Global Oil and Gas Discoveries in 2011 - South America

April 5, 2012 - PRLog -- 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.

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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.

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