UK backing loans for ‘risky’ offshore oil drilling in Brazil

rig-worker
Photo source: ©© William Kitzinger

Excerpts;

The British government is subsidising one of the world’s largest and riskiest oil-drilling projects in the Atlantic Ocean and would be liable for tens of millions of pounds if a major accident took place.

Documents seen by the Guardian show that UK trade ministers underwrote loans taken out by the Brazilian state-run energy company Petrobras in 2005 in order that Rolls Royce and other companies could contribute to the building of the giant P-52 platform.

The platform is now operating 125km off the coast of Brazil in 1,798 metres (5,900 feet) of water, deeper than BP’s Deepwater rig…

Read Full Article; Guardian UK

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