Brazil has been a pioneer of drilling in deep waters.

Question: Where are the new oil booms in the world?

Robert Bryce: Brazil. Brazil is a huge player now in they are the masters of the ultra deep water exploration just last year in November of ’07, they discovered the to be field which they expect has the 8 billion barrels of crude and that is a lot it is a largest world discovery in the last 20 years. They have also found huge amounts of natural gas, they have delineated the size of the find in Brazil but it is big and so I think Brazil is clearly going to be a huge player. Russia is going to continue to be a huge player. I don’t have the south east, they are not going away, the Iranians I think it is largely going to be the same cast of countries that we have seen over the fast two decades but I think Brazil if I were going to pick the big winner in the coming decades it is clearly Brazil on their national oil company Pertobras.

Date Recorded: 03/20/2008