When you can’t post from a source just do a quick rewrite and summary.
Petrobras is Brazil’s state-controlled oil company.
It has rented 80% of the entire worlds offshore drilling rigs.
They are searching for oil in their new oil discovery area, the largest found in many years. They are rentting rigs that can search in depths of at least 9800ft.
This activity has caused the rental price of remaining drilling rigs to skyrocket.
Fine for me. I own shares in both PBR and DO. I bought the former in 2005. Isn’t that nice?
Petroleo Brasileiro SA, Brazil’s state-controlled oil company, leased about 80 percent of the world’s deepest-drilling offshore rigs
ping