From UPI:
RIO DE JANEIRO, June 22 (UPI) -- Brazil will spend $224 billion in five years on doubling its capacity for oil production and export despite cautious business optimism on the future global outlook for crude prices.
State-run Petrobras oil giant unveiled the spending plans as Chief Executive Officer Sergio Gabrielli set out the company's strategy to build capacity in the run-up to 2020, when Brazil will have doubled its production to 5.4 million barrels a day from 2.7 million barrels a day at present.
Anti-Rubinesque Update: Peak oil, Schmeak Oil:
But crude oil itself has already peaked – at least five times since 1950, Prof. Boyce says – without beginning to approach the demise of oil anticipated by peak oil theory’s famous Bell curve. Indeed, crude oil reserves have doubled roughly every 15 years since 1850 and the world now has more proven reserves than it has ever had in the ensuing 150 years.
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