Government $1bn deal to controversial Petrogras deep-sea oil drilling

Guardian: The government has committed $1bn of taxpayer's funds to support deep-sea drilling in the south Atlantic, despite acknowledging that the controversial project has "significant potential" to damage the environment. Vince Cable's export credit guarantee department (ECGD) has agreed a $1bn (£637m) line of credit to help Brazil's state-owned oil company, Petrobras, drill for oil and gas. This will be in deeper water than the area in the Gulf of Mexico where an explosion on BP's Deepwater Horizon rig...

URL: http://www.guardian.co.uk/business/2012/jul/11/petrogras-deap-sea-oil-drilling-funding
Enclosure: http://static.guim.co.uk/sys-images/Guardian/About/General/2012/7/11/1342030738867/oil-drilling-spill-Atlant-008.jpg