(Following the money)

Analysis: Other Countries Fail to Follow U.S. Lead on Drilling Moratorium

The Institute for Energy Research reports that countries with offshore oil resources do not intend to follow the U.S. in imposing a moratorium on offshore drilling, nor are they slowing progress towards exploration and development of offshore oil resources in the Gulf of Mexico and elsewhere.

Meanwhile, the U.S. oil industry will have to contend with new rules for offshore drilling, including provisions on workplace and drilling safety, with no date for the termination of the moratorium. According to Ken Salazar, Secretary of the Department of the Interior, "Under these new rules, operators will need to comply with tougher requirements for everything from well design and cementing practices to blowout preventers and employee training."

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The China Development Bank agreed to lend $10 billion to Petrobas in exchange for increased oil exports. Petrobas and Sinopec (the China Petroleum & Chemical Company) signed a long-term agreement for Petrobas to export 200,000 b/d of oil to China between 2010 and 2019. The Export-Import Bank of the United States, a federal bank of the U.S. government, whose mission is to "assist in the financing of U.S. goods and services to international markets," issued a $2 billion loan to Petrobas for offshore exploration and development—with the approval of Ex-Im's bipartisan board. The majority of the Export-Import Bank's financing comes from loans from commercial lenders.

Brazil...

China...

Cuba...

Mexico...

Europe...

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[link to www.rigzone.com]