Haste, questionable contracting practices doom offshore oil rig.(Brief Article)

RIO DE JANEIRO -- The loss of the P-36 oil rig, the largest offshore production platform in the world, raises serious questions about contracting practices at state oil company Petrobras, as well as the company's haste in installing a troubled rig. Brazilian state oil company Petrobras rightly views itself as a leader in deep-water oil exploration and development.

The company revels in touting its many deep water records and produces the vast majority of its 1.3 million b/d of output from the offshore Campos and Santos basins. With revenue of $28.5 billion in 2000 and ...

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