The so-called FPSO (Floating, Production, Storage and Offloading) technology vessels remove the need for pipelines and thus lessen the risk of oil spills. The FPSO platform is portable, so it can be directed out of the path of hurricanes, another major plus.
As the PBR Web article referenced above puts it, "The BW Pioneer is the first FPSO to produce oil and gas in the U.S. portion of the Gulf of Mexico, and has the capacity to process 80 thousand barrels of oil and 500 thousand cubic meters of natural gas per day. Petrobras is the first company to develop an oil field in the Gulf of Mexico using a FPSO, a technology that has already been successfully and systematically employed in Brazil."
As the price chart below demonstrates, PBR shares hit its 52-week low and 3-year low price of $17.27-a-share on June 28th, 2012. On Friday, Sept. 14 shares hit an intraday high of $24.83, close to a 44% price rebound in less than three months! It closed on Monday, Sept. 17 at $23.85.
Jim Cramer and Stephanie Link actively manage a real money portfolio for his charitable trust- enjoy advance notice of every trade, full access to the portfolio, and deep coverage of the latest economic events and market movements.
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