Oil under 100 dlollars a barrel - Update

[Frank Cunha]

Massive New oil Field Found Off Brazil

this could make Brazil a very wealthy nation

Massive New oil Field Found Off Brazil
Brazil's state-controlled oil company, Petrobras, has announced the discovery of massive deposits of oil and natural gas off the South American country’s coast, although they were cautious to explain that further investigations are necessary to calculate its size.

Petrobras said the location of the oil is below the surface of the Atlantic just 37km from the Tupi oil field, the largest such field discovered in the past 20 years, which was announced recently.

Petrobras and Portugal's Galp Energies form a consortium that holds an 80% share of the oil field.

[Frank Cunha]

BBC NEWS | Americas | 'Huge' gas field found off Brazil

'Huge' gas field found off Brazil
By Gary Duffy
BBC News, Sao Paulo



Recent finds could turn Brazil into a leading global energy supplier
A huge natural gas field has been found a short distance off Rio de Janeiro's coastline, Petrobras, Brazil's state-controlled oil company, says.

The company believes the new field, Jupiter, could match the recently discovered Tupi oil field in size.

Tupi is thought to be one of the largest fields discovered in the past 20 years.

But Petrobras officials say further work needs to be done to establish Jupiter's exact dimensions.

The new field is located just 37km (23 miles) from Tupi, some 5,100m (5,600 yards) below the surface of the Atlantic Ocean, around 290km from Rio de Janeiro, Petrobras says.

While not providing any specific details on the size of the new reserve, Petrobras said "its structure could have dimensions similar to Tupi".

Petrobras estimates Tupi contains between five and eight billion barrels of light oil.

Checking proportions

When the oil field's discovery was announced last November, the Brazilian government said Tupi could turn the country into one of the World's major oil suppliers.

Analysts were more cautious, pointing out the difficulty of extracting Tupi's oil from beneath deep layers of rock and salt.

Petrobras, though, is a world leader in deep water oil production, and the find was hailed as a major discovery for Latin America's largest country.

The discovery was made by a consortium made up of Petrobras - which has an 80% stake in the find - and Portugal's Galp Energies.

A number of surveys will now have to be carried out to try to establish the scale of the new field.

Brazil's government has recently been forced to deny there was a risk of energy shortages caused by drought at hydroelectric plants which are the country's main source of energy.

It currently relies on Bolivia for much of its natural gas.

[Frank Cunha]

Hard to believe, just went over a high of 114 dollars a barrel
Crude oil at new high just above $114; gas also at a record - AOL Money & Finance

[Frank Cunha]

400 percent since Bush took over
Newsmax.TV Minute - 5.09.08: 126 and Counting!
The per barrel price of oil hits a record 126 dollars a barrel as gasoline prices continue to set all-time records. Obama picks up more superdelegates; those that should go to Hillary withhold support. Liberal talker Bernie Ward headed up the river. A 73 year old retiring construction worker hits a record jackpot.

[Forza_Roma]

These prices are skyrocketing...it's getting too expensive to own a vehicle. Gas is at $1.25 a litre here in Canada.

[Frank Cunha]

Originally Posted by Forza_Roma

These prices are skyrocketing...it's getting too expensive to own a vehicle. Gas is at $1.25 a litre here in Canada.

about the same price as in Portugal

[Frank Cunha]

1.50 a litter
6 euros a gallon- close to 9 dollars a gallon

a barrel reach another high with the news Iran will cut production- 128 dollars a barrel

correct me, if I'm wrong on the transaction from dollars to euros

[Frank Cunha]

Venezuela to swap oil for food with Portugal

Venezuela to swap oil for food in Portugal: Financial News - Yahoo! Finance

Venezuela to swap oil for food in Portugal
Tuesday May 13, 11:03 pm ET
By Rachel Jones, Associated Press Writer
Venezuela to sell oil to Portugal in exchange for food, technology, Chavez says


CARACAS, Venezuela (AP) -- Venezuela announced plans Tuesday to ship oil to Portugal in exchange for food products and other goods that have been running short in the South American country.
Venezuela, Latin America's largest oil producer, will send as many as 30,000 barrels of crude a day to Portugal by late 2008, President Hugo Chavez told reporters after meeting with Portuguese Prime Minister Jose Socrates.

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That amount equals less than 1 percent of Venezuela's average daily oil output last year, but is still worth US$1 billion (euro650 million) at today's prices, Chavez said. He said he hoped Portugal would repay the full amount "with technology, food, and other goods and services" rather than cash.

Venezuela has suffered sporadic food shortages in recent years, with basic products including milk, sugar and eggs sometimes hard to find. Given those shortages, Venezuela agreed to provide crude to GALP Energia, Portugal's state-controlled energy company, in exchange for soy oil, pasta and 5,500 tons (5,000 metric tons) of powdered milk from three different Portuguese producers.

The deal is one of 14 accords signed Tuesday by the two nations' leaders. Others call for Venezuela and Portugal to work together to exploit natural gas reserves off Venezuela's coast and to certify oil deposits in Venezuela's eastern Orinoco River basin.

Countries including Iran and China already have partnered with Chavez's government to explore the Orinoco area, considered the world's largest known single oil deposit.

Chavez said he hoped Venezuela's proven reserves would more than double to 300 billion barrels next year, from 130 billion barrels currently.

[Forza_Roma]

I remember back in the early 90's where $20 Canadian used to fill up a tank.

I put in gas today at $1.25 a Litre...cost me around $50.

[Frank Cunha]

Portuguese fishermen to go on strike on May 30

Portuguese to boycott top oil companies

1 gallon over 10 dollars

Tap airlines to layoff

[Oliver_Kahn]

It's insane, over 1.35 € per liter. I don't even take my car out that much these days, you have to pay far too much

[jec1]

Pathetic. I have to carpool to work now because of this.... bunch of crooks.

[Frank Cunha]

Fishermen in Europe plan strike
UPI Tue, 27 May 2008 5:14 AM PDT
LISBON, Portugal, May 27 (UPI) -- Rising diesel fuel costs in Europe have prompted commercial fisherman to call for a work stoppage to protest dwindling profits, various fishermen said.

[Forza_Roma]

We're at $1.28 a litre today Jec...it's nuts.

I checked my kilometres when i went to fill up....i put 475 Kilometres on my tank of gas. Thankfully i bought a 4 cylinder car. I drive slow to reduce gas. Then i get honked at and get the finger.

[Jager]

Its not insane. Its simple economics. There is no more cheap oil. Oil now is expensive to get out of the ground, and its expensive to refine. Oil is NOT the sole luxury of the US or Canada, nor of Western Europe.

I know a little bit about this subject. One way to combat the effects of high cost of energy is to invest in oil/gas/uranium companies. We are in a commodity bull market, take part or be left behind.