Crude Oil Crude Oil Exploration Gains Pace with new Deepwater Discoveries
The oil world is a–changing: New players emerge and traditional producers expand their portfolio to petrochemicals. Maturing conventional oil fields and a surging demand for crude are intensifying exploration efforts in the hope of boosting production. Recently, new Deepwater discoveries brought perspectives for the industry...
A substantial increase in investment within the Exploration and Production (E&P) industry means that global oil discoveries have grown exponentially in number. This is exemplified through the many deepwater discoveries made over the past year, particularly in the South American region.
The E&P industry was devastated by the global economic crisis, and a lack of funds, coupled with low crude oil prices, caused many major projects to be delayed or even cancelled. However, the elevated demand for crude oil and improved prices have encouraged a strong recovery within the industry.
Disruptions from Arab Spring Shaking the Oil Industry
Rapid increases in crude oil prices over the past year have seen $90 per barrel become the norm, thanks to increased global demand and supply disruptions in the Middle East due to continuing repercussions from the Arab Spring. Sustained high prices and high demand are attracting huge investments from oil giants. There was a substantial rise in oil discoveries globally during 2011, when 183 discoveries were announced.
With crude oil reserves depleting and declining margins, the oil and gas industry eyes for alternatives. Natural gas, long–term poor cousin of the crude oil business, could bring a change, but is held back by the necessary infrastructure efforts it requires. Now the discovery of new gas fields in vicinity to the booming markets of Asia–Pacific fires the imaginations of oil and gas experts. More in Natural Gas Could Gradually Replace Crude Oil
Asia-Pacific led with a 29 per cent share, followed by South and Central America with 23 per cent, and Middle East and Africa with 22 per cent. Brazil holds the highest number of discoveries for one country, with most of these finds being made in deepwater areas.
Learn, how new Deepwater discoveries change the face of today's oil industry on page 2!