Last month I looked at Petrobras'
Now it looks as though Petrobras may be close to vaulting its way into an even more profitable partnership, this time with Chinese offshore ace CNOOC
CNOOC is achieving strong results in places like Bohai (to which Ultra Petroleum
Just as with the Gulf of Mexico and offshore West Africa and Brazil, China's deepwater basins hold tremendous hydrocarbon deposits. The technical challenges of deepwater exploitation demand expertise that CNOOC simply doesn't have today. The company needs a partner, and Petrobras fits the part.
CNOOC is reportedly set to offer Petrobras access to some of China's offshore bounty -- so long as Brazil is willing to reciprocate. Both countries keep a fairly tight lid on foreign participation, so a mutual opening-up of meaningful size would mark a major new chapter in the oil story.
Whether we decide to lift our domestic drilling constraints, an accelerated exploitation of China's riches, with the help of a proven developer like Petrobras, would indicate that drillers like Noble