Brazil exploration has been dry holes every time we have tried to enter. What gives? Should have bought our way into proven Petrobras opportunities. Does exploration not understand sub salt?
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And apparently ExxonMobil waaaayyy overpays for the worst of the worst acreage. How much more than the second place bid did we pay? Remind me? Only reason we have people in Brazil is to pay for the research money we sweetened the deal with. All expense now. Zero value. How embarrassing.
Petrobras saves the best acreage for itself. It uses the international companies to prove up “prospective” plays.
Them Brazilians be very savvy.