bp is a world leader when it comes to deep water oil exploration and production. This accident shows how risky deep water oil is. I dont think it indicates good things for the Brazil deep water oil discovery, which if i remember correctly is even deeper. this sort of accident is one reason peak oil might be here sooner rather than later. I would be very cautious about reserve estimates from oil companies that are counting oil reserves that are in deep ocean water, and i would not count on Brazil oil discovery coming on line any time soon. jmho.