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The Company explores, develops, produces and markets gas and oil around the world.
Liquid Natural Gas Play. Good global diversification. Better performance than larger players such as BP.
I agree stock is undervalued and is bound to go up 30% within a year
Late winter and Russian will make this look attractive in March, historrical price make this a safe bet at the moment. Possible Takeover Target by Shell Petrobras or the Russians
It could be the world's biggest oil discovery in 30 years," said Brazil National Petroleum Agency (ANP) General Director Haroldo Lima. The palpable excitement surrounding ANP's April 14 response followed Lima as reporters clamored to find out more about Carioca's 33 billion boe.Carioca, the name given to the discovery, contains what Lima said is five times the amount of the recently discovered Tupi. Carioca is located in the Santos basin offshore the state of Sao Paulo, west of Tupi in the BM-S-9 exploration block."If this were to be confirmed, it would be the biggest discovery ever made in the world," said Lima. Reports indicate that Lima's claims are based solely on reports. Lima would not comment as to whether the find represents in-place or recoverable oil.Dow Jones reported that production from the pre-salt area could be "very challenging and expensive" because it lies in 2,000 meters of water, below 5,000 meters of rock, sand and salt.In November 2007, Petrobras stated that Tupi production could potentially reach 1 million bbl/d, but that the peak output would not arrive for another five to seven years. Oil and gas reserves at Tupi are estimated to be between 5 billion and 8 billion boe.Petrobras, Repsol-YPF and BG Group collaborated in the discovery.
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