Probably to buy off Brazil's support in world affairs. If they get a decent leader, they could become a semi-superpower. Don't forget how much we give to Egypt, Pakistan and the likes
Posted on 05/24/2010 5:57:35 AM PDT by thackney
Brazil’s National Petroleum Agency, or ANP, announced the discovery of about 4.5 billion barrels of recoverable oil in a massive offshore region.
The deepwater, 272-meter-thick column of medium oil with an API gravity of 30 degrees was found at the 2-ANP-1-RJS, or Franco, well off the coast of Rio de Janeiro state, the agency said.
The ANP also said drilling has already begun at a second well located 32 kilometers (20 miles) away.
The Franco well is the second-biggest oil find in the massive pre-salt region, which is so-named because the estimated 80 billion barrels of oil equivalent it may contain are located deep below the ocean floor under an unstable layer of salt.
Franco is located 45 kilometers (28 miles) from Iara, a well owned and operated by state-controlled oil company Petrobras that has an estimated 3-4 billion barrels of reserves.
Another pre-salt well – Tupi, with estimated reserves of between 5-8 billion barrels of crude and natural gas – represents the biggest find in the Americas in decades.
The ANP said this latest discovery makes the Brazilian government more optimistic about the potential of the pre-salt region, which could transform Brazil – whose current proven reserves total 14 billion barrels – into a major oil exporter.
The ANP drilled the well as part of a plan whereby Brasilia would cede Petrobras the rights to produce 5 billion barrels of crude from pre-salt deposits in exchange for company shares.
Petrobras, an integrated energy company and a global leader in deepwater oil exploration and production, has set a goal for this year of producing an average of 2.1 million barrels of oil per day at its domestic fields.
Shares of Petrobras, Brazil’s largest corporation, trade on the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges, but the Brazilian government retains control through a golden share.
Soros is the biggest shareholder.
Peak oil! We’re all gonna die!
http://hotair.com/archives/2009/08/18/good-news-obama-backs-off-shore-drilling/
Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations? Hmmmmmmmmmm.
Brazil Development Bank- $14 billion
China Development Bank- $10 billion
International Banks- $5.5 billion
US Ex-Im Bank- $2 billion
” Is it a coincidence that Obama backer George Soros repositioned himself in Petrobras to get dividends just a few days before Obama committed $2 billion in loans and guarantees for Petrobras’ offshore operations? Hmmmmmmmmmm. “
PAYOFF
Number 5 is for you.
Thanks
This is really good. It floats...............
Would be nice if American citizens, whose taxes were used for this, would get royalties.
Soros is the biggest shareholder.
Yep. obama and his big-oil buddies.
They don’t need no stinkin’ oil.
The whole country is run on sugar cane power.
Bill Maher said so.
Transparency
So enought straight 30 weight to oil every lawnmower on the planet?
Probably to buy off Brazil's support in world affairs. If they get a decent leader, they could become a semi-superpower. Don't forget how much we give to Egypt, Pakistan and the likes
So when is Brazil paying back the US taxpayer investment?????
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