firb approval just around the corner, page-2

WPL would no doubt have been a bidder, as would have CVX. I do not think the deal was so much extracted from Petrobras but rather Petrobras outbid the established players. For PBR to out punch the local bullies shows the value of Artemis.

If PBR thought Caterina was a better prospect then they would have farmed into that instead.

Think of it as a school dance. WPL wanted to get into bed with the hot chick, but she decided that the offer of dinner at Mcdonalds and a ride in a taxi was insulting. PBR won her favour with dinner at a swish restaurant and a ride to the dance in a sports car. She also figured PBR has more experience in bed (In bed meaning a business consortium for the benefit of our moral mods) with high class women and is less likely to leave her unsatisfied after only one drilling.

End result? PBR in bed with the hot chick and about to drill her......several times.

WPL is stuck with the fat chick with red hair, freckles and braces and will probably only drill out of duty rather than want.