RIO DE JANEIRO, Jan 25 (Reuters) - Brazil's lack of clearrules for the unitization of oilfields is delaying thedevelopment of as many as 10 billion barrels of oil and gas andabout $120 billion of investment, Jorge Camargo, head ofBrazil's oil industry association IBP said on Monday.
Unitization, the process of joining different or competingoil rights in an oilfield into a single unit, is required underBrazilian law, but existing regulations have complicated orprevented this from happening, stopping development in someareas, Camargo said in a conference call.
Camargo, who spoke on a conference call with journalistsafter meeting with Brazilian President Dilma Rousseff today inBrasilia, said he is optimistic she plans to move quickly to fixthe unitization rules and present a stimulus package for theindustry as its struggles with low prices. (Reporting by Jeb Blount; Editing by Andrew Hay)
