Thursday, June 24, 2010

Brasil Drills Deep and Often For Rich Offshore Oil Deposits: Tupi

Petrobras’s drilling of a seventh well in the Tupi area (earlier post) confirmed the light oil potential in the pre-salt reservoirs, located in ultra-deep Santos Basin waters. The new well, called 3-BRSA-821-RJS (3-RJS-674) and informally known as Tupi Alto, is located in the Tupi Evaluation Plan area, at a depth of 2,111 meters (6,926 feet) below the water line, nearly 275 km off the coast of Rio de Janeiro, and 12 km northeast of discovery well 1-RJS-628 (1-BRSA-369).

The well was drilled in a higher structural position than the other wells in Tupi, and proved the discovery of light oil via a cable test. The sample obtained in the test presented lighter oil (about 30 degrees API) than the average of the oils found in the other Tupi wells (about 28 degrees API).

Light crude oil—i.e., with a high proportion of light hydrocarbon fractions—is valued more highly than heavier crudes because it can yield a higher percentage of gasoline and diesel fuel when refined. _GCC

Brasil's offshore drilling efforts are being financed by George Soros, with the help of US President Obama and $2 billion in US loans. If may seem odd that Mr. Obama is supporting deep offshore drilling off the coast of Brasil, while attempting to stop all offshore drilling off the coast of the US. The inconsistency may have to do with Obama's friendship with Mr. Soros, or it may be a bid for future financial and political connections with Brasilian factions. The contradiction allows Mr. Obama to proceed with plans for energy starvation in the US, while doing nothing to obstruct the overall magnitude of offshore oil drilling worldwide.

In fact, Mr. Obama's moratorium of oil drilling -- if upheld by a more activist federal court -- will help George Soros to pull expensive and difficult to schedule drilling rigs from the Gulf of Mexico down to Brazil and other sites of interest to Mr. Soros. This small complication in Obama's "feel good" attempt to insure the safety of offshore drilling in the Gulf of Mexico will have to be eradicated from the popular media. We must move on, by all means.

Offshore oil drilling will take place -- even if the US chooses to forego its own rich deposits of offshore oil. Spills will take place -- and most national oil companies will care a lot less about the ecological impact of oil spills than the US population cares about its own shores.

Mr. Obama's apparent "payback" to a wealthy campaign contributor makes it clear what is important to the man. Himself and his destiny. Nothing else exists.

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