa iawyn bnmaksn qbn ~qawyda|ysabnbamya kbzdsynmya ~qa awy wamidikwgqykin awya nmd md Gdmesawwd Mngkdmnh-Was ~qa a|kwya ab mdwwd znw qb bnsgdsaeqhnyskd wq`kgkamyabamya ghnsd a awypah~qa ensnmyn dw kmpawykbamydw ~qa wa`nvab magawwskdw4

    Ab banidw id nmd znwwnid `dk nzsawamynidzahd Wamnids Sdidh`d Ydqskmld qb Zsdfayd iaHak awyncahagamid saesnw zszsknw znsn na|zhdsnd( zsdiqd( ysnmwzdsya( nsbn"

    vamneab a gdbasgknhkvnd id zsdiqyd-Waeqmid waq nqyds d zsdfayd sa`haya nwgdmghqwaw ia awyqidw a zsdzdwynw nzsa"wamyninw zahdw ikpaswdw neamyaw id wayds-

    Mawya nmd( Zsdfayd ia Hak gdb kimykgdzsdzwkyd `dk nzsawamynid mn Gbnsn idwIazqynidw zahd iazqynid Hqgknmd Vkgn-

    Ab bnsd `dk amgnbkmlnid Gbnsn idwIazqynidw zsdfayd wabahlnmya ia nqydsknid Zdias A|agqykpd( ~qa `dk nzamwnid nd

    id iazqynid Hqgknmd Vkgn a awy yamid(gdb awya( ysnbkynd gdmfqmyn-

    D zsdfayd id Wamnids Ydqskmld f `dknzsagknid a nzsdpnid zahn Gdbkwwd iaGdmwykyqkd a Fqwykn id Wamnid @aiasnh(awynmid znsn was nzsagknid zahn Gdbkwwdia Nwwqmydw Agdmbkgdw- Iapas( abwaeqkin( was nzsagknid zahn Gdbkwwd iaKm`sn"awysqyqsn a waeqks znsn n pdyndab Zhamskd- Waeqmid n dzkmkd iabqkydw( nzawns inw ik`kgqhiniaw ~qa wazdiab zsapas znsn n ysnbkynd iazsdfaydw ia hak md Gdmesawwd Mngkdmnh mdwaeqmid wabawysa iawya nmd( yamid abpkwyn n sanhkvnd ia ahakaw easnkw abdqyqcsd( d Wamnid iapas gdmghqks nnzsagknd id zsdfayd nmyaw inw ahakaw-Ab waeqkin d zsdfayd iapas waeqks znsnnzsagknd in Gbnsn-

    D zsdfayd id Iazqynid Hqgknmd Vkgn(nzamwnid nd zsdfayd id A|agqykpd( abysnbkynd mn Gbnsn( amgdmysn"wa ab

    `nwa ia nqikmgknw zchkgnw( ~qa iapasddgdssas mdw zs|kbdw bawaw- Iapas( abwaeqkin( znwwns zahn nmhkwa inwGdbkwwaw a waeqks znsn nzsagknd zahdZhamskd- Zdqgdw awzasnb ~qa d zsdfaydwafn nzsagknid nkmin mawyn wawwdhaekwhnykpn-

    Sagamyabamya( bnmk`awynaw inZsawkimgkn in Zaysdcsnw kmikgnpnb na|kwymgkn ia qbn yasgaksn zsdzdwyn-Waeqmid awyn( waskn wq`kgkamya bnmyas n

    haekwhnd f a|kwyamya a nzsdpnin ~qnmidin zsdbqhend in Hak Easnh id Zayshad(ab >;;5( ~qa nzsawamyn( waeqmid nheqmw(n magawwskn `ha|kckhkinia znsn nwwaeqsnsd iawampdhpkbamyd id wayds-

    Iawyn `dsbn( wd ysw nw nhyasmnykpnw ~qanyqnhbamya wa nzsawamynb znsn niayasbkmnd ia qb bnsgd saeqhnyskdznsn n kmiwyskn id ew mnyqsnh6 nnzsdpnd id zsdfayd id Wamnids

    Ydqskmld( dq n nzsdpnd id zsdfayd idiazqynid Hqgknmd Vkgn a id ZdiasA|agqykpd dq n md nzsdpnd ia hak mdpn(zasbnmagamid dw gskyskdw awyncahagkidwzahn Hak Easnh id Zayshad-

