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Petrobras expects to bring in the first test well during the first quarter of 2009, a year ahead of schedule, and plans to increase production to 4.2 million b/d by 2015. While outside observers remain skeptical, Petrobras announced plans to hire 14,000 geologists and oil rig workers, is attempting to lease as many as 17 newly-built drilling rigs, and is talking of joining OPEC.

5. Energy Briefs

(clips from recent Peak Oil News dailies are indicated by date and item #)

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In Nigeria, the recent slump in oil output may have been disastrous, but problems could worsen. The MEND says it will step up its campaign of attacks on crude-oil facilities. The group also said that it is willing to cease hostilities if the federal government agrees to mediation by former President Jimmy Carter. (5/7, #7; 5/10, #7 )

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China recorded a rare on-year fall in its crude oil imports in April, likely due to high oil prices and record volumes arriving in Chinese ports during March. Chinas imports during January- April 2008 vs. 2007 are still up 9.8% overall. (5/9; #2)

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The recent troubles of Chinas oil industry, which is barred from raising its pump charges to offset soaring international crude oil prices, are now affecting the domestic power industry. Fuel costs are rocketing but their prices cannot match them. (5/7, #12)

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Mexico's state oil company suffered a setback this year with its deepwater exploration program by drilling a dry hole in 810 meters of water -- the second dry hole of six deepwater wells the company has drilled in the Gulf since 2004. Each such well costs Pemex upwards of $150 million. ((5/8, #6)

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Iraq's oil production could reach three million barrels/day by the end of 2008, according to Iraq's Minister of Industry. Oil revenue for March was up 12 percent to $5.6 billion.(5/9, #5)