From Rebecca Murray,
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Jan 20, 2006 - Daniel Day-Lewis will star as an oil prospector in "There Will Be Blood," the feature film adaptation loosely based on Upton Sinclair's novel, "Oil." Paul Thomas Anderson ("Magnolia," "Punch-Drunk Love") has been working on the script for years and is in talks to produce and direct the dramatic film, which will be set at the turn of the 20th century.

According to The Hollywood Reporter, the Paramount/Miramax film will have a $25+ million budget and will be produced by Anderson and his partner Joanne Sellar.

Upton Sinclair's novel followed the development of the oil industry in Southern California. Sinclair's story focuses on a father and son who cross horns over the son's sympathy for the workers in the oilfield but also tells the story of political corruption, class issues, and life in the oil industry in the 1920s.

Production is tentatively scheduled to begin in May.

Daniel Day-Lewis was last seen in "The Ballad of Jack and Rose" which was written and directed by Day-Lewis' wife, Rebecca Miller. Day-Lewis is extremely picky and has been taking long breaks between films. His last film prior to 2005's "The Ballad of Jack and Rose" was the 2002 Martin Scorsese film, "Gangs of New York."

SOURCE: The Hollywood Reporter