RIO DE JANEIRO - Oil companies operating in Brazil are running out of areas to explore and a fresh auction of oil and natural-gas concessions is urgently needed, the president of the Brazilian Petroleum Institute, or IBP, said Monday.
In a speech to open the Rio Oil and Gas 2012 conference, IBP President Joao Carlos De Luca said oil companies "have arrived at the limit of current concessions."
Brazil hasn't held a concession auction since 2008, and the 11th bid round that was originally expected last year has been delayed repeatedly. President Dilma Rousseff has declined to approve terms for the auction until lawmakers resolve a dispute over how to divide the country's oil wealth.
Brazil needs to "urgently restart the auctions," Mr. De Luca said.
Copyright (c) 2012 Dow Jones & Company, Inc.
WHAT DO YOU THINK?
Click on the button below to add a comment.
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
More from this Author
Most Popular Articles
From the Career Center
Jobs that may interest you