Brazilian Coast Oil Platform
ConsumerWatchDog published an article by Bradley Brooks from AP titled “Alternative Energy Powerhouse Brazil Finds Big Oil.”
To paraphrase a bit, Brazil currently leads the world in ethanol production and hydroelectric power. But the national company Petrobras, as well as partners such as BP, will develop the recent offshore oil find (deeper than Mt. Everest is tall).
Free Republic published a Reuters item by Tom Bergin with the headline, “BP makes “giant” oil find in Gulf of Mexico.” Excerpt:
“Further appraisal will be required to ascertain the volumes of oil present, BP said, but a spokesman said the find could be bigger than its Kaskida discovery which has over 3 billion barrels of oil in place.”
“The find highlights the potential in the Gulf of Mexico and bodes well for other exploration in the area. . .”
NPR’s Marketplace discussed this oil discovery today. The audio (direct link to mp3) has more details by reporter Sam Eaton than the brief show notes on the website. I think that file contains the entire Marketplace show for the day.
Eaton described how costly obtaining the find might be given its depth, and the long time it would take to bring to market, and how little the amount would be produced compared to world demand. Eaton echoes Greenpeace Brazil’s concern that the project might not break even.
But Eaton agrees that by showing that new sources exist in the Gulf of Mexico, speculators might not bid up oil prices to the stratosphere.