    ^qnkw nw ik`asamnw cwkgnw amysa dw idkwzsdfaydw ~qa awyd wamid nzsagknidw 4

    Nheqbnw ik`asamnw zdiab was nzdmyninw6

    >- d zsdfayd id Wamnids Ydqskmld zsapn saiqd ia nqydskvnaw zsagsknwznsn dw waspkdw n wasab zsawynidwzahdw neamyaw id wayds( nqbamynmid

    nw a|kemgknw znsn n gahacsngdmysnydw ia gdmgawwd iaynhlnidw a awypakw( n wagahacsnidw nzw zsdgaikbamhkgkynyskdw- D zsdfayd id A|bnmyb n zdwwkckhkinia ia wagdmgaikinw nqydskvnaw Bkmkwyskd ia Bkmnw a Amgdmwkiasninw bnkw nzsdzskningasynw wkyqnaw( n gskysnqydskiniaw edpasmnbamynkw-

    3- d zsdfayd id Wamnids Ydqskmld bnkds nyqnd inw nemgksaeqhnidsnw( kmgqbckinw ngdbznmlns n a|agqd idw gdmysia gdmgawwd- D zsdfayd id A|agsa`dsn n gdbzaymgkn id Bkmkia Bkmnw a Amasekn a saiqvnqydmdbkn a zdiasaw inw nemsaeqhnidsnw-

    7- d zsdfayd id Wamnids Ydqskmld d iksakyd ia a|ghqwkpkinia ia ngnwwaeqsnid ndw kmpawykidsaenwdiqydw ia ysnmwzdsya id mnyqsnh( am~qnmyd ~qa d zsdfaA|agqykpd nwwaeqsn bnkdsaw pnmznsn dw gdmwysqydsaw idw enw

    Was ~qa a|kwya ab mdwwd znw qb bnsgd saeqhnyskd wq`kgkamyabamya ghnsd a awypah ~qa ensnmyn dwkmpawykbamydw ~qa wa `nvab magawwskdw4

    D zsdfayd id A|agqykpd bnmyb n zdwwkckhkinia ia wasab gdmgaikinw nqydskvnaw zahd Bkmkwyskd Bkmnw a Amasekn( gdmwkiasninw bnkw nzsdzskninw agasynw wkyqnaw( n gskyskd inw nqydskiniaedpasmnbamynkw-

    kbzdsynmya kmikgns nkmin n zd`kgknhbamya ydbnin zahd @sqbWagsayskdw ia Amasekn idw Awynnzsdpn a nzkn d zsdfayd nzsawamynWamnids Ydqskmld- Kimykgn bnmia nzdkd `dk nzsdpnin zahn NCAENW

    Awynw wd nw nhyasmnykpnw ~qa wnyqnhbamya a ~qa dsnb dcfayd ia ikwab Wabkmskd wdcsa d Bnsgd SaeqhnyKmiwyskn id Ew Mnyqsnh zsdbdpbnkd znwwnid zahn @qmind EaPnsenw( ab Wd Znqhd- Neqnsin"wa iagkwd id Gdmesawwd Mngkdmnh-

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

    13/28

    AMASEKN&ZAYSHAD >7 WAYABCSD 3::0

    Dawyncahagkbamyd ia qb mdpd bdiahdkmwykyqgkdmnh znsn d wayds ia amaseknahyskgn md Csnwkh( n znsyks ia 3::7(

    `dk fqwyk`kgnid zahd edpasmd `aiasnh zahnmagawwkinia ia zhnmafns n a|znmwd in d`asynia amasekn ahyskgn zds bakd in pknckhkvndin kbzhnmynd ia mdpdw zsdfaydw iaeasnd( wab zasias ia pkwyn d zskmgzkd inbdikgkinia ynsk`skn-

    Pnha bamgkdmns ~qa d nbckamya md waydsia amasekn mawwn zdgn asn ia ydynh iawgdm"yamynbamyd in bnkdskn idw neamyaw6easnidsaw( ikwyskcqkidsaw( gdmwqbkidsaw agdbasgknhkvnidsaw- Nhyasnaw mnw saesnwpkeamyaw asnb magawwsknw ny bawbd znsnsabaikns n wkyqnd ia iawa~qkhcskdagdmbkgd"`kmnmgaksd idw neamyaw iaeasnd a ikwyskcqkd( gnqwnin zskmgkznh"bamya zahd sngkdmnbamyd ia 3::>-

