Brazil Part 3

In 2012 start of production at Tupi. Technology needed to tap fields like Tupi, which sit hundreds of miles offshore beneath thousands of feet of rock, sand and salt...

Petrobras, Chevron Corp., Royal Dutch Shell Plc and Norsk Hydro ASA plan to start pumping oil from eight Brazilian fields in the next 2 1/2 years that will produce a combined 1.02 million barrels a day, enough to supply two-thirds of the crude used by U.S. East Coast refineries.

More discoveries will follow in Brazil's offshore basins, most of which have yet to be opened to exploration, Repsol YPF SA, Galp Energia, Exxon Mobil Corp. and Devon Energy Corp. are among the producers scouring Brazil's waters for reserves.
The finds they've got so far are just the tip of the iceberg, Brazil is going to change the balance of the global oil markets, and Petrobras will become a geopolitical supermajor.

These absurd crude prices are having the effect that other energy sources are being found and developed ending the Western Hemisphere's reliance on Middle East crude...