This was in IBD.
Brazil's state-run oil company has struck oil in ultra-deep waters off the Atlantic coast, near the huge Tupi field it discovered last year, the company said. *Petroleo Brasileiro SA* (nyse: PBR<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=PBR>- news <http://www.forbes.com/markets/company_news.jhtml?ticker=PBR>- people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=PBR>) has discovered new deposits of medium-grade crude at a depth of 22,221 feet in the Santos Basin, 155 miles off the coast of the state of Sao Paulo<http://www.forbes.com/markets/feeds/afx/2008/05/07/afx4981444.html?partner=lingospot>, the company said in a statement late Wednesday. *Petrobras* did not specify how much oil had been found, and its offices were closed Thursday for a national holiday. The discovery lies in a deep-water area near Brazil's Tupi field, which Petrobras in November said could have recoverable reserves of up to 8 billion barrels of oil. Tupi was the largest oil find in the Western Hemisphere since the Cantarell field was tapped in the Gulf of Mexico in 1976. Petrobras, which recently passed *Microsoft Corp.* (nasdaq<http://www.forbes.com/feeds/ap/2008/05/22/ap5037310.html?partner=alerts>: MSFT<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=MSFT>- news <http://www.forbes.com/markets/company_news.jhtml?ticker=MSFT>- people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=MSFT>) to become the world's sixth-largest company, has a 66 percent stake in the new offshore find, while *Royal Dutch Shell PLC* (nyse: RDSA<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=RDSA>- news <http://www.forbes.com/markets/company_news.jhtml?ticker=RDSA>- people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=RDSA>) holds a 20 percent share and Portuguese oil company Galp Energia holds 14 percent. The oil has a density of between 25 and 28 degrees on the *American Petroleum* (otcbb: AMPE.OB<http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=AMPE.OB>- news <http://www.forbes.com/markets/company_news.jhtml?ticker=AMPE.OB>- people <http://www.forbes.com/peopletracker/results.jhtml?startRow=0&name=&ticker=AMPE.OB>) Institute scale, Petrobras said. *Copyright 2008 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed* On Thu, May 22, 2008 at 8:48 PM, Peter Frederick <[EMAIL PROTECTED]> wrote: > The main reason oil production declined in the US is that the holes > are dry -- lots of drilling and pumping around here, but the stuff > that comes out of the ground looks like road tar and is 5% or more > sulfur. > > They can't get oil out of most of the older fields in Texas, nothing > comes up even with salt water injection, etc. Production is going > down in the Gulf, too, and the "new deposit" everyone was blowing > about last year is WAY down there. > > There are no new refineries because the oil companies are still > choosing to loose 10% of their product rather than upgrade, oil was > cheap, margins high, and they are STILL choosing to play the "if we > drag our feet long enough about environmental concerns everyone will > forget about us" that even GE quit doing a decade or two ago. Pure > choice, regulations have NOTHING to do with it -- it would be cheaper > to build new refineries, they are much more efficient, but Big Oil > would much rather invest in Congress. > > Peter > > > _______________________________________ > http://www.okiebenz.com > For new parts see official list sponsor: http://www.buymbparts.com/ > For used parts email [EMAIL PROTECTED] > > To Unsubscribe or change delivery options go to: > http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com For new parts see official list sponsor: http://www.buymbparts.com/ For used parts email [EMAIL PROTECTED] To Unsubscribe or change delivery options go to: http://okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
