September 28, 2016 / 12:33 PM / 2 years ago

Brazil oil investment share could nearly double with right policies -IBP

SAO PAULO, Sept 28 (Reuters) - Brazil could double its share of world oil and gas exploration and development investment in the next few years if it makes the right policy decisions, Jorge Camargo, head of the Brazilian oil and gas industry association IBP, told reporters on Monday.

Camargo said he feels the government of Brazilian President Michel Temer understands the need to improve its regulatory model for the industry.

If it succeeds, Brazil could boost its share of world oil and gas exploration and production investments to 7 percent to 10 percent from its current 5.8 percent, he said.

“We feel this government has the conviction that it’s the time for Brazil to improve its regulatory model to make Brazil more competitive,” Camargo said. “We are in an environment of change.”

The Temer government has said it wants to attract more foreign investment to Brazil’s oil industry to make up for investment cuts and heavily indebted state-led oil company Petroleo Brasileiro SA, or Petrobras, the dominant player in an industry responsible for more than 10 percent of the country’s gross domestic product. (Reporting by Luciano Costa. Writing by Jeb Blount in Rio de Janeiro; Editing by Chizu Nomiyama)

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