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Politics : Politics of Energy -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (1327)	8/8/2008 2:45:45 PM
From: combjelly	Read Replies (2) \| Respond to of 86355

"To put it in it's proper perspective. Truth in advertising. Something wrong with that?" What has gotten lost here is that Obama was answering a question that someone asked. The questioner wanted to know what they personally could do to help with the high price of oil. Answering "you need to drill more" probably wouldn't have been a good answer...

To: Road Walker who wrote (1327)	8/8/2008 2:50:40 PM
From: Brumar89	Read Replies (3) \| Respond to of 86355

Foolish Brazilians continue futile offshore drilling - when they could be airing up their tires. Some countries are just proud to be ignorant. Brazil's Petrobras Confirms New Light Oil Find In Santos Basin 08 August, 2008 Dow Jones International News SAO PAULO (Dow Jones)--Brazil's state-run oil giant Petroleo Brasileiro SA (PBR), or Petrobras, confirmed a new discovery of light oil in the pre-salt area of Brazil's Santos Basin, the company said in a statement late Thursday. The discovery was made by a consortium lead by Petrobras and includes BG Group PLC (BG.LN) and Galp Energia SGPS S/A (GALP.LB). Petrobas holds a 65% stake in the consortium, while BG Group and Galp Energia hold a 25% and 10% stake, respectively. Details on the volume of new oil discovery were not announced. "After well completion, the consortium will proceed with the activities and make the investments that are required to verify both field dimensions and oil reservoir characteristics by forwarding an Assessment Plan to the NPA (National Petroleum Agency), as provided for in the Concession Agreement," Petrobras said. According to Petrobras, the new discovery well, called 1-BRSA-618-RJS (1-RJS-656) and informally know as Iara, is located approximately 230 kilometers off the coast of the city of Rio de Janeiro, and 2,230 meters from the water line. "The well is still being drilled in search of deeper prospects," the company said. On Thursday, Petrobras' common shares closed up 1.98% at 41.32 Brazilian reals ($25.98), on the Sao Paulo Stock Exchange, the Bovespa, while the company's preferred shares rose 3% to BRL33.86%. Tupi could hold more than 30 billion BOE Filed from Houston 2/8/2008 8:02:49 PM GMT BRAZIL: BNAmericas reports that UK-based BG Group has boosted its estimates for the Santos basin's Tupi area offshore Brazil from 1.7 billion to 10 billion BOE to 12 billion to 30 billion BOE or more. "During the fourth quarter, testing of the Tupi Sul appraisal well in Brazil resulted in a significant increase in the estimate of the size of the Tupi field," BG said in a presentation. Brazil's federal energy company Petrobras late last year said Tupi held an estimated 5 billion to 8 billion barrels of recoverable oil and gas. A Petrobras spokesperson would not confirm BG's reserve estimates for Tupi when contacted by BNamericas. "The range for Tupi is so wide because we simply prefer at this point to give in-place volumes instead of recoverable oil," BG Chief Executive Frank Chapman told a webcast on why the company estimates differ from Petrobras. Petrobras has a 65 percent stake in Tupi, BG 25 percent and Portuguese oil company Galp Energia 10 percent. "Tupi is of great significance to us and will be a key component to the company's growth," BG Chairman Sir Robert Wilson told the webcast. Tupi will start producing up to 20,000 b/d in 2009 at the earliest, Chapman said. Gross production could be in the 50,000 b/d to 100,000 b/d range as early as 2011. By 2012 to 2013, production could rise to as much as 200,000 b/d and 100 MMcf/d to 200 MMcf/d (30.4 MMcm/d to 60.9 MMcm/d), he said. The area could reach a peak of 1 million b/d, and 500 MMcf/d to 1.0 Bcf/d as early as 2015, according to Chapman. energycurrent.com