Huge new oil discovery in Brazil

BBC ^ | 28 December 2005 | BBC

[george76]

Brazil's state-owned oil company, Petrobras, says it has discovered a huge new offshore oil field off the coast of Rio de Janeiro state.

The Papa-Terra field was found in the Campos Basin, which is already Brazil's most important oil-producing region.

Petrobras estimates it contains at least 700 million barrels of crude - about 10% of Brazil's current reserves.

The field, which is jointly operated with the US company Chevron, should start producing oil by the end of 2011.

Petrobras said the oil from the Papa-Terra field was heavier than the sweet light crude favoured by international markets, but the firm was investing $2bn in adapting its refineries to process heavy oil.

New advances

The new field is expected to help Petrobras achieve its goal of making Brazil self-sufficient in oil. Since 2003, the company has been meeting 91% of the country's needs.

The Campos Basin region already contains 40 other offshore oil fields producing more than 1.1 million barrels a day, amounting to more than 60% of Brazil's production.

[airborne]

No no no!!! You can't drill for oil? What about the environment?

The environment is only a consideration when it involves America.

Everybody else can do as they please.

[systematic]

Actually we should drill all over the globe until crude runs out - then open ANWR and sell crude for $300/barrel and make back all the money we paid to Arabs (with interest)

How's that for a plan?

[taxesareforever]

I guess you could say that Brazil is almost self-sufficient in energy. Something the U.S. will never be.

[earplug]

Check out our coal supply and Rentech RTK.
Oil is getting way expensive to find and deliver.
I have a couple shares of RTK.

[SaxxonWoods]

Actaully, I have been consoling myself with your basic idea lately, ANWR is money in the bank, and it's value increases as it sits there.

I would like to run it through my car before I die, though...

[JasonC]

It is stupid, sorry. Present value. Oil now is worth a lot more than oil later. The price would have to rise 7% per year to break even. No it won't remotely pay the interest. Besides, crude oil is only worth using in the first place because it cheap. You can make oil out of coal synthetically for about $100 a barrel.

[JasonC]

Some kid somewhere right now is thinking about fusion catalysts like Edison thought about light bulbs. We just can't be sure when. But dollars to donuts, said kid is either American already, or on his way here.

[RedMonqey]

"I heard the pay is $1000 a day down there for us."

"Will we be called wetbacks?"


For a thousand dollars a day you could call me ANYTHING.

Just make sure the check doesn't bounce!!

[earplug]

Were lucky the oil producing nations accept payment in worthless dollars.
As fast as we print them and borrow, A prudent nation would look for better an better trading partner with a valid check book.

[Marine_Uncle]

A relative comparison. Under best predictions based on stuff I have read, we could expect some 8-10 billion barrels from the proposed ANWR site. I am sure estimates vary but a few years back figures, the US consumes about 20million barrels of oil per day (that is of course in the form of many refined end products, e.g. gas, lubricants, petrochemicals).
So with no intention of spoiling this news, 700mb. won't last long for the world to eat up, err drink up.

[NCC-1701]

"...Huge new oil discovery in Brazil..."


Fantastic! Let's go get some of it.

[youngjim]

Ay, boys . . . . I spent 10 days in Rio and thought I died and went to heaven.

The girls in Ipanema are goddess lovely (picture the latin singer Shakira) and Rio itself has an abundance of working girls plying trade in a completely legal and unencumbered fashion.

The language sounds like latin more than spanish--among the oddities is the "R" letter is pronounced like an "H" as in Rio de Janiero (hio de han-eye-ho); yes = "sim"; pils works for beer (as does cerveja); and if a garota says she likes you (in "Anglich") this means she wants you. (of course, it is bad form to not pay for her time)

Remember the following:

Portuguese (say por-tu-gay-sa )

garota (girl)

terma (like a brothel, but classier)

programa (literally the program--the euphemism for the time alone with the lovely who likes you)

as in "Garota bonita, quanto para o programa?"

[Eric in the Ozarks]

Contango. If I can sell my oil for a higher price tomorrow, what do I want to do today ?

[Dog Gone]

Gulp.

It's a good thing my wife doesn't freep.

[Chode]

a Brizillian Barrels???

[Ditter]

I am not a boy but thanks for the Portugese lesson.

[Fierce Allegiance]

THAT is what I was looking to learn! Spot on! LMAO!

[SierraWasp]

Hey! I hope there's an oil spill and she git some on her bikinied body and we hafta work real hard ta git it offa her, if'n ya know what I mean...

Here's some latenite bulletins fer ya:

10:14 Asia Markets: Tokyo pushes full steam ahead
10:13 Spot gold quoted at $515.30 in Asia trade
10:12 Feb. crude trading at $59.90, up 8c from NY close

Maybe we can take some muney down there an give her a shower... spose??? (rub-a-dub-dub!!!)

[HisKingdomWillAbolishSinDeath]

Time to trade in my Escort for a super charged Saleen Mustang.

[jec41]

700mb. won't last long for the world to eat up, err drink up.

The world uses 84 m/d. Gone in 8.34 days.