Monday, 26 January 2009

Take Me to the Mardi Gras – Bob James (1975)

Petrobras, the national oil company of Brazil, announced on Friday that it plans to spend more than $174 million over the next five years, primarily on deep-water oil and gas exploration. This follows the discovery of vast deposits of oil under more than 4,000 meters of water, rock and salt holding an estimated 8 to 12 billion barrels of oil with other such reserves yet to be "unearthed" nearby.

I represented The Oxford Princeton Programme at Rio Oil & Gas last September. It's fair to say that the mood was buoyant, if not festive, among delegates and exhibitors. After all, projections have the new drilling producing 219,000 barrels a day by 2013, 582,000 barrels a day by 2015, and 1.82 million barrels a day by 2020. And don’t forget natural gas extraction predicted to rise from 7 million cubic meteres a day in 2013 to 40 million a day by 2020.

Talk about an extended Fat Tuesday celebration.

For the full story, click here.

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