Latest update January 18th, 2025 7:00 AM
Oil concessions shortage in Brazil says- Petroleum Institute
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 yesterday.
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.”
IBP President Joao Carlos De Luca
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.
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