The new report* found that Brazil and
Malaysia both offer huge resources for future markets, but their challenging
terrain demands the use of modern infrastructure, showing a strong need for
investment from producing companies.
In 2011, 242 oil and gas discoveries
were made globally, with the Asia-Pacific region accounting for a 31.8% share
of total discoveries, while a 19.8% share was found in South and Central America. More than half of these discoveries were
located in offshore regions, and the recent unearthing of high quality reserves
in deep water areas is encouraging an increase in offshore exploration.
The discovery of the Tupi field in 2006 triggered
a large number of exploration projects in Brazil, which yielded many positive
results. Brazil
registered 20 deep water discoveries in 2011, and the country has witnessed the
highest number of discoveries in one country since 2008. The majority of these
discoveries were made in the sub-salt region of Brazil, which is spread across a
vast region of the sea, with large areas remaining unexplored.
In view of the country’s impressive
fossil fuel findings, oil company Petrobras has declared investment of $224.7
billion for future operations throughout 2011–2015.
The Malaysian oil and gas industry also recorded
a significant rise in offshore discoveries during 2011. Malaysia is currently one of the least explored
countries in the Asia-Pacific region, but, due to decreasing fossil fuel reserves
in many South-Asian countries, exploration activities in Malaysia have
gained visibility and importance.
In the past six years, all important
Malaysian oil discoveries were made in deepwater projects, while further deepwater
fields in various regions are expected to be developed by 2015.
However, infrastructure is dictating
much of the success of oil extraction efforts in Brazil. While the presence of
pipelines and equipment has led the Campos basin
to be far more attractive for investors looking to extract oil, infrastructure
in the Santos
basin is limited, making it difficult to transport extracted oil to the shore.
To combat this, technology is being
introduced in the Asia-Pacific region to improve the recovery ratio of
reserves. The average recovery ratio in Malaysia is currently 23%, while in
other oil-producing countries it reaches around 45%. The introduction of enhanced
oil recovery (EOR) will improve the region’s technical capabilities, and help
to recover more reserves by increasing the recovery ratio.
*Global
Oil and Gas Discoveries in 2011 – South America and Asia Pacific Emerge as
Prolific Regions for New Resource Finds
This report provides a description of important
oil and gas discoveries made in 2011, and provides a detailed analysis of the
oil and gas discoveries made globally, highlighting the developmental plans for
each of the discoveries for future use. These details will help to identify
suitable regions for investment in exploration and production activities.
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