    Nhb id iawa~qkhcskd agdmbkgd`kmnmgaksd a d gdmfqmyqsnh a|gawwd ia d`asynia amasekn md basgnid( asn gdmwamwd amysadw neamyaw a d edpasmd `aiasnh ~qa mda|kwyknb gdmikaw znsn pknckhkvns n a|znmwdin easnd ia amasekn ahyskgn ab pdhqbawgdbznypakw gdb n a|zagynykpn ia gsawgk"bamyd id znw- Mn pasinia( n wkyqnd asnia ydynh znsnhkwnd inw iagkwaw iakmpawykbamyd( d ~qa easnpn wsknw zsadgq"znaw gdb sahnd waeqsnmn id wqzsk"bamyd ia amasekn n bikd a hdmed zsnvdw-

    D iawn`kd a|kwyamya asn gdbznykckhkvns n fqwyn sabqmasnd znsn d kmpawykids ,zchkgddq zskpnid+( pknckhkvnmid nwwkb n a|znmwdin easnd wab zasias ia pkwyn d zskmgzkdin bdikgkinia ynsk`skn- Iapa"wa sawwnhyns ~qan magawwkinia ia nysnks kmpawykbamydw zskpn"

    Gqwyd ia gnzkynh znsn a|znmwdin d`asyn ia amasekn ahyskgn

    idw qb nwzagyd cwkgd znsn a|znmwd ind`asyn ia amasekn ahyskgn( iawia d awedyn"bamyd in gnzngkinia ia kmpawykbamyd idAwynid csnwkhaksd a n gskwa `kmnmgaksn easnh idwayds ia amasekn ahyskgn( apkiamgknin ab>;;7( ~qa gqhbkmdq gdb d nzdsya wkemk`k"gnykpd ia sagqswdw id Yawdqsd Mngkdmnh ,gasgnia QW) 3< ckhlaw+ a n esnmia ik`kgqhinia ianqyd"`kmnmgknbamyd id wayds( n znsyks iasagqswdw zszskdw dq ia yasgaksdw-

    Wnca"wa ~qa( n znsyks ia >;;1( dzsdgawwd ia zskpnykvnd a qb bdiahdkmwykyqgkdmnh cnwanid mn gdbzaykd( ynmydmd waebamyd ia easnd ~qnmyd md iagdbasgknhkvnd( gdmwaeqksnb nysnkskmpawykbamydw zskpnidw a hapnsnb n qbna|znmwd mn gnzngkinia ia easnd( md

    zasdid >;;1"3:::( wqzaskds ab >0>!n~qahn dgdsskin md zasdid >;;:">;;9-Bawbd awwn wkemk`kgnykpn a|znmwd md `dkwq`kgkamya znsn apkyns d sngkdmnbamyd iaamasekn ab 3::>( iapkid nd hdmed zasdidnmyaskds ia hkbkynidw kmpawykbamydw

    N iawgdmykmqkinia in kbzhnmynd idzsdgawwd ia zskpnykvnd sawqhydq ab qbnawysqyqsn ia gnzkynh lcskin ,zchkgd"zskpnin+znsn d wayds( ab awzagknh md waebamyd iaeasnd( zdkw gasgn ia 0 ia iavabia 3::1 zdia was pkwyd gdbd qb bnsg`qminbamynh mn kbzhabamynd idbdiahd- @dk n zskbaksn dzdsyqmkinnpnhkns wa nw mdpnw saesnw zsdzdwn gnzngkinia ia nysnks kmpawykidsawa nqbamyns n d`asyn ia amasekn( ab

    gdbznypakw gdb d gsawgkbamyd awzZKC a bnmyamid"wa d zskmgzbdikgkinia ynsk`skn-

    Mawya hakhd `dsnb gdmysnynidBU bikdw ia amasekn mdpn( d ~qa was~qnmykinia wq`kgkamya znsn d nyamikiabnmin ab qb gamskd ia gsawgkbambdiasnid ,gamskd ia sa`asmgkn id DzaMngkdmnh id Wkwyabn " DMW+-

    Gdb sahnd nd nwzagyd in bdikgkynsk`skn a n `dsbn zahn ~qnh awwn ia

    AMASEKN AHYSKGN

    Edsay Z- Znqhd Bawysa ab Agdmdbkn zahn AZEA$@EP a gdmwqhydsn in @EP Zsdfaydw

    N magawwkinia ia nysnks kmpawykbamydw zskpnidwqb nwzagyd cwkgd znsn a|znmwd in d`asyn iaamasekn ahyskgn( iawia d awedynbamyd in gnzngkiniaia kmpawykbamyd id Awynid csnwkhaksd a n gskw`kmnmgaksn easnh id wayds ia amasekn ahyskgn

