Petrobras Offshore Oil
From Energy and Capitol: There's a saying among Brazilians that God is, well, Brazilian... And for a good chunk of 2007 and 2008, Brazil's petroleum production prospects looked heavenly. The offshore Tupi field is estimated by the UK's BG Group to hold 30 billion or more barrels of oil equivalent (BOE). Petrobras itself has tossed out oil and gas aggregate numbers of up to 80 billion barrels. Kajillionaire George Soros put his money down on national oil company Petrobras (NYSE:PBR) in 2008, buying from $55 per ADR share all the way to the top at $72. Soros wasn't blessed in his timing on Petrobras, as the stock then crashed down to below $15. Now Petrobras just turned in a Q4 fuel trading loss of $409 million. That's understandable for any oil company given the weak economy, but it may have been extra ominous for their commitment to Tupi, which is a next-generation field.
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