Thursday, April 02, 2009

Flying Down to Rio

You need a job? Got skills the oil industry can use? Then you just might want to make sure your passport is current and take a trip to Brazil. Petrobras, Brazil's national oil company, is investing $174B in offshore oil development between now and 2013. Yes that is a B as in BILLION. It's a gutsy move, and apparently their usual M.O. - invest during downturns. They are not concerned about the economic viability of doing this, apparently they have concluded it is worth it. Being a national oil company, and thus propped up to some degree by the government, can't hurt either.

There's oil in those fields, that's for certain, and Petrobras means to get it up and out! Good thing too because the current projections about global oil production are not good. Petrobras may be one of the few bright spots in an otherwise gloomy forecast.

No comments: