BRASIL : 15 March UPDATE: Petrobras Output Linked To Local Oil Rig Makers.

http://www.bloomberg.com/news/2012-03-13/petrobras-output-goal-risked-as-brazil-boosts-dependence-on-local-supplies.html


      Thanks to popular former president Lula da Silva...oil giant Petrobras has one arm tied behind its back.
     Just to exploit its potential deep water oil reserves...under a Lula law...PBR must buy 70% of exploration equipment from Brasil firms...worth an estimated $30 billion.
    To do so...the local oil services industry must gear up rapidly...from scratch.
    Can it be done?
    Or will majority state controlled Petrobras continue to miss oil output targets because of rig delays and backlogs...and see its stock price languish?


     NEW!!! Overview/Backgrounder On recent Petrobras setbacks:
http://www.kansascity.com/2012/03/15/3492204/amid-high-hopes-brazils-oil-industry.html