Brazil Makes World’s Biggest Oil Discovery in 30 Years
Brazil's Petrobras has discovered the largest light crude Oil Field since the Mexican Cantarell Field in 1976. The massive find is in the same area off the coast of Brazil as the restly discovered Tupi field which is beleived to hold 8 billion barrels of extractable crude. The new Sugar Loaf Field discovery is 5 times larger than Tupi and could signal an end to declining oil production around the World.
According to officials at Petrobras, Brazil's state-run oil and gas company, the Sugar Loaf field may produce up to 40 billion barrels of oil. Several multinational petroleum companies are already lining up to explore the region, including Petrobras, Royal Dutch Shell and ExxonMobil.
The basin is believed to contain light crude, an added bonus for Brazil considering it still depends on other countries to refine oil for its domestic needs.
"To discovery oil is one thing, but to discover light crude is a real commodity," said one analyst.
Monday, December 17, 2007
Viva! Brasil!
Now, if the U.S. could only get at utilizing the oil available to us right here!
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The battles of oil drilling are still, IMHO, the cart before the horse. Per experts, we aren't really short of oil... we are shy of ways to refine it in a timely manner, or in the volume we require.
So.. what we need is refineries. Of which Congress won't approve. Also playing to the factor, the battles over emissions trading/carbon offset money scam. A "cure" which helps keep most businesses financially secure by sticking with their fossile fuel base sources.
However if the global warming scare-mongerers can get away from Gore's pet sell-it-to-himself money scams, then refineries will be an evern harder thing to come by. By then, we'll be living in a world favoring only the development of alternative energy sources, and penalizing those still doing it the fossil fuel way.
In other words... we are, again, at the mercy of the elected idiots in Congress who prefer to line their own pockets (both sides of the aisle) then encourage viable alternative energy sources.
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