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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
Oct 12, 2008
Page
8
Houston based Baker Hughes Inc reports a weekly rig count rise to 1990 with 1548 drilling for natural gas and 429 for oil. Thirteen rigs listed as miscellaneous. The count compares with 1767 a year ago.
Brazil could become a major oil power after discoveries of 50 to 80 billion barrels of light crude in nine fields, located 185 miles offshore beneath deep salt layers. Analysts estimate a $600 billion, 30-year investment to develop pre-salt reservoirs, with Lula pledging poverty reduction while military spending may rise to guard the resource.
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