Luke 11:9 And I say unto you, Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you.
BG, Petrobras Find More Oil in Brazil’s Santos Basin
BG Group Plc, the U.K.’s third-largest oil and gas company, and Petroleo Brasileiro SA made a second discovery in Brazil’s Santos Basin.
The Guara exploration well struck oil in the BM-S-9 concession area, according to the partners, which also include Repsol YPF SA. That’s in the same block as the Carioca discovery in September, which Brazil’s petroleum regulator said may contain as many as 33 billion barrels of oil.
Guara and Carioca are ultra-deep wells beneath a salt layer under the seabed known as pre-salt fields. These fields lie below as much as 10,000 meters (33,000 feet) of ocean and seabed, forming a new province of Brazilian oil reserves beneath shallower existing fields.
BG and Rio de Janeiro-based Petrobras are also exploring the Tupi field in the Santos Basin. Tupi, the biggest discovery in the Americas since 1976, and the nearby fields may cost $240 billion to exploit, according to estimates from Peter Wells, director of U.K. research firm Neftex Petroleum Consultants Ltd. and a former Royal Dutch Shell Plc exploration manager.
Or, as IBD put it,
Amazing what you find if you just keep looking out there. Why can’t the U.S. Drill Like Brazil?
Why? Because of Congress.
And let’s not forget that Brazil will soon be drilling off the coast of Florida, too.
Why Brazil Isn’t Ashamed to Exploit Its Oil