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Petroleo Brasileiro SA, Mitsui & Co. and Oil Shale Exploration Co. may produce shale oil in Utah for $45 to $50 a barrel as early as 2013, said Demarco Epifanio, the Petrobras executive responsible for the project.
A viability study for the project will take a year and, if positive, the companies will build a shale-oil plant in Utah in 2010 and start production between 2013 and 2015, Epifanio said.
Petrobras, Mitsui and Oil Shale Exploration Co., also known as OSEC, signed an agreement Monday to study the extraction of oil from shale deposits in Utah.
- Bloomberg News
