Drilling advances ///

Last month, Petroleo Brasileiro SA (Petrobras) announced that it was planning to search for new deepwater floaters to develop its massive offshore oil and gas reserves—28 floaters over the next five years. Last year they awarded contracts for 12 floaters. This means there will be at least 40 new rigs working offshore for Petrobras. All this at a time when drilling in the offshore US and the North Sea is down by about 50%! Maybe Petrobras knows something the rest of us don’t. Talk about aggressive!

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