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View Full Version : Massive oil find in Brazil


renaissance_warrior
October 30, 2010, 16:04
martin, what's your take on this, roughneck? I'll bet Soros is happy.

Full link: http://www.bbc.co.uk/news/world-latin-america-11659582

Excerpt:

President Lula da Silva with his hands dirty with oil on a Petrobras platform in the Tupi field, 28 October 2010 Outgoing president Lula says oil will help Brazil eradicate poverty

A newly-tapped oil field off the coast of Brazil could contain up to 15 billion barrels of oil, officials say.

Brazil's national petroleum agency said the Libra field most probably held around 8 billion barrels.

That matches the size of the giant Tupi oil field, whose discovery in 2007 drew attention to Brazil's potential as a major oil producer.

If the 15 billion barrel figure were confirmed it would double Brazil's known oil reserves.

It would also be the biggest oil field discovered in the Americas since 1976, when Mexico found the giant Cantarell field in the Gulf of Mexico.

The Libra exploratory well is located 183km (114 miles) offshore from Rio de Janeiro.

"The volume of recoverable oil belonging to the nation could vary from 3.7 billion to 15 billion barrels, with the most likely estimate being 7.9 billion barrels," the national petroleum agency (ANP) said in a statement.

martin35
October 30, 2010, 20:19
Recently Brazil applied for loans to explore and develop some of it's offshore prospects, news like this will certainly help secure future loans.
I assume Brazilian policy concerning foreign developers has not changed lately they always have put a tax on every single item that enters the country and a drilling vessel uses large quantities of imported expendables, a well drilled in Brazilian waters would cost significantly more than the same type in US waters and the "poor" people of Brazil see none of the procedes.
Brazil has one of the more highly developed and financed Military Industrial complexes in So America and it puts a big bite on the countries resources.
Petrobras is one of the most experienced open water, deep water oil exploration companies operating world wide today and last year they were talking about $40 billion for offshore development, this announcement is probably in aid of that developmental goal.
Last I read Soros had sold a lot of his Petrobras stock, maybe half, this news gives new value to his remaining shares.
Brazil has in recent years allied it's self with others in the oil business to the exclusion of the USA, not many guys I know travel to Brazil anymore.
US dominance in exploring and developing the worlds oil fields is waning somewhat due to environmental policy concerns, energy hungry and resource rich countries have few concerns except "show me the money"and more and more that's not US dollars.
Almost forgot the new oilfield is said to be under more than a mile of water, that requires leading edge new technology.

Eric Bryant
November 01, 2010, 08:39
Hmm, 8 billion barrels or so - that's enough to satisfy US import demands for about 16 months! This nicely demonstrates the mis-match in the ratio of new discoveries to existing demand.

From the standpoint of Brazil, this is a great find. The country gets nearly 18% of its energy from sugarcane-derived ethanol, which frees up a lot of this new oil for export. At the right price, that will add maybe a half-trillion dollars or so to the country's GDP.

martin35
November 01, 2010, 23:36
Brazil's new lady President is a far left Marxist she will probably lead them farther away from the US and Allie with other Socialist regimes for resource development.

JasonB
November 02, 2010, 04:55
Originally posted by martin35
Brazil's new lady President is a far left Marxist she will probably lead them farther away from the US and Allie with other Socialist regimes for resource development.

I knew there was some reason we could come up with to hint around at possible invasion even though we adhere to the 10 Planks.

chrsdwns
November 02, 2010, 06:22
yup, and Obama just gave George Soros controlled companies 8 billion dollars in US backed loan guarantees to develop those oil fields as a joint venture with the Brazilian Government. Georege Soros is the man gave Obama his early backing and is largely responsible for Obama's election.

Your Stimulus funds in action

Coincidentally, thats where many of the drill rigs idled by Obamas ban on Gulf oil drilling are headed. At bargain rates.

Funny how these things happen

Kind of like the Chinese getting all of the contracts to manufacture all of the wind turbines for Obama's Green Economic Revolution.

Obama is creating lots of jobs for Brazilian oil workers and for Chinese Alternative Energy companies with American money. I just wish he would keep a little of that money here.

Of course, Obama told us he was going to spread Americas wealth, he just neglected to mention that he was going to spread of lot of it to foreign interests and not to Americans

Munster30
November 02, 2010, 08:39
I read that, not only is it a mile under water, but they have to drill through a very thick cap of salt as well.

martin35
November 02, 2010, 09:04
they have to drill through a very thick cap of salt as well.
Old time oil drillers looked for salt domes as a indicator of oil below.