Offshore oil & gas discoveries - Latin America & Africa emerging as major investment destinations

17th March 2011

Global demand for additional oil and gas resources has led to several offshore discoveries in the recent past. Most of these discoveries have been in the less explored, offshore areas of the globe. Currently, Latin America and Africa have become attractive investment destinations globally for oil and gas due to major offshore discoveries with huge amounts of reserves. The offshore oil and gas discoveries made in these regions have abundant proved reserves with high production potential.  



 

During the period 2007–2010, 82 offshore oil and gas discoveries have been made in Africa and 111 in Latin America. Asia-Pacific and Europe occupy the top positions in the number of offshore oil and gas discoveries made during this period, but Latin America and Africa have seen giant offshore oil and gas discoveries that have much bigger reserves. Moreover, the number of discoveries in Latin America and Africa has remained more or less consistent, showing considerable increase over the past years.


National Oil Companies are Dominating Global Offshore Oil and Gas Discoveries

There were 543 global offshore oil and gas discoveries during the period 2007–2010. Among these, the top 10 global offshore oil and gas companies contributed 248 (46%). Two National Oil Companies (NOCs) – Petroleo Brasileiro S.A. (Petrobras) of Brazil and Statoil S.A (Statoil) of Norway – have together contributed to around 21% to the total global offshore oil and gas discoveries.

Source: offshoretechnology.com

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