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follow up:

AMSTERDAM, April 16 (Reuters) - The discovery of a potentially huge deep-water oil field off Brazil's coast has raised prospects of an order boost for Dutch companies that provide offshore production and survey services to oil drillers.

SBM Offshore and Fugro both say the discovery of what could be the world's largest oil find in the past 30 years is good news, and investors agreed, pushing their shares up to multi-month highs this week.

"This is certainly very positive news," said Sebastiaan de Ronde Bresser, a spokesman for SBM Offshore, which builds and operates floating production, storage and offloading platforms (FPSOs) for oil companies.

Dutch engineering firm Fugro provides seismic services to the oil industry and already provides services to Brazilian state oil company Petrobras (PBR), which announced the offshore find on Monday with partner BG Group .

"Prospects are positive," said a Fugro spokeswoman, adding that although they are not involved yet in the Carioca field, the discovery could yield extra contracts.

Since this week's announcement, shares in SBM Offshore have rallied as much as 10 percent and were trading at 22.60 euros on Wednesday, while Fugro shares have risen 3 percent to touch a 4 month-high and were at 53.30 euros at 1140 GMT.

In January, Fugro shares had slumped to a year low, and SBM shares hit a two-and-a-half-year low, on fears of cuts in spending by oil firms.

The discovery of a field of a potential 33 billion barrels could triple the number of FPSOs in Brazilian waters with the addition of 30 FPSOs, which each cost more than $1 billion, ING analyst Quirijn Mulder said.

"Based on a fair market share, SBM Offshore should be able to engineer and produce seven or eight FPSOs," Mulder said, adding that the FPSOs should have a production capacity of 180,000 barrels per day.

"Given SBM Offshore's reputation at Petrobras, the potential could be even higher," Mulder added.

SBM Offshore, which will have seven FPSOs in the Brazil region next year -- four of which will be for Petrobras -- declined to make any specific forecasts.

The company has an annual target to keep growing its lease fleet by the equivalent of two FPSO per year, valued at about $600 million each.

"The more deep-water reservoirs are found, the larger our market potential will be," SBM's De Ronde Bresser said, adding that much will depend on how Petrobras decides to harvest the oil. "They can develop the reservoir via pipeline or with FPSOs. Until now Petrobras has used FPSOs to develop deepwater fields."

Petrobras said on Tuesday that it was still drilling and it would likely take around three months to evaluate the actual size of the field.
 

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I had heard of it. For the Brazil oil reserves, they are going to be hard to tap and are at least a decade off.

For the Russia stuff, there were living things long before the Mesezoic that were quite capable of dying and forming into fossil fuels.

There are probably a number of great oil reserves out in the oceans remaining to be tapped. The problem is most/all are deep water reserves that are difficult and expensive to access if not simply impossibly to access. Bad enough you have to drill say 5,000ft down, but you have to anchor a derrick down through 6,000ft of water before hitting the sea floor take a lot of doing, now what if you have to anchor in a deep sea trench??? You might have to try to sink a pipe and anchoring down well over 15,000ft of water before you even hit sea floor.

If you subscribe to the crazy school of thought called global warming (I happen to) then thats great that we don't have to worry about our fossil fuels running out, not so great that it means we can just keep making the pot hotter as we go about business as usual. I honestly am not scoffing at large reserves being found, I think it is ridiculous that we can be fossil fuel free any time soon or even reduce our fossil fuel use all that soon, but I feel like we need to start reducing the growth in use and eventually start reducing the use. Just like I don't think alternative energy can start replacing existing power plant capacity in the US anytime soon, but we could probably soak up the expanded need for capacity with alternative energy for now until we can start replacing existing capacity.

One step at a time, we just have to make sure that we are actually taking steps...and making sure those steps don't take too long.
-Matt
 

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subscribing to look at since i'm invested in oil and gas stock.
 

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Might want to sell those stocks in about 35 years.

Im currently getting a masters in architecture and one of the things we cover is alternate fuel sources and saving the environment. When I was doing a sustainable housing project I found some interesting info on oil consumption.

Since oil has been used for cars to date we have used almost 80% of the worlds fuel.

They estimate 40 years or less to go until its all gone.

http://www.independent.co.uk/news/science/world-oil-supplies-are-set-to-run-out-faster-than-expected-warn-scientists-453068.html
 

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I love how u turds beleive we will run out of oil. Theres so much oil its not even funny. Maybe spots we tap into dry up but theres always oil being made down under. The death of the world is going to end up being a oil war because we fail to look beyond revenue
 

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Nuclear plants FTW. This world is going to meltdown anyway, according to the bogus "global warming" theorists.
 

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[quote author=423894 link=topic=109461.msg2253970#msg2253970 date=1208892383]
Might want to sell those stocks in about 35 years.

