The Rising Influence of Rising Affluence

[DewDiligence]

VALE has been an inconsequential player in oil,
but it’s conceivable that this could change…

http://www.reuters.com/article/2011/04/15/petrobras-vale-oil-idUSN1522135920110415

›Petrobras, Vale Find Signs of Oil in Brazil Bloc

Fri Apr 15, 2011 10:23am EDT

RIO DE JANEIRO, April 15 (Reuters) - Brazil's state-controlled oil company Petrobras said on Friday it had discovered signs of oil in an offshore bloc it is exploring jointly with Brazilian iron ore miner Vale (VALE).

The discovery was made in an area where the sea water depth is 2,153 meters (1.35 miles), in the ES-M-527 region contained within the BM-ES-22 bloc, off the coast of Espirito Santo state that neighbors Rio de Janeiro.

Vale, the country's largest single consumer of energy, bought a 25 percent stake in the bloc from Petrobras a year ago. Vale also has a 10 percent stake in a neighboring bloc, BM-ES-21, which is operated by Petrobras.‹