Brazil builds $127 billion “Offshore City” to harvest oil in the deep sea

brazil-offshore-oil-city

Brazil is set to start gathering oil in new places.

Want to get a feel for how crazy the post-peak oil fossil fuels industry is getting? Here’s as good an example as any: Brazil’s state-owned oil company Petrobras is about to embark on an unprecedented oil-gathering mission. It’s about to attempt to extract 30 billion barrels of oil from reserves that are locked in deepwater sub-salt fields at least 60 miles off the coast and up to five miles underwater. In order to get at the incredibly hard-to-get oily good stuff, Brazil is spending an estimated $226 billion — and $127 billion will be spent on exploration and production alone.

The product of that venture is already taking shape: a veritable floating “offshore city” has sprung up over 100 kilometers (62 miles) off the coast of Brazil, and it will lead the effort to drill into the deep sea sub-salt…

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