Apparently the Obama administration is only opposed to drilling off U.S. shores... Either way it is good news. :)
http://www.oilonline.com/home/digest/?tx_ttnews%5Btt_news%5D=76704&cHash=6d3144f949
QuoteUS government to loan Petrobras $10 billion
08/10/09 10:24 AM
The U.S. government is prepared to provide up to $10 billion in loans to finance the development of massive hydrocarbon reserves off Brazil’s coast, a Brazilian official said Wednesday.
President Barack Obama’s national security adviser, Gen. James Jones, discussed the matter with officials this week during a visit to the South American country, Brazilian Planning Minister Paulo Bernardo da Silva told reporters.
He said the U.S. Export-Import Bank already has signed a letter of intent in that regard with Brazilian state oil company Petrobras.
The loan is equal in value to a similar credit line agreed to with the China Development Bank, also for exploiting Brazil’s “pre-salt†area, so-named because the estimated 80 billion barrels of high-quality crude in that new oil frontier lie far beneath the ocean floor under layers of rock and an unstable salt formation.
Under the agreement with the Chinese state bank, finalized during Brazilian President Luiz Inacio Lula da Silva’s visit to Beijing in May, Brazil can repay the loan facility with oil as opposed to cash.
According to the government’s projections, the pre-salt reserves â€" located at a depth of up to seven kilometers (4.3 miles) below the ocean surface in an 800-kilometer by 200-kilometer area â€" could eventually lead to a nearly six-fold increase in Brazil’s current proven reserves of 14 billion barrels and transform that nation into one of the world’s 10 largest oil producers and a major crude exporter.
Petrobras plans to invest close to $29 billion through 2013 to develop the pre-salt deposits in which the company already holds concession rights.
Petrobras is projecting that some 1.3 million barrels per day can be extracted by 2013 from the pre-salt fields and 1.8 million bpd by 2020.
The Tupi field, which is believed to contain between 5 billion and 8 billion barrels of oil and was the first to be exploited in the pre-salt region, is considered to be the largest hydrocarbon discovery in the Americas in the past 30 years.
Other large oil and natural gas fields were later found nearby, also under a thick bed of salt.
But Brazil has been forced to seek external financing because the fields pose an enormous technical and financial challenge due to the depth and thickness of the salt and the drastic changes in temperature as the oil is brought to the surface.
Acknowledging that Petrobras alone is not capable of developing the massive pre-salt reserves, Brazil announced in May that it will invite international oil companies to bid for concessions in that region beginning next year.
The country had previously halted the sale of concessions after the massive finds were made.
Petrobras, an integrated energy company and the global leader in deepwater oil exploration and production, operates in 27 countries in the Americas, Africa, Asia and Europe.
Shares of Petrobras, Brazil’s largest corporation, trade on the Sao Paulo, New York, Madrid and Buenos Aires stock exchanges, but the Brazilian government retains control through a golden share.
by: Efe
Guess who happens to have just bought $2.6 billion in Petrobras stock?
http://www.gurufocus.com/news.php?id=66288
BWAHAHAHAHA... :D ::) :D
Quote from: Sigma on August 21, 2009, 10:06:16 AM
Guess who happens to have just bought $2.6 billion in Petrobras stock?
http://www.gurufocus.com/news.php?id=66288
Actually, the 2.6 billion is over 211 stocks.
QuoteGeorge Soros owns 211 stocks with a total value of $2.6 billion as of 06/30/2009.
George Soros makes Dick Cheney look like a choirboy. He is one seriously scary dude who has the money to put his wacky ideas into practice.
Thanks for clarifying stjr. And Dog Walker you are correct. This guy makes profits off of what he condemns as well. He was a stockholder in Halliburton (probably still is).
http://www.theneweditor.com/index.php?/archives/5332-George-Soros-Buys-Halliburton-Stock.html
Are we jumping to conclusions? A private citizen buying stock in a company prior to said company being granted a $10B "loan" is not evidence of impropriety.
It's not like Sorros is politically connected to anyone in power.
Quote from: buckethead on August 25, 2009, 07:58:04 AM
Are we jumping to conclusions? A private citizen buying stock in a company prior to said company being granted a $10B "loan" is not evidence of impropriety.
It's not like Sorros is politically connected to anyone in power.
"It's not like Sorros is politically connected to anyone in power."
