In the Gulf of Mexico, BP plc (NYSE:BP) claims it has
found a reserve of about 4 billion to 6 billion barrels of oil equivalent. If that's true, offshore services requirements will be great and deals such as the ones we're seeing in Brazil will be commonplace.
Besides oil companies such as Royal Dutch Shell plc (NYSE:RDS.A) and Chevron Corp. (NYSE:CVX) teaming up around the discoveries, related
companies are growing. For $174 million, Bristow Group Inc. (NYSE:BRS)
is
acquiring
42.5% of Lider Aviacao Holding SA, Brazil's largest provider of
helicopter and executive aviation services. Bristow's major operations
are in the U.S. Gulf of Mexico and the North Sea.
And in June, Houston oilfield services company Oil States International Inc. (NYSE:OIS) said its Oil States Industries Inc. unit
inked a joint venture
with Uniao Engenharia Fabricacao e Montagem Ltda. to provide deepwater
production and subsea pipeline solutions to Brazil's offshore
construction industry.
For the millions of dollars and years of work BP would pour into the Tiber project, oil prices would need to be around $75/barrel. The price is hovering around $70/barrel. -
Baz Hiralal
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