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From: SEDCO 445	5/10/2008 10:46:49 PM
	Read Replies (2) of 206085

Petrobras 'primed for newbuild rig spree' Petrobras 'primed for newbuild rig spree' News agencies An independent analyst has claimed that Brazil’s state oil company Petrobras is close to issuing letters of intent for as many as 17 new offshore drilling rigs, according to reports. Bill Herbert, an analyst with Simmons & Company International, made the claim in a research note seen by news agency Reuters. “We are hearing speculation that Petrobras will announce letters of intent for as many as 15 to 17 newbuild drillships and semi-submersibles before the end of this week,” Herbert wrote, citing industry sources. All of the LoIs will likely not end up as final contracts, but Petrobras is casting a very wide net to secure what should ultimately be an additional eight to 10 rigs, Herbert said. The company’s Tupi and Carioca fields alone are estimated to contain 33 billion barrels of oil equivalent, requiring about $600 billion to develop. If confirmed, it would be the largest find in the world in the past 30 years, although more drilling is needed to establish reservoir volumes, Petrobras has said. From Upstream 09 May 2008 17:42 GMT \| last updated: 10 May 2008 13:02 GMT ==================== You just have to love the possibilities. Sedco 445

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