European and American Elites united

The interesting Republican primary continues to produce pearls of speech:


"American elites are guided by their desire to emulate the European elites," says presidential hopeful Newt Gingrich. "As a result, anti-religious values and principles are coming to dominate the academic, news media and judicial class in America."


Praise the GOP's troglodytes, for acknowledging the continental elites some merit!

I hate Europe - Newt Gingrich cartoon

Der Spiegel summarizes de GOP posture well: "Europe is socialist, bloated and a threat to the global economy. That appears to be the message from the ongoing presidential campaign in the US. Republicans in particular have discovered Europe as a convenient punching bag -- and have even begun accusing each other of being too 'European.'"

15% probability of oil in the Portuguese offshore

Despite decades of exploration activity, and some sub-commercial production in the Lusitanian basin, Portugal has yet to discover a commercially viable oil deposit.

However the she search for oil is on again in the Portuguese offshore. This time Petrobas, Petrogal and Partex are the main players.

In a first phase USD$90 millions is being spent in 2 and 3D analysis of the the local formations. A test well is expected to cost USD$20 million. Petrobras estimates the chances of success at 15%, but reveals that their research points to a positive EMV, i.e. either very large reserves or an even larger disappointment.

Sources at the Colorado School of Mines were very skeptical about the conclusions reached by Petrobras and suggested other reasons beyond pure economics may explain the investment at this stage.

Can Portugal be the new Norway?

map of the Portuguese Exclusive Economic Zone in the Atlantic