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"Big Oil" in the Americas: New Prospects in South American Offshore Drillings

| Editor: Dominik Stephan

Exploration ship in the South Pacific
Exploration ship in the South Pacific (Picture: Woodside)

Two years after the Deepwater Horizon incident in the Gulf of Mexico, America's offshore drilling industry gears up again: Now companies have set their sights on previously untouched regions like Trinidad and Tobago, the Falkland Islands, and Suriname. Big oil has already begun exploring the possibilities in South American waters...

The offshore regions of Trinidad and Tobago, the Falkland Islands, and Suriname are expected to be on the list for exploration for many international oil companies, who aim to drill within the next few years, a new GBI Research states. The prospect of tapping into these relatively unexploited reservoirs is just about to put a major boost in offshore drilling expenditures in South America, the analysts predict.

Offshore drilling has become a to priority for many economies in the Americas, as governments encourage their energy industries to make their countries as self-sufficient as possible. These calls have now lured oil and gas giants into the region, that hope to profit from these previously unused resources despite political uncertainties.

Oil Companies Move to South American Waters

The major "traditional" offshore oil and gas fields in the Americas are the Gulf of Mexico, the Newfoundland and Nova Scotia oil fields off the Canadian coastline, and the Campos and Santos basins off the coast of Brazil. However, the offshore basins of the islands of Trinidad and Tobago are rich in natural gas reserves, as are the Carina Aries and Perla oil field shallow water blocks off the Argentine and Venezuelan coasts respectively.

Also Suriname, the Falkland Islands, Uruguay, Cuba, Peru and Ecuador offer attractive offshore drilling investment potential, as recent exploration attempts branch out in search for new oil and gas reserves.

New Falkland Conflict Over Potential Oil Reservoirs in the South Atlantic?

Big oil has just started exploration and drilling off the coast of Suriname, close to Caribbean waters. In July, oil giant Chevron entered into a joint–venture with Kosmos Energy of the Bermudas, to explore for hydrocarbons in two Kosmos deepwater basins off the coast of Suriname. The potential of offshore oil fields is often regarded as a contributing factor to the Anglo–Argentinean Falkland–War of the 1980s.

Also Russia, major supplier of oil and natural gas for Europe, is about to enter new territories. While domestic reserves in major are depleting, oil and gas companies eye for the untouched Arctic, a new report shows - More in Russia's Oil Industry Sets Course for the Arctic

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