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Text II
Off the Deep End in Brazil
Gerald Herbert
With crude still hemorrhaging into the Gulf of
Mexico, deep-water drilling might seem taboo just
now. In fact, extreme oil will likely be the new normal.
Despite the gulf tragedy, the quest for oil and gas in
5 the most difficult places on the planet is just getting
underway. Prospecting proceeds apace in the ultra-
deepwater reserves off the coasts of Ghana and
Nigeria, the sulfur-laden depths of the Black Sea, and
the tar sands of Venezuela’s Orinoco Basin. Brazil’s
10 Petrobras, which already controls a quarter of global
deepwater operations, is just starting to plumb its 9 to
15 billion barrels of proven reserves buried some four
miles below the Atlantic.
The reason is simple: after a century and a
15 half of breakneck oil prospecting, the easy stuff is
history. Blistering growth in emerging nations has
turned the power grid upside down. India and China
will consume 28 percent of global energy by 2030,
triple the juice they required in 1990. China is set to
20 overtake the U.S. in energy consumption by 2014.
And now that the Great Recession is easing, the
earth’s hoard of conventional oil is waning even
faster. The International Energy Agency reckons the
world will need to find 65 million additional barrels a
25 day by 2030. If the U.S. offshore-drilling moratorium
drags on, look for idled rigs heading to other shores.
Available in:
<http://www.newsweek.com/2010/06/13/off-the-deep-end-in-brazil.html>
Retrieved on: June 19, 2011.
In Text II, Herbert illustrates the possibility of “...idled rigs heading to other shores.” (line 26) EXCEPT when he mentions
Text II
Off the Deep End in Brazil
Gerald Herbert
With crude still hemorrhaging into the Gulf of
Mexico, deep-water drilling might seem taboo just
now. In fact, extreme oil will likely be the new normal.
Despite the gulf tragedy, the quest for oil and gas in
5 the most difficult places on the planet is just getting
underway. Prospecting proceeds apace in the ultra-
deepwater reserves off the coasts of Ghana and
Nigeria, the sulfur-laden depths of the Black Sea, and
the tar sands of Venezuela’s Orinoco Basin. Brazil’s
10 Petrobras, which already controls a quarter of global
deepwater operations, is just starting to plumb its 9 to
15 billion barrels of proven reserves buried some four
miles below the Atlantic.
The reason is simple: after a century and a
15 half of breakneck oil prospecting, the easy stuff is
history. Blistering growth in emerging nations has
turned the power grid upside down. India and China
will consume 28 percent of global energy by 2030,
triple the juice they required in 1990. China is set to
20 overtake the U.S. in energy consumption by 2014.
And now that the Great Recession is easing, the
earth’s hoard of conventional oil is waning even
faster. The International Energy Agency reckons the
world will need to find 65 million additional barrels a
25 day by 2030. If the U.S. offshore-drilling moratorium
drags on, look for idled rigs heading to other shores.
Available in:
<http://www.newsweek.com/2010/06/13/off-the-deep-end-in-brazil.html>
Retrieved on: June 19, 2011.
According to Text II, in spite of the oil spill disaster in the Gulf of Mexico,
Text I
Brazil: Platform for growth
By Joe Leahy
On the Cidade de Angra dos Reis oil platform,
surrounded by the deep blue South Atlantic, a
Petrobras engineer turns on a tap and watches black
liquid flow into a beaker.
5____It looks and smells like ordinary crude oil.
Nevertheless, for Brazil, this represents something
much more spectacular. Pumped by the national oil
company from “pre-salt” deposits – so-called because
they lie beneath 2,000m of salt – 300km off the coast
10 of Rio de Janeiro, it is some of the first commercial
oil to flow from the country’s giant new deepwater
discoveries.
Already estimated to contain 50bn barrels, and
with much of the area still to be fully explored, the
15 fields contain the world’s largest known offshore oil
deposits. In one step, Brazil could jump up the world
rankings of national oil reserves and production, from
15th to fifth. So great are the discoveries, and the
investment required to exploit them, that they have
20 the potential to transform the country – for good or for ill.
