.... could turn Brazil into the world’s fourth-largest oil producer, behind Russia, Saudi Arabia and the United States.I was going to add some comments, but I do not want to stir the embers; the story speaks for itself ...
The country’s state-controlled oil company, Petrobras, expects to pump 4.9 million barrels a day from the country’s oil fields by 2020, with 40 percent of that coming from the seabed. One and a half million barrels will be bound for export markets.
The United States wants it, but China is getting it.
Less than a month after President Obama visited Brazil in March to make a pitch for oil, Brazilian President Dilma Rousseff was off to Beijing to sign oil contracts with two huge state-owned Chinese companies.
The deals are part of a growing oil relationship between the two countries that, thanks to a series of billion-dollar agreements, is giving China greater influence over Brazil’s oil frontier.
Friday, January 20, 2012
China Beating the US to Brazilian Oil
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Bruce, look at what China is doing in Ethiopia and now buying pipeline rights through Somaililand and oil rights there as well. They are also pledging to rebuild the port of Berbera in order to ship the oil directly into the Gulf of Aden. The Chinese are very good at what they do. Just another fun thing to look at.
ReplyDeleteYes, it reminds me of Nero's Rome. While the US dithers, China is doing huge things. The 20th century led by the US; the 21st century will be led by China; we are barely into the second decade of this new century. China appears to have an energy policy and a strategic vision, neither of which the US appears to have right now.
DeleteOff topic, but I didnt see you mention this (unless I missed it) and thought you would be interested in Bloomberg BusinessWeek's piece on 'ol Harold Hamm.
ReplyDeletehttp://www.businessweek.com/magazine/the-man-who-bought-north-dakota-01192012.html
Wow, I don't miss many of these stories, but I did miss this one. Thank you for sending it. I will post it at the CLR posts; thank you.
DeleteI just read the story; incredible story. I still get a kick out of all the naysayers regarding the Bakken. The Bakken production is huge, but the bigger story is how much the Bakken has taught "us" about drilling in tight shale. Pretty, pretty spectacular.
DeleteWhat Steve Jobs was to his company and to the PC, Harold Hamm is to his company and to the success of drilling into tight shale.
Hows that Hopie Changie thing working out for you?
ReplyDeleteThe country asked for it by not requiring Obama to be vetted. Just believed in the sweet talking pie in the sky talk.
For the good of the country I hope this hard lesson has been learned real well.
We will know in November.
DeleteThey say his smile is worth "a million votes."