Joined: Mar 26, 2008 Posts: 1140 Location: Seattle
Posted: Mon Jul 07, 2008 7:07 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
Somebody spelled "updating" wrong.
And it might be easier to catch the attention of newbies if it was named something like "Brazilian Oil Discovery Updates" or something like that. _________________ Abundance - what a concept!
Posted: Mon Jul 07, 2008 7:54 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
I pointed this out on another thread a week or so ago but I think it's worth repeating for those that missed it. The Braz gov't announced it was forming a new 100% state owned company. The new company would be assigned all mineral rights in the Santos Basin not currently contracted out. Essentially no company will be able to acquire leaseholds in the pre-salt play where some of the big discoveries have been made. This new company will neither drill nor produce. They will contract out that work to Petrobras or any other comany that wants to bid the work. It didn't specify if any operating company would be able to earn production rights or if they would just do it for the invoice check.
Additonally, Petrobras made a request, which was immediately granted, that the gov't suspend the next two planned leasing rounds planned outside the santo Basin.
As I've said before: these Brazilians know how to run a businss better than any NOC I've seen.
Petrobras eyes 1 million bpd from sub-salt wells
Thu Jul 24, 2008 5:07pm EDT
By Denise Luna
RIO DE JANEIRO, July 24 (Reuters) - Brazilian energy giant Petrobras plans to install two production units every two years from 2010 to pump oil from sub-salt reserves in the off-shore Santos basin, an official from the firm said on Thursday.
Assistant director for Exploration and Production, Alvaro Costa, estimated future production of 1 million barrels per day from the sub-salt layers of the Tupi field.
"We're going to have 11 vessels producing in Tupi in the future, more or less 1 million barrels with Tupi alone," he said.
Joined: Mar 26, 2008 Posts: 1140 Location: Seattle
Posted: Tue Aug 05, 2008 11:53 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
Looks like we can (possibly) expect some big numbers coming out of the pre-salt area in the Campos and Espirito Santo Basins, in addition to the pre-salt in the Santos basin.
Robert P. Daniels - Senior Vice President, Worldwide Exploration
[...]
As we move into Brasil we're looking and focusing on the pre-salt. We're drilling the Wahoo prospect presently and then we'll go back to the Serpa, both pre salt objectives and we think in both the Campo and the Espirito Santo Basin that we have very good pre-salt prospectivity on our blocks and the target size is there are in the multi-100 million barrel range and could be far more significant than that. We'll have to get down and see what it looks like.
Posted: Wed Aug 06, 2008 5:44 am Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
Just a couple of small points:
Some asked when will "we" start drilling? "We" aren't going to be drilling in the pre-salt play. The Bz announced a month ago they they will not lease any of the drilling rights to any company including Petrobras. The mineral rights will be assigned to new Bz to be owned 100% by the Bz gov't. This new company will neither drill nor produce but contract those services out to Petrobras or any other company that wants to compete.
And, for what it's worth, the USGS style evaluation of this basin would have given almost no reserve potential 10 years ago. As I've said before, until you drill a lot of wells you'll never know with any level of accuracy how much or how little hydrocarbons out out there.
Joined: Mar 26, 2008 Posts: 1140 Location: Seattle
Posted: Wed Aug 13, 2008 8:27 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
Some interesting news today.
The head of exploration at Petrobras says it seems likely that several fields around Tupi are, in fact, all part of one field. I think this would include the recent Iara and one or two other recent wells.
Brazil Petrobras Expert: Pre-Salt Finds Likely Contiguous
by Tom Murphy Dow Jones Newswires
Wednesday, August 13, 2008
Oil discoveries in the so-called pre-salt layer off the southeastern coast of Brazil are likely to be contiguous, a factor that will trigger formal cooperation among the seven companies holding concessions in the region, a Brazilian oil company expert said Wednesday.
"Recent seismic studies indicate a high degree of contiguity among sites around the Tupi well," said Eduardo Molinari, exploration and production coordinator at Brazilian state-controlled energy company Petroleo Brasileiro SA (PBR), or Petrobras. Molinari made the comment at a meeting with financial-market analysts.
