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Sete Brasil was designed to help meet Brazil's goal of building drilling rigs domestically while taking some of the financial burden of their construction off Petrobras.

Investors in the firm include banks Santander, Bradesco, BTG Pactual and Caixa Economica Federal, as well as Brazilian pension funds such as Previ, Petrobras said in a statement. Petrobras will own a stake of less than 10% in the operation.

The rigs are due to be in operation by 2015.

Petrobras is commissioning 28 deep-water drilling rigs to be built in Brazil as part of efforts to spur the local oil services industry and the expansion of domestic shipyards.

Acquiring those rigs is a key part of its five-year, 224 billion US dollars business plan that is focused on the deep-water offshore region known as the sub-salt -- believed to hold as much as 100 billion barrels of oil buried beneath the ocean's surface.

However critics say building the rigs locally will boost Petrobras costs and slow development of the offshore reserves.

Petrobras also revealed on Monday that during the first quarter it had quickened the pace of drilling in the offshore Santos Basin.

During the first quarter, the company drilled eight wells in the Santos Basin, home to the vast region known as the sub-salt. That compares to a total of 20 wells drilled in the area between 2007 and 2010, said Santos Basin, Chief Financial Officer Almir Barbassa.

“That gives an idea of the rhythm of growth that we have in the Santos Basin,” Barbassa told reporters during an earnings presentation. “We have six rigs working there now, and by the end of the year we're going to increase that number”.

Petrobras plans to nearly double oil output in Brazil by 2020 with ambitious plans to develop the sub-salt.

The area has become a new frontier for energy exploration even though its technically challenging fields lie at depths of as much as 7 kilometres below the ocean's surface.

source:   http://en.mercopress.com/2011/05/17/brazilian-banks-and-funds-create-company-to-build-deep-water-rigs-for-petrobras

....are we a bit late?

Wil

-- Edited by admin on Saturday 12th of November 2011 04:53:03 PM

China's application to carry out deep sea mining and exploration activities in South-West Indian Ocean Ridge has been approved by International Seabed Authority, Parliament was informed today.

Replying to a question in Lok Sabha on the implication of Chinese dominance in Indian Ocean, Defence Minister AK Antony said, "Government keeps a constant watch on all developments concerning our national security and commercial interest and it takes all necessary measures to safe guard them."

Antony informed Parliament that the China Ocean Mineral Resources Research and Development Association (COMRA) has filed its application with the International Seabed Authority (ISBA) for Deep Sea Mining Exploration Licence and for approval of its plan.

China has sought approval for exploring polymetallic sulphides in South-West Indian Ocean Ridge.

"The application has been approved by the International Seabed Authority in July 2011," the Minister said.

Meanwhile, Minister of State for Defence MM Pallam Raju, replying to a question on security implications of import from China, said government has advised Bharat Electronics Ltd (BEL) to ensure that components of encryption products manufactured by it are not imported from China.

"Government has taken cognizance of security implications of import of electronic components from China, especially while manufacturing encryption products," Raju said.

Raju said, "BEL, a Defence Public Sector Undertaking (DPSU) which is a manufacturer of strategic defence electronics system has been advised to ensure that components of encryption products manufactured by it are not imported from China."

http://www.business-standard.com/india/news/china-gets-isba-nod-for-deep-sea-mining-in-indian-ocean/146011/on

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-- Edited by admin on Saturday 17th of March 2012 06:34:50 PM

"The deposits have a heavy concentration of rare earths," team leader Yasuhiro Kato told Reuters. "Just one square kilometre of deposits will be able to provide one-fifth of the current global annual consumption."

Given that the US Geological Survey estimates world reserves of rare earths at 110 million tonnes, the amount found deep beneath the ocean seemed a game-changer. The Industrial Mineral Corporation of Australia (IMCA) says total world production of rare earths was 100,000 tonnes last year. Consumption was 115,000 tonnes. The shortfall was filled from stockpiles or by illegal exports from China, which produces over 95 per cent of the global supply.

Thanks!

Gold Mining Equipment