ERHC Energy Inc (ERHE)

[Rack]

Read this on The Prudent Bear site on Doug Nolan's latest.
May 15 – Bloomberg (Joe Carroll): “Petroleo Brasileiro SA, Brazil’s state-controlled oil company, leased about 80% of the world’s deepest-drilling offshore rigs to explore prospects including the Western Hemisphere’s biggest discovery in decades. Petrobras… is hiring rigs that can drill in at least 3,000 meters of water… The world has 21 such vessels, according to Rigzone.com, which tracks the offshore drilling industry. The company’s ‘insatiable’ demand is forcing producers including Exxon Mobil Corp. and BP Plc to pay more as they compete for the remaining units, said Kjell Erik Eilertsen and Truls Olsen, analysts at Fearnley Fonds AS… Explorers that don’t have rigs under contract may delay projects or pay rents of more than $600,000 a day. ‘The oil majors have their backs against the wall as Petrobras has aggressively locked up significant rig capacity,’ said Omar Nokta, head of maritime research at Dahlman Rose & Co.”