The global oil and gas industry has been increasingly focusing on offshore locations to explore the deepwater and ultra-deepwater basins. One main factor is the lack of new big discoveries in mature onshore oil and gas regions. Another cause can be the restricted access to new business opportunities in major oil and gas producing countries, many of which are going for resource nationalization. Since 2000, more than half of the new oil and gas reserves worldwide have been discovered in offshore areas.
Deepwater and ultra-deepwater discoveries are expected to become more important contributors in maintaining production levels in the face of increasing global demand, especially for oil. As new technologies emerge for the high-risk and high-reward prospects of these deep waters, it is likely that older prospects, those that are closer to developed infrastructure, will be reexamined and reappraised with these new technologies.
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Offshore drilling and exploration activities are less sensitive to crude oil price fluctuations than onshore businesses as offshore operations benefit from favorable petroleum regulations and policies. With crude prices hovering in the range of $80-$82, there has been sustained interest in offshore oil and gas development in several countries.
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 a huge amount of reserves. The offshore oil and gas discoveries made in these regions have abundant proved reserves with a high production potential.
Global Datas new report, Offshore Oil and Gas Discoveries - Latin America and Africa Emerging as Major Investment Destinations analyses the improvement and development of the offshore oil and gas industry in Latin America and Africa due to their growth in terms of potential oil and gas finds in recent years. The report highlights the range of global offshore oil and gas discoveries and the key companies operating in the global offshore oil and gas industry. The report details the investments in offshore E&P sectors of Latin America and Africa, which are leading to increased exploration efforts in these regions and driving expansion in their oil and gas production capabilities. The report also traces the influence of government policies and fiscal components on National Oil Companies (NOCs) and International Oil Companies (IOCs) operating in the offshore areas of Latin America and Africa. The report delves deep into the key offshore oil and gas discoveries (with huge reserve potential) in Latin America and Africa. It compares the share of global offshore oil and gas discoveries made by NOCs and IOCs. The report elucidates the competitive landscape of NOCs and IOCs operating in these offshore areas in terms of legal, operational and financial parameters. It also provides the key reasons behind the dominance of Latin America and Africa over other regions in terms of offshore oil and gas discoveries. The report also offers information on M&A deals between NOCs and IOCs in these regions to promote offshore upstream operations.
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