    @asmnmid Gnbngld Bawysa ab Agdmdbkn zahn AZEA$@EP a Bawysa ab @kmnmnw zahd KBZN

    AMASEKN&ZAYSHAD >7 WAYABCSD 3::0

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

    15/28

  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

    16/28

    AMASEKN&ZAYSHAD >0 WAYABCSD 3::0

    pnha gdbznsns n nssagnind sa`asamya wZnsykgkznaw Edpasmnbamynkw in kmiwysknzaysdh`asn ia 3::1 `samya nd hykbd inidia sagakyn gdssamya ikwzdmpah znsn wa yas nikbamwd in iazamimgkn gsawgamya idzayshad mn Cngkn ia Gnbzdw- Iawgdmwk"iasnmid"wa d bqmkgzkd ia Gnbzdw idwEd{yngnvaw( ~qa md zdwwqk km`dsbnaw ia

    sagakyn gdssamya ikwzdmpah mn cnwa idYawdqsd( awykbn"wa ~qa n nssagnind iasd{nhykawa Znsykgkznaw Awzagknkw mdwbqmkgzkdw in Cngkn ia Gnbzdw( ~qa f asnwkemk`kgnykpn ab 3::>( sazsawamynmid gasgnia 9:! inw sagakynw gdssamyaw( yamlnqhysnznwwnid 11! inw sagakynw gdssamyawab 3::1-

    D ghgqhd idwsd{nhykawia iayasbkmnidchdgd iazamia iksaynbamya in nh~qdynnzhkgnin( ~qa pnskn amysa 1! a >:!(

    iazamiamid id skwgd eadhekgd a inw a|zagyn"ykpnw ia zsdiqd- Nhb in nh~qdyn( dqysnwpnskpakw cwkgnw a|asgab km`hqmgkn mdbdmynmya iasd{nhykaweasnidw( gdbd nzsdiqd bamwnh ia zayshad a ew mnyqsnhia gnin gnbzd( waqw sawzagykpdw zsadw a nyn|n bikn bamwnh ia gbckd-

    Ia bdid ~qa d nqbamyd idwsd{nhykawidw bqmkgzkdw in Cngkn ia Gnbzdw mdwhykbdw nmdw zdia was a|zhkgnid ab esnmiaznsya zahdw es`kgdw( ~qa kmikgnb ~qa nzsdiqd ia zayshad md Skd znwwdq ia 71;bkhlaw ia cnsskw( ab 3:::( znsn 1:3bkhlaw( ab 3::1( qb gsawgkbamyd ia 9:!nd hdmed idw hykbdw gkmgd nmdw- D pdhqbaia ew mnyqsnh zsdiqvkid md bawbd Awynidznwwdq ia 0 ckhlaw ia b7 ab 3:::( znsnnhgnmns( ab 3::1( n bnsgn ia < ckhlaw iab7( saekwysnmid qb nqbamyd ia 7;!-

    N bawbn yamimgkn zdia was pasgdb sahnd ndw zsadw ia sa`asmzayshad a ew mnyqsnh- Dw es`kgdw~qa d zsad ia zayshad mngkdmnh znwwdq ia S) 795(ab 3:::( znsn S) 7>9(9$bkh b( ab 3::9(gsawgamid >>7! ab ~qnysd nmdw-

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    AMASEKN&ZAYSHAD >5 WAYABCSD 3::0AMASEKN&ZAYSHAD

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    3 Mn @snmn( lnpkn ~qdynw ia pdhqbaw ia ckdikawkwamydw ia kbzdwydw-

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    AMASEKN&ZAYSHAD >< WAYABCSD 3::0

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    Mdw AQN D iawampdhpkbamyd id ckdikawah mdw

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  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    A MASEKN& Z AYSHAD 3: WAYABCSD 3::0

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  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    AMASEKN&ZAYSHAD 3> WAYABCSD 3::0

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  • 7/30/2019 Cadernos FGV Projetos n 1 - Energia & Petrleo

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    AMASEKN&ZAYSHAD 33 WAYABCSD 3::0

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    AMASEKN&ZAYSHAD 37 WAYABCSD 3::0

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    AMASEKN&ZAYSHAD 39 WAYABCSD 3::0

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    AMASEKN&ZAYSHAD 31 WAYABCSD 3::0

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