Having seen out booms and busts before,
Brazilians are hoping that this time “the country
of the future” will at last realise its full economic
potential. The hope is that the discoveries will provide
25 a nation already rich in renewable energy with an
embarrassment of resources with which to pursue the
goal of becoming a US of the south.
The danger for Brazil, if it fails to manage this
windfall wisely, is of falling victim to “Dutch disease”.
30 The economic malaise is named after the Netherlands
in the 1970s, where the manufacturing sector withered
after its currency strengthened on the back of a large
gas field discovery combined with rising energy prices.
Even worse, Brazil could suffer a more severe
35 form of the disease, the “oil curse”, whereby nations
rich in natural resources – Nigeria and Venezuela, for
example – grow addicted to the money that flows from
them.
Petrobras chief executive says neither the
40 company nor the country’s oil industry has so far
been big enough to become a government cash cow.
But with the new discoveries, which stretch across an
800km belt off the coast of south-eastern Brazil, this is
going to change. The oil industry could grow from about
45 10 per cent of GDP to up to 25 per cent in the coming
decades, analysts say. To curb any negative effects,
Brazil is trying to support domestic manufacturing
by increasing “local content” requirements in the oil
industry.
50____Without a “firm local content policy”, says
Petrobras CEO, Dutch disease and the oil curse will
take hold. However, “if we have a firm and successful
local content policy, no – because other sectors in the
economy are going to grow as fast as Petrobras”.
55___The other long-term dividend Brazil is seeking
from the discoveries is in research and development
(R&D). Extracting oil from beneath a layer of salt at
great depth, hundreds of kilometres from the coast, is
so challenging that Brazilian engineers see it as a new
60 frontier. If they can perfect this, they can lead the way
in other markets with similar geology, such as Africa.
For its part, Petrobras is spending $800m-$900m
a year over the next five years on R&D, and has
invested $700m in the expansion of its research
65 centre.
Ultimately, Brazil’s ability to avoid Dutch disease
will depend not just on how the money from the oil
is spent. The country is the world’s second biggest
exporter of iron ore. It is the largest exporter of beef.
70 It is also the biggest producer of sugar, coffee and
orange juice, and the second-largest producer of soya
beans.
Exports of these commodities are already driving
up the exchange rate before the new oil fields have
75 fully come on stream, making it harder for Brazilian
exporters of manufactured goods. Industrial production
has faltered in recent months, with manufacturers
blaming the trend on a flood of cheap Chinese-made
imports.
80____“Brazil has everything that China doesn’t and it’s
natural that, as China continues to grow, it’s just going
to be starved for those resources,” says Harvard’s
Prof Rogoff. “At some level Brazil doesn’t just want
to be exporting natural resources – it wants a more
85 diversified economy. There are going to be some
rising tensions over that.”
Adapted from Financial Times - March 15 2011 22:54. Available in:
<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>
Retrieved on: June 17, 2011.
Text II
Off the Deep End in Brazil
Gerald Herbert
With crude still hemorrhaging into the Gulf of
Mexico, deep-water drilling might seem taboo just
now. In fact, extreme oil will likely be the new normal.
Despite the gulf tragedy, the quest for oil and gas in
5 the most difficult places on the planet is just getting
underway. Prospecting proceeds apace in the ultra-
deepwater reserves off the coasts of Ghana and
Nigeria, the sulfur-laden depths of the Black Sea, and
the tar sands of Venezuela’s Orinoco Basin. Brazil’s
10 Petrobras, which already controls a quarter of global
deepwater operations, is just starting to plumb its 9 to
15 billion barrels of proven reserves buried some four
miles below the Atlantic.
The reason is simple: after a century and a
15 half of breakneck oil prospecting, the easy stuff is
history. Blistering growth in emerging nations has
turned the power grid upside down. India and China
will consume 28 percent of global energy by 2030,
triple the juice they required in 1990. China is set to
20 overtake the U.S. in energy consumption by 2014.
And now that the Great Recession is easing, the
earth’s hoard of conventional oil is waning even
faster. The International Energy Agency reckons the
world will need to find 65 million additional barrels a
25 day by 2030. If the U.S. offshore-drilling moratorium
drags on, look for idled rigs heading to other shores.
