Chris Skrebowski's Rorschach Test.

Instructions:

1.) Open the below link.

2.) Print the contents (4 pages).

3.) Stare deeply at the pages.

4.) Write down the first thoughts that come to mind.

Petroleum Review: 2006 Megaprojects.

You can see some other people's reactions at the Oil Drum.

My initial thoughts are that I have to look a little harder at Petrobras (PBR), which I've been eyeing for a while but don't own at the moment. A relatively cheap company, a number of projects scheduled to come on-stream in the next couple of years, in a fairly stable part of the world, and though their projects are offshore and fairly challenging, they are reputed to have the expertise to manage them, with an added bonus that extreme weather events are less of a factor for them than in the Gulf of Mexico. On top of that is the fact that Brazil is increasingly able to export oil as it produces plenty of ethanol from sugar for internal markets.

In terms of the rest of the report, it seems to have ruffled some feathers that it's more optimistic than last year's. That strikes me as a tad of a strange reaction. I say the more info, the better.