In what should be a very profitable move, the bold Brazilian oil company, Petroleo Brasilero SA, or Petrobras (NYSE:PBR), is ignoring the Gulf of Mexico troubles connected to the BP (NYSE:BP) oil spill, is investing about $224 billion over the next five years in its offshore oil fields, the largest discovered in the Western Hemisphere in 30 years.
The oil fields were discovered using new techniques which are able to discover what's below the salt on the ocean floor.
Now that so many possibilities are open because of the new way of finding out what's below the ocean floor, BP is also setting aside an additional $118.8 billion for exploration and production during that same five-year period as well.
With oil prices relatively low, although still more profitable than natural gas, the future looks bright for Petrobras, as they will assuredly make more discoveries of their coasts, and bring the world oil it thirsts so much for.
This is a great move by the company, as it's the perfect time to expand when the rest of the world is largely going on the defensive in regards to oil.
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