Im currently getting a masters in architecture and one of the things we cover is alternate fuel sources and saving the environment. When I was doing a sustainable housing project I found some interesting info on oil consumption.

Since oil has been used for cars to date we have used almost 80% of the worlds fuel.

They estimate 40 years or less to go until its all gone.

http://www.independent.co.uk/news/science/world-oil-supplies-are-set-to-run-out-faster-than-expected-warn-scientists-453068.html
[/quote]

Yeah, scientists are always right. Scientists told us the earth was flat too. I'm sure I can find plenty of scientists to debunk those scientists.
 

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We will destroy ourselves before oil runs out. Lets all drive nuclear powered cars. Just put the bad stuff in a black box and your good to crash and live!
 

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i honestly dont see what the big fcking deal is....
switch to ethanol...
its cheaper to make, more environmentally friendly, and is better for your engine....


in brazil ive driven ethanol cars "all cars in brazil run on ethanol, gasoline, and natural gas(like in your grill)"

brazillians have been doing it for YEARS and the outcome is longer engine life.. and less money spent, and a better environment...
 

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We already have e85 and you get worse mpg and less power. The only problem is because the engines are not tuned to run on it. Bump up the compression and tune it and it will be far better than gas.
 

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The problem with ethanol is that we need corn to produce it. It isn't exactly cheap to produce either. Think about it, we use corn or a corn derivative to make millions of food products (think corn syrup, etc). What will happen to food prices when the demand for corn SOARS because more is needed to make ethanol? That's right...a large increase in fuel and food products.

I guess it's not unlike what's happening now but it isn't as easy as just switching to Ethanol. We use a lot more fuel than the Brazilians. A lot more.
 

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[quote author=ITHURTZ link=topic=109461.msg2254746#msg2254746 date=1208907879]
We already have e85 and you get worse mpg and less power. The only problem is because the engines are not tuned to run on it. Bump up the compression and tune it and it will be far better than gas.
[/quote]

This is true...and a lot of winter blended gas uses a percentage of ethanol. These winter blends get decreased mpg due to the introduction of ethanol.
 

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^^ Typed it before I could. Ethanol comes from corn. We can't make enough corn to run everyone's cars off of ethanol, and even if we could, what about the rest of the produce no one is making so we can have enough corn.
 

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We just need to get away from gas itself. Compressed air can be had, they already have one that goes 60mph.
 

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Ethanol from corn is not the answer.  I read an article a few years ago about making ethanol from grass.  When the U.S. was being explored 300 years ago there was a type of prairie grass that would grow 4 to 6+ feet high.  This is the type of grass that the article stated would be the best choice to make ethanol from.  It can grow in the worst type of soil, does not need to be irrigated or fertilized.  I'll have use the ol' Google button and try to find it.
 

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[quote author=brunoxmatoss link=topic=109461.msg2254733#msg2254733 date=1208907590]
i honestly dont see what the big fcking deal is....
switch to ethanol...
its cheaper to make, more environmentally friendly, and is better for your engine....


in brazil ive driven ethanol cars "all cars in brazil run on ethanol, gasoline, and natural gas(like in your grill)"

brazillians have been doing it for YEARS and the outcome is longer engine life.. and less money spent, and a better environment...
[/quote]

Absolute and total fail.

Brazil makes ethanol from sugarcane, not corn like we do. The energy in/energy out equation is much, much, much better than corn ethanol. Ethanol increases smog, despite it being mandated to reduce it.

What all the ethanol sackriders neglect to mention when they talk about Brazil's energy independence is that ethanol is only a small part of the equation. They have massive amounts of domestic crude and use much less oil per capita than people in fully industrialized nations.
 

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Fast Money just solved the problem for everyone. BUY A HYBRID. The consumer wins and the oil companies win. They are gonna charge a high price for gas, because the demand is their. If consumers bought hybrids you can qualify for a tax cut as well if you don't make too much money. Hybrid cars are a little slower, except for the Accord that has 263hp (is faster than the non hybrid car). The oil companies would possibly maybe even drop their price, since hybrids are getting better mileage per gallon. As long as everyone is still driving the same in no matter what car they drive, then gas prices are never gonna go down. I don't drive any different than when gas was $2.00 a gallon so I'm prepared to pay whatever the current gas price is. Another way to fix this is purchase oil and gas stock like I did. I get raped by oil companies and then I make some of my money back. I invested in the actual oil and gas exploration companies, because they are cheaper, but are more volatile to changes in the market. That mainly depends on the 30 day average volume of trades, which for most oil and gas explorations are in the xx,xxx to xxx,xxx. Companies that trade in the x,xxx,xxx 30 day average volume can be considerably less volatile to market fluctuations, unless you're invested in AAPL or GOOG. These two stocks are a lot different, because so many people use their products to where if one fails the company can lose over 5% in a day.
 
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