Petroleo Brasileiro SA, or Petrobras (NYSE:PBR-A), has discovered light oil about three miles below the ocean floor at the Marlim field.
This continues on with the successful discovery a number of offshore oil across a number of fields off the coast of Brazil.
Initial estimates are there are close to 380 million barrels of recoverable oil and natural gas at the find, about 2.6 percent of overall proven reserves of Petrobras.
Good news for the company is it can be extracted fairly quickly because they have other production equipment nearby, which will allow them to recover it quicker than normal.
Showing posts with label Offshore Oil. Show all posts
Showing posts with label Offshore Oil. Show all posts
Friday, June 4, 2010
Monday, May 24, 2010
Transocean: (NYSE:RIG) Cement Work Cause Of Blowout
While many are pointing the finger at BP (NYSE:BP) others are investigating what is showing a common thread with improperly oil well cementing jobs. Sealing offshore oil wells has failed numerous times in the past according to the American Press Association.
Another example of poor regulations is federal regulators giving drillers a free hand in crucial safety steps. These federal regulators leave the decision of what type of cement is used up to the oil and gas companies. There are simple guidelines from the American Petroleum Institute that drillers are encouraged to follow.
Yet, state and federal standards and controls are comparably much more strict on cement projects such as bridges, roads, and buildings. Transocean feels that the cement work is one of the main causes for of the blowout.
An AP review of the federal accident and incident reports on offshore wells shows that there have been at least 34 times the cementing process has been implicated since 1978. Many of the reports simply state the cause as "poor cement job."
Another example of poor regulations is federal regulators giving drillers a free hand in crucial safety steps. These federal regulators leave the decision of what type of cement is used up to the oil and gas companies. There are simple guidelines from the American Petroleum Institute that drillers are encouraged to follow.
Yet, state and federal standards and controls are comparably much more strict on cement projects such as bridges, roads, and buildings. Transocean feels that the cement work is one of the main causes for of the blowout.
An AP review of the federal accident and incident reports on offshore wells shows that there have been at least 34 times the cementing process has been implicated since 1978. Many of the reports simply state the cause as "poor cement job."
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