Jamie,
Thanks for the info. I agree one shouldn't assume. Even with seismic evidence it's speculative at best that these blocks may be valued at a billion $ each. One could say this is an assumption based on other activity in the surrounding areas don't you think?
Still doesn't debase the fact that there is a lack of oil service industry offshore from Brazil. This is a major hurdle over there but not one that cannot be overcome in time. Ok so maybe 'a few cents at best' was a bit harsh. Seismic survey results will be completed in time, but whatever happens from there is a long, long way off don't you agree? And as for proving reserves, we have to drill to do that.
good news on drilling and brazil, page-13
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