Brazil Finds Another Billion Barrels

On Oct 23, Brazil will officially announce another massive oil discovery, a cool billion barrels.

RIO DE JANEIRO, Oct 3 (Reuters) - Brazilian officials plan to announce the discovery of a gigantic offshore oil area near Sergipe state on Oct. 23, a find that could be the country's biggest outside the massive "subsalt" area off its southern coast, the state government said.

Brazil's Energy and Mines minister, Edison Lobão, will "officially announce the discovery" during a visit to the state capital Aracaju, a press spokesman for acting governor Jackson Barreto told Reuters on Thursday.

A drilling campaign by state-run oil company Petroleo Brasileiro SA, known as Petrobras, and its Indian partner IBV Brasil has shown that their SEAL-11 block and adjoining areas about 100 kilometers (62 miles) off the coast contain more than 1 billion barrels of oil, Reuters reported on Sept. 26.

Hey global warmists, I know you are all energized (or filled with dread and signing up in droves for vasectomies) by the release of the AR5, but this is another nail in your coffin.  Brazil sees extracting this oil as their "space program."  They named their largest oil field after a leftist former president.  They're borrowing hundreds of billions from the Chinese to tap this oil.

Let me repeat.  There will be NO global policy action to address climate change.  Ever.


UPDATE:  In a wonderful convergence, I learn via Powerline that Harvard has rejected the puerile calls to divest from "fossil fuels."  I like this take:

I wonder if Faust is tiring of Harvard’s presidency, and phoned Larry Summers for advice on how to get fired.

That's funny, although this was clearly not Faust's decision to make.  Harvard has a board of poobahs governors that make these types of decisions.  They make this one and dealt Faust the job of figuring out how to make the castor oil go down easy with the Harvard crowd at large. 

Another humorous take might be, no way can Harvard afford to forgo any potential investment returns given that its endowment is under-performing since it ousted superstar manager Jack Meyer and made a diversity hire to run things.