Brazil's IBP Urges Govt to Hold New Auction of Oil Concessions

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.

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