Apart from GTE and PMG news from BRAZIL that I posted at another post, this is another very good RECENT development for TID's rigs in BRAZIL.
PBR sees that its offshore costs in the newly discovered offshore fields in Brazil are very high, so it slows down its offshore activities in favor of its onshore ones that are cheap and have low exploration risk.
Petrobras Approves Projects at Mature Fields in Bahia
RIO DE JANEIRO - State-run oil company Petroleo Brasileiro, or Petrobras, said Friday its board has approved "three large investment projects" to recover oil and gas output at mature fields in the northeastern state of Bahia.
by Dow Jones Newswires
| Paul Kiernan Friday, May 31, 2013
The projects involve expanding Petrobras' installations in the region, drilling 26 new wells and making 227 upgrades to existing wells. Petrobras said the efforts will be quick to generate cash.
The company plans to spend around 3.2 billion Brazilian reais ($1.503 billion) in investments and operational costs in Bahia between 2013 and 2017. Its goal is to maintain the state's oil and natural gas production stable at around 50,000 barrels and 8.3 million cubic meters per day, respectively