[tricky]

Originally Posted by david austin

Civil unrest in VZ is growing at an alarming rate.

Resources arent used all at once and then on to the next field. You have to meet the demand curve at a continuous rate. Thats why the Brazil fields (which arent exactly a new find) wont make much of a dent in spot prices... because that field will only fill in the decline of other fields.

I think its silly to at least not start the process of looking on our own lands. This news is clear that Obama will spend the money to seek out new deals on oil... why not right here where we have the infrastructre and where the benefit is truly needed.

Originally Posted by nytimes

Lost in the debate, Mr. Gabrielli said, is the reality that the equipment needed to drill the new fields is in short supply. Petrobras executives are trying to motivate suppliers around the world to develop equipment.
Through 2017, Petrobras will need 40 oil rigs capable of drilling deep enough to reach the new fields — more than half the total number of such rigs that exist in the world today, Mr. Gabrielli said. The company is requiring that 28 of them be built in Brazil.
Mr. Gabrielli said the company was keeping its international expansion spending at $16 billion, so that it could focus on developing deepwater fields at home.
“The question is not whether to speed up or not to speed up,” Mr. Gabrielli said. “We are at the limits of the world capacity for the industry.”

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