Friday, November 09, 2007

Major oil discovery south of Rio;jsessionid=6A9A6DD5B4C1FFECDDDE4F63A22D2D8F

Just as I'm at Ilha Grande, south of Rio, the state oil company Petrobras announces the discovery of a major reserve, the Tupi field, right nearby. The discovery will boost their reserves 40 percent and put them about between Nigeria and Venezuela on the world's list of exporters.

The field lies deep below water, rock and sand, and then salt. This shows the value of Petrobras becoming a global leader in deep exploration, so necessary because the ocean gets very deep very fast, unlike say the North Sea.

The news sent Petrobras shares rocking up 14 percent, adding billions in value.

Sent via BlackBerry from T-Mobile


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