While BP has been busy spewing oil into the Gulf of Mexico, many other oil companies have been busy finding oil under the waters of other gulfs, seas and oceans. In fact, Brazil’s state-controlled energy giant, Petrobras (NYSE:PBR), just announced a major oil discovery in offshore Angolan waters. Water depth is about 1,500 feet. The “net pay� zone is almost 1,500 feet of oil-bearing reservoir, far below the seabed. The preliminary estimate is that there are over 500 million barrels or recoverable oil in place. That’ll likely grow, as additional wells go down over time. It’s always nice to strike oil.
The Namibian Oil Rush
While BP has been busy spewing oil into the Gulf of Mexico, many other oil companies have been busy finding oil under the waters of other gulfs, seas and oceans. In fact, Brazil’s state-controlled energy giant, Petrobras (NYSE:PBR), just announced a major oil discovery in offshore Angolan waters. Water depth is about 1,500 feet. The “net pay� zone is almost 1,500 feet of oil-bearing reservoir, far below the seabed. The preliminary estimate is that there are over 500 million barrels or recoverable oil in place. That’ll likely grow, as additional wells go down over time. It’s always nice to strike oil.
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