[...]
A whole lotta rigs headed there over the next 10 years.
Petrobras to add 63 offshore rigs amid expansion
he Associated Press
Published: August 13, 2008
RIO DE JANEIRO, Brazil: Brazil's state-run oil company is planning to bring 63 new oil rigs into operation at newly discovered offshore fields and other sites by 2018.
Petrobras' Chief Financial Officer Almir Barbasa said Wednesday that 59 of the rigs will be able to drill in very deep waters. The company has made several deep finds in pre-salt layers off the coast of Rio de Janeiro in the past year.
[...]
And the Tupi-area drilling plans will be finished in September.
Petrobras Will Finish Tupi Drilling Plan in September
By Jeb Blount
Aug. 13 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, said it will complete a drilling program in its Tupi oil field in September.
Wells are still being drilled in the area, Petrobras, as the Rio de Janeiro-based company is known, told investors today during a presentation at the company's headquarters.
Petrobras plans a new seismic survey of Tupi and Guara fields, Chief Financial officer Almir Barbassa said.
The 5 billion- to 8 billion-barrel Tupi field, announced in November, is the largest oil discovery in the Americas since 1976. Petrobras plans to contract 63 deep-water drilling rigs by 2018 to develop pre-salt fields, the company said.
The fields may have 50 billion barrels of oil, according to Peter Wells, an analyst with the U.K.'s Neftex Petroleum Consultants.
[...]
The only wells still to be drilled in the cluster are in a block being run by Exxon Mobil Corp., Barbassa said. Exxon's block, BM-S-22 is 40 percent-owned by Exxon and 40 percent-owned by Hess Corp., with the remainder held by Petrobras.
[...]
I know you're all excited. _________________ Abundance - what a concept!
Joined: Apr 09, 2007 Posts: 5848 Location: Alaska (its much bigger than Texas).
Posted: Wed Aug 13, 2008 8:32 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
ROCKMAN wrote:
And, for what it's worth, the USGS style evaluation of this basin would have given almost no reserve potential 10 years ago. As I've said before, until you drill a lot of wells you'll never know with any level of accuracy how much or how little hydrocarbons out out there.
YOU ARE EXACTLY RIGHT about the limits of the USGS/MMS oil potential evaluation method, ROCKMAN!
Petrobras Says Iara Holds 3-4 Billion Barrels of Oil
By Jeb Blount and Heloiza Canassa
Sept. 10 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, said its previously discovered Iara oil field contains an estimated 3 billion to 4 billion barrels of recoverable light crude oil, enough to supply the country for about five years.
The estimate is the first for the field, which was announced in August. It includes both oil and natural gas equivalent. The field is owned by Petrobras, as the company is known, and its partners, the U.K.'s BG Group Plc, and Portugal's Galp Energia SGPS SA. The oil is rated at 26 to 30 degrees on the American Petroleum Institute scale, the Rio de Janeiro-based company said today in an e-mailed statement.
Joined: Oct 23, 2004 Posts: 5882 Location: New Jersey
Posted: Wed Sep 10, 2008 6:57 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil
DantesPeak wrote:
Per SEC standards on proven reserves, Petrobras hasn't increased it proven reserves very much at all the last few years (based upon year end numbers).
It has a huge and growing unfunded pension liability. My view is opposite of those trying to pimp up the stock of Petrobras. If the stock goes a little higher on this 'good news', sell it and buy an oil ETF instead.
Petrobras stock is down 40% since I said this on June 13. _________________ It's already over, now it's just a matter of adjusting.
Posted: Wed Sep 10, 2008 7:00 pm Post subject: Re: Another find.. Fresh oil and gas find in Brazil: (update
I get the feeling that all this oil money that Brazil is going to get from all this is going to go to a few rich elites and their cronies while the rest rape whats left of the rainforests. Then when the oil runs out there going to look around and realize all that's left is a farking wasteland. Welcome to the future.
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