Tuesday, October 20, 2009

The World is awash in oil......

No incentive to get it. Politics. Global warming is in. Defending Israel is essential. Price drops too low and the big shots lose their ass.

What ever.

Your going to pay. If you survive Obamama economics.

An Update on Peak Oil from ASPO
Marcio Mello, the former explorationist from Petrobras (PBR: NYSE) and now independent petroleum consultant, electrified the Denver meeting of the Association for the Study of Peak Oil & Gas (ASPO).

In a riveting talk that lasted well over an hour, Marcio detailed the immense petroleum potential of offshore Brazil, as well as the Amazon Basin. If Marcio’s estimates are correct, Brazil may be the location of near 200 billion barrels of additional petroleum resources. That’s well within the range of current resource estimates for Saudi Arabia.

For good measure, Marcio described the petroleum potential of offshore West Africa — another 130 billion barrels — as well as the Congo region, with 50 billion barrels or more.

Finally, Marcio described the “unknown potential of the US back yard, the Gulf of Mexico (GOM).” Marcio offered remarkable insight into the deep regions of the GOM, 100 miles and more offshore Texas and Louisiana. He showed early work he performed on a number of GOM areas, including the site of BP’s (BP: NYSE) recent billion-plus barrel find at the Tiber site.

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