Friday, May 16, 2008

Those Crazy State-Owned Companies!

Leaving work undone. Always behind the curve. Inefficient and hobbled by corruption.

Turns out Petro-Brazil has kinda cornered the market on deep water drilling.

Also, I thought there were something like 60+ deep water rigs, worldwide. Turns out that there are just 21:

May 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil's state-controlled oil company, leased about 80 percent of the world's deepest-drilling offshore rigs to explore prospects including the Western Hemisphere's biggest discovery in decades.

Petrobras, as the Rio de Janeiro-based company is known, is hiring rigs that can drill in at least 3,000 meters (9,800 feet) of water, Chief Executive Officer Jose Sergio Gabrielli said in an interview last week. The world has 21 such vessels, according to, which tracks the offshore drilling industry.

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