Posted on 05/27/2010 4:17:41 PM PDT by NoLibZone
FLASH BACK= to 8/10/2009
US government to loan Petrobras $10 billion OilOnline posted on 8/10/2009 The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazils coast, a Brazilian official said Wednesday.
President Barack Obamas national security adviser, Gen. James Jones, discussed the matter with officials this week during a visit to the South American country, Brazilian Planning Minister Paulo Bernardo da Silva told reporters.
He said the U.S. Export-Import Bank already has signed a letter of intent in that regard with Brazilian state oil company Petrobras.
The loan is equal in value to a similar credit line agreed to with the China Development Bank, also for exploiting Brazils pre-salt area, so-named because the estimated 80 billion barrels of high-quality crude in that new oil frontier lie far beneath the ocean floor under layers of rock and an unstable salt formation.
Under the agreement with the Chinese state bank, finalized during Brazilian President Luiz Inacio Lula da Silvas visit to Beijing in May, Brazil can repay the loan facility with oil as opposed to cash.
According to the governments projections, the pre-salt reserves located at a depth of up to seven kilometers (4.3 miles) below the ocean surface in an 800-kilometer by 200-kilometer area could eventually lead to a nearly six-fold increase in Brazils current proven reserves of 14 billion barrels and transform that nation into one of the worlds 10 largest oil producers and a major crude exporter.
Petrobras plans to invest close to $29 billion through 2013 to develop the pre-salt deposits in which the company already holds concession rights.
Petrobras is projecting that some 1.3 million barrels per day can be extracted by 2013 from the pre-salt fields and 1.8 million bpd by 2020.
(Excerpt) Read more at oilonline.com ...
You're living in 2006. What if a Chinese rig had a blowout in the US Gulf of Mexico?
Statoil Partners with China in Gulf of Mexico
Obama won't let China drill for 6 months.
Did you know that Devon Energy sold all their GOM holdings to Petrobras last year?
I hope the republicans have the stones to have a zillion congressional hearing. This crap needs to stop.
Back in 2008 Petrobas starting hoarding equipment:
Petrobras is Hoarding the World’s Deep Sea Drillers
http://seekingalpha.com/article/77511-petrobras-is-hoarding-the-world-s-deep-sea-drillers
Wow, interesting factoid via Bloomberg - Petrobras (PBR) has leased 80% of the world’s deepest sea drilling rigs.
LOLOLOLOLOL! Too cute for more thought. :)
Smart.
Do you know how many in operation Sites Petrobas has in the Gulf?
Adding value to Petrobas.
Thanks for the laugh.
Ticks me off that NO REPORTER in the United States cares to pursue this....expecially now. What incredible Bammy suck-ups.
No, but according to Bloomberg, they own 80% of the world's deep drilling rigs, so I would guess they have a serious presence.
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