LOL oh heavens knows that Soros has no political connections !!!
My issue is not with Soros... though hilariously ironic. My issue is why this administration is so ready to loan money to extract Brazilian oil while ANWAR is untouchable.
Quote from: BridgeTroll on August 25, 2009, 08:04:33 AM
My issue is not with Soros... though hilariously ironic. My issue is why this administration is so ready to loan money to extract Brazilian oil while ANWAR is untouchable.
It's already hot in Brazil. Global warming isn't as big a deal for them.
Quote from: BridgeTroll on August 25, 2009, 08:04:33 AM
My issue is not with Soros... though hilariously ironic. My issue is why this administration is so ready to loan money to extract Brazilian oil while ANWAR is untouchable.
Agree. Maddening.
Quote from: buckethead on August 25, 2009, 07:58:04 AMIt's not like Sorros is politically connected to anyone in power.
I'm usually not savvy enough to catch on to satire or sarcasm over the internet. I surely hope this is an attempt at either.
He's a financial speculator, and by that definition alone should be villified equally along with Big Oil, Big Finance, Big Pharma, etc by those who do said villifying. He won't be, however.
Also:
http://en.wikipedia.org/wiki/George_Sorros
Quote
Activities in the United States
In an interview with The Washington Post on November 11, 2003,[29] Soros said that removing President George W. Bush from office was the "central focus of my life" and "a matter of life and death." He said he would sacrifice his entire fortune to defeat President Bush, "if someone guaranteed it."
Soros gave $3 million to the Center for American Progress, committed $5 million to MoveOn, while he and his friend Peter Lewis each gave America Coming Together $10 million. (All were groups that worked to support Democrats in the 2004 election.) On September 28, 2004 he dedicated more money to the campaign and kicked off his own multi-state tour with a speech: Why We Must Not Re-elect President Bush[30] delivered at the National Press Club in Washington, DC. The online transcript to this speech received many hits after Dick Cheney accidentally referred to FactCheck.org as "factcheck.com" in the Vice Presidential debate, causing the owner of that domain to redirect all traffic to Soros's site.[31]
Soros was not a large donor to US political causes until the U.S. presidential election, 2004, but according to the Center for Responsive Politics, during the 2003-2004 election cycle, Soros donated $23,581,000 to various 527 groups dedicated to defeating President Bush. (A 527 group is a type of American tax-exempt organization named after a section of the United States tax code, 26 U.S.C. § 527. A 527 group is created primarily to influence the nomination, election, appointment or defeat of candidates for public office.) Despite Soros' efforts, Bush was reelected to a second term as president in U.S. presidential election, 2004.
After Bush's re-election in 2004, Soros and other wealthy liberal political donors backed a new political fundraising group called Democracy Alliance which aims to support the goals of the U.S. Democratic Party.[32]
Soros supported the McCain-Feingold Bipartisan Campaign Reform Act of 2002, which was intended to end "soft money" contributions to federal election campaigns[citation needed]. Soros has made soft money donations to 527 organizations that he says do not raise the same corruption issues as donations directly to the candidates or political parties.
I'm not getting into the partisan politics, but he's exactly the type who are decried by some as what's wrong with the 'system' - an uber-rich dude donating boat-loads of money to the organizations and political party of his choice. There it is. Let the hilarity ensue.
Back on-topic, it's still frustrating that the Obama Administration pushes alternative energy at the expense of exploring new sources of established energy domestically, yet turns around and agrees to a loan for foriegn oil. Which we're trying to wean off of in the first place.
Quote from: kramer2k on August 25, 2009, 10:02:57 AM
Quote from: buckethead on August 25, 2009, 07:58:04 AMIt's not like Sorros is politically connected to anyone in power.
I'm usually not savvy enough to catch on to satire or sarcasm over the internet. I surely hope this is an attempt at either.
I should have included the little winky guy. Announcing sarcasm kinda ruins the effect though.
Quote from: buckethead on August 25, 2009, 11:18:09 AMI should have included the little winky guy. Announcing sarcasm kinda ruins the effect though.
HAHA, I gotcha. ;) Good to know.
Soros avg. buy - $31.50
PBRA price today - $43.32
Not bad work if you can get it.
Almost sounds like a greedy capitalist making obscene profits from the blood,sweat, and tears of the poor brazilian peasants working for the oil industry. :)
Hooray speculative/extortion capitalism! ;)