Laura Madden, Contributing Reporter
RIO DE JANEIRO, BRAZIL - The Brazilian federal government paid oil royalties of R$12.99 billion in 2011, the National Agency of Petroleum, Natural Gas and Biofuels (ANP) announced last week. This represents an increase of 31 percent from the previous year. The largest chunk, R$8.28 billion, went to states and municipalities with Rio de Janeiro as the state receiving the most at R$2.46 billion, up from R$2.03 billion in 2010.
The cause for the rise in royalties according to ANP is an increase in Brazilian oil production and higher . . .
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