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James Hackett was named President and Chief Executive Officer of the Company in December 2003, and Chairman of the Board of the Company in January 2006. Prior to joining the[…]

The Brazilian surprise.

Question: Where are the new oil booms?

Jim Hackett: Interestingly Brazil is made some significant find if you believe what we are told at that to be uranium, have no reason not to believe it. That may be one of the horizons that I wasn’t expecting at all, we had a lot of oil discovered in Brazil. Number people talk about the break countries and how Brazil is proving you can become energy independent by sugarcane production, which is the first to say true, because it is actual oil production, it is actually helping become energy independent. Supplement a little bit by sugarcane productions. It is mostly oil productions. So, we had a promise that is produced oil for great deal of time, but as they want to alter deep waters and we are active down there as well. They apparently have found a major new resource base and that is what you need doing, making difference in the world is billions of barrels. Prior to that over the last few years we had a hard time finding more than a handful of fuels that over a half a billion barrels worth of resources that unless you find a lot of those that does not tend to make much of a difference in the world’s prior situation. Especially, since it takes 7 to 10 years to develop these kinds of resources in very deep waters $4 billion projects, it actually turned them and as been take that longer time you get done drilling the wells and building the equipment to drill out and actually off load the oil. So, Brazil is very encouraging, you still have to look at the Middle East scenario which is under explore, whether it is Iran or Iraq, Saudi Arabia probably would even fit in that category. The Caspian’s still has wonderful areas to go and explore. So, are the areas I would expect to see it happening, but we are continuing to look everywhere in the world and in the east coast of Africa right now, in Mozambique we have got a big acres positions and want the Rumania under explored territory river basins in the world. I know Exxon Mobil is looking up in Greenland. So, if people are going to continue to press the technology envelope and that what our industry does and they do it very well and continue to try to find resources that I think actually can help consumers.


Recorded On: 3/24/08