Available in:
<http://www.newsweek.com/2010/06/13/off-the-deep-end-in-brazil.html>
Retrieved on: June 19, 2011.
Comparing Texts I and II,
Text I
Brazil: Platform for growth
By Joe Leahy
On the Cidade de Angra dos Reis oil platform,
surrounded by the deep blue South Atlantic, a
Petrobras engineer turns on a tap and watches black
liquid flow into a beaker.
5____It looks and smells like ordinary crude oil.
Nevertheless, for Brazil, this represents something
much more spectacular. Pumped by the national oil
company from “pre-salt” deposits – so-called because
they lie beneath 2,000m of salt – 300km off the coast
10 of Rio de Janeiro, it is some of the first commercial
oil to flow from the country’s giant new deepwater
discoveries.
Already estimated to contain 50bn barrels, and
with much of the area still to be fully explored, the
15 fields contain the world’s largest known offshore oil
deposits. In one step, Brazil could jump up the world
rankings of national oil reserves and production, from
15th to fifth. So great are the discoveries, and the
investment required to exploit them, that they have
20 the potential to transform the country – for good or for ill.
Having seen out booms and busts before,
Brazilians are hoping that this time “the country
of the future” will at last realise its full economic
potential. The hope is that the discoveries will provide
25 a nation already rich in renewable energy with an
embarrassment of resources with which to pursue the
goal of becoming a US of the south.
The danger for Brazil, if it fails to manage this
windfall wisely, is of falling victim to “Dutch disease”.
30 The economic malaise is named after the Netherlands
in the 1970s, where the manufacturing sector withered
after its currency strengthened on the back of a large
gas field discovery combined with rising energy prices.
Even worse, Brazil could suffer a more severe
35 form of the disease, the “oil curse”, whereby nations
rich in natural resources – Nigeria and Venezuela, for
example – grow addicted to the money that flows from
them.
Petrobras chief executive says neither the
40 company nor the country’s oil industry has so far
been big enough to become a government cash cow.
But with the new discoveries, which stretch across an
800km belt off the coast of south-eastern Brazil, this is
going to change. The oil industry could grow from about
45 10 per cent of GDP to up to 25 per cent in the coming
decades, analysts say. To curb any negative effects,
Brazil is trying to support domestic manufacturing
by increasing “local content” requirements in the oil
industry.
50____Without a “firm local content policy”, says
Petrobras CEO, Dutch disease and the oil curse will
take hold. However, “if we have a firm and successful
local content policy, no – because other sectors in the
economy are going to grow as fast as Petrobras”.
55___The other long-term dividend Brazil is seeking
from the discoveries is in research and development
(R&D). Extracting oil from beneath a layer of salt at
great depth, hundreds of kilometres from the coast, is
so challenging that Brazilian engineers see it as a new
60 frontier. If they can perfect this, they can lead the way
in other markets with similar geology, such as Africa.
For its part, Petrobras is spending $800m-$900m
a year over the next five years on R&D, and has
invested $700m in the expansion of its research
65 centre.
Ultimately, Brazil’s ability to avoid Dutch disease
will depend not just on how the money from the oil
is spent. The country is the world’s second biggest
exporter of iron ore. It is the largest exporter of beef.
70 It is also the biggest producer of sugar, coffee and
orange juice, and the second-largest producer of soya
beans.
Exports of these commodities are already driving
up the exchange rate before the new oil fields have
75 fully come on stream, making it harder for Brazilian
exporters of manufactured goods. Industrial production
has faltered in recent months, with manufacturers
blaming the trend on a flood of cheap Chinese-made
imports.
80____“Brazil has everything that China doesn’t and it’s
natural that, as China continues to grow, it’s just going
to be starved for those resources,” says Harvard’s
Prof Rogoff. “At some level Brazil doesn’t just want
to be exporting natural resources – it wants a more
85 diversified economy. There are going to be some
rising tensions over that.”
Adapted from Financial Times - March 15 2011 22:54. Available in:
<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>
Retrieved on: June 17, 2011.
