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View Diary: Peak oil: BP, Conoco and IEA all say it's there (299 comments)

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  •  To Me, it Only Means (9+ / 0-)

    Brazil will continue to be energy self-sufficient. I can't imagine them exporting large quantities of crude.

    Chris Dodd is our man to stop the Huckabee stampede!!

    by GW Chimpzilla on Sat Nov 10, 2007 at 11:50:29 AM PST

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    •  re: Brazil (3+ / 0-)
      Recommended by:
      verasoie, corncam, StrayCat

      Who knew that Brazil would not only understand the ethical and national security imperative of energy independence but act on it as well.

      Which begs the question:  Why are we so hellbent on self destruction?

    •  So long as they have a leftist gov't, yes. Now (3+ / 0-)
      Recommended by:
      GW Chimpzilla, StrayCat, MizC

      that they have huge energy reserves, they too may experience the "curse" of possessing highly coveted natural resources as has much of Africa, which includes having Western corporations take over their government.

      The ability to quote is a serviceable substitute for wit. Somerset Maugham

      by verasoie on Sat Nov 10, 2007 at 12:05:58 PM PST

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      •  Yes and No (1+ / 0-)
        Recommended by:
        yoduuuh do or do not

        We can see clearly that major oil companies have had successes in countries with oil mismanaged for years (former Soviet Republics). Pemex in Mexico is actually losing money, even at record high oil prices. In Venezuela there are some severe doubts over government production figures and the ability to keep them up.

        While I agree that major oil companies have screwed up many parts of the world. The major trend towards nationalization came from governments feeling they got a raw deal despite making the plan when oil was $12 a barrel and the major oil companies were losing money.

        Additionally, it is these majors that have the most experience extracting oil in difficult environments. To maximize oil extraction, and minimize the severe corruption and mismanagement that happens on every level at most state oil companies, there do need to be partnerships.

        Governments need to be smart about this but left or right isn't going to solve this. A private-public partnership is the way to maximize extraction and revenues.

    •  Lots of speculation (2+ / 0-)

      based on the initial find but as reported on the BBC

      Petrobras, Brazil's national oil company, says it believes the offshore Tupi field has between 5bn and 8bn barrels of recoverable light oil.

      The state-controlled company says the results show high productivity for gas and light oil - the best quality oil - which is more valuable and cheaper to refine.

      Petrobras says the find has the potential to move Brazil into a position where it is one of the top ten oil reserves in the world.

      Brazil currently has proven oil reserves of 14 billion barrels, over half of which have been discovered in the past five years.

      As for exporting,

      The senior minister in charge of the cabinet, Dilma Rousseff, said if the deposits turned out to be as significant as first thought, it would place Brazil in the same league as Venezuela and countries in the Arab world.

      With a reserve like this, the country could be transformed into an exporter of petroleum, she said.

      "This has changed our reality," she said.

      The great tragedy of Science, the slaying of a beautiful hypothesis by an ugly fact. T. H. Huxley

      by realalaskan on Sat Nov 10, 2007 at 04:26:28 PM PST

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