- Brazil's lack of clear rules for the unitization of oilfields is delaying development of as many as 10B barrels of oil and gas and ~$120B of investment, the head of Brazil's oil industry association says.
- Unitization, the process of joining different or competing oil rights in an oilfield into a single unit, is required under Brazilian law, but existing regulations have complicated or prevented unitization, stopping development in some areas, Jorge Camargo says.
- Camargo, who met with Brazilian Pres. Rousseff yesterday, says he is optimistic she plans to fix the unitization rules and present a stimulus package for the industry, which is struggling with low prices and a corruption scandal at Petrobras (PBR -0.8%).