The boldfaced item is synonymous with the expression in parentheses in
Text I
Brazil: Platform for growth
By Joe Leahy
On the Cidade de Angra dos Reis oil platform,
surrounded by the deep blue South Atlantic, a
Petrobras engineer turns on a tap and watches black
liquid flow into a beaker.
5____It looks and smells like ordinary crude oil.
Nevertheless, for Brazil, this represents something
much more spectacular. Pumped by the national oil
company from “pre-salt” deposits – so-called because
they lie beneath 2,000m of salt – 300km off the coast
10 of Rio de Janeiro, it is some of the first commercial
oil to flow from the country’s giant new deepwater
discoveries.
Already estimated to contain 50bn barrels, and
with much of the area still to be fully explored, the
15 fields contain the world’s largest known offshore oil
deposits. In one step, Brazil could jump up the world
rankings of national oil reserves and production, from
15th to fifth. So great are the discoveries, and the
investment required to exploit them, that they have
20 the potential to transform the country – for good or for ill.
Having seen out booms and busts before,
Brazilians are hoping that this time “the country
of the future” will at last realise its full economic
potential. The hope is that the discoveries will provide
25 a nation already rich in renewable energy with an
embarrassment of resources with which to pursue the
goal of becoming a US of the south.
The danger for Brazil, if it fails to manage this
windfall wisely, is of falling victim to “Dutch disease”.
30 The economic malaise is named after the Netherlands
in the 1970s, where the manufacturing sector withered
after its currency strengthened on the back of a large
gas field discovery combined with rising energy prices.
Even worse, Brazil could suffer a more severe
35 form of the disease, the “oil curse”, whereby nations
rich in natural resources – Nigeria and Venezuela, for
example – grow addicted to the money that flows from
them.
Petrobras chief executive says neither the
40 company nor the country’s oil industry has so far
been big enough to become a government cash cow.
But with the new discoveries, which stretch across an
800km belt off the coast of south-eastern Brazil, this is
going to change. The oil industry could grow from about
45 10 per cent of GDP to up to 25 per cent in the coming
decades, analysts say. To curb any negative effects,
Brazil is trying to support domestic manufacturing
by increasing “local content” requirements in the oil
industry.
50____Without a “firm local content policy”, says
Petrobras CEO, Dutch disease and the oil curse will
take hold. However, “if we have a firm and successful
local content policy, no – because other sectors in the
economy are going to grow as fast as Petrobras”.
55___The other long-term dividend Brazil is seeking
from the discoveries is in research and development
(R&D). Extracting oil from beneath a layer of salt at
great depth, hundreds of kilometres from the coast, is
so challenging that Brazilian engineers see it as a new
60 frontier. If they can perfect this, they can lead the way
in other markets with similar geology, such as Africa.
For its part, Petrobras is spending $800m-$900m
a year over the next five years on R&D, and has
invested $700m in the expansion of its research
65 centre.
Ultimately, Brazil’s ability to avoid Dutch disease
will depend not just on how the money from the oil
is spent. The country is the world’s second biggest
exporter of iron ore. It is the largest exporter of beef.
70 It is also the biggest producer of sugar, coffee and
orange juice, and the second-largest producer of soya
beans.
Exports of these commodities are already driving
up the exchange rate before the new oil fields have
75 fully come on stream, making it harder for Brazilian
exporters of manufactured goods. Industrial production
has faltered in recent months, with manufacturers
blaming the trend on a flood of cheap Chinese-made
imports.
80____“Brazil has everything that China doesn’t and it’s
natural that, as China continues to grow, it’s just going
to be starved for those resources,” says Harvard’s
Prof Rogoff. “At some level Brazil doesn’t just want
to be exporting natural resources – it wants a more
85 diversified economy. There are going to be some
rising tensions over that.”
Adapted from Financial Times - March 15 2011 22:54. Available in:
<http://www.ft.com/cms/s/0/fa11320c-4f48-11e0-9038-00144feab49a,_i_email=y.html>
Retrieved on: June 17, 2011.
In “Without a ‘firm local content policy’, says Petrobras CEO, Dutch disease and the oil curse will take hold.” (lines 50-52), “take hold” means to