Petrobras, Brazil's state-owned oil company has discovered a major location of oil reserves 180 miles off the coast of Rio de Janeiro that, under ideal circumstances, could launch Brazil as a petroleum exporter. As the article notes, it appears to be light oil, which is easier and cheaper to refine than heavier oil found in Venezuela. While this oil is deep below the surface of the ocean, Petrobras is an innovator in deep water drilling:
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Texas' Hunt Oil Co. and Kurdistan's regional government said Saturday they've signed a production-sharing contract for petroleum exploration in northern Iraq, the first such deal since the Kurds passed their own oil and gas law in August.
Hunt has ties to the Bush administration:
"In October 2001 and again in January 2006, Mr. Hunt was appointed by President George W. Bush to the President's Foreign Intelligence Advisory Board in Washington, D.C."
Welcome to the Bush administration's Middle East oil gambit...
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