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Crude Oil Industry to 2016 - Deepwater Discoveries Worldwide and Rising Industrial Demand in Emerging Economies Driving the Industry

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Market

Energy and Utilities

Report Type

Market Research

Country

Global

Published

4 May 2012

Number of Pages

194

Report Delivery

Email

Delivery Lead Time

1-3 hours, 24 hour max

Publisher

GBI Research

File Format

PDF

Deepwater discoveries and surging demand to drive crude oil industry

Maturing conventional oil fields and a surging demand for crude are intensifying exploration efforts in the hope of boosting production. 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 has encouraged a strong recovery within the 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 increase in oil discoveries worldwide during 2011, when 183 oil discoveries were announced. Asia-Pacific led with a 29% share, followed by South and Central America with 23%, and Middle East and Africa with 22%. Brazil holds the highest number of discoveries for one country, with most of these finds being made in deepwater areas.

South and Central America will play an increasingly important role in meeting global oil demands, as enormous heavy oil reserves in Venezuela and discoveries in Brazil will help to meet global crude oil needs in future years. Over the past two years, Brazil has discovered the world's most promising fields since the discoveries made in Kashagan, Kazakhstan, in 2000. South and Central America is therefore anticipated to be one of the most sought-after locations for future E&P investments.

World crude oil reserves increased from 1,268.8 billion barrels in 2000 to 1,620.3 billion barrels in 2011, at an average annual growth rate (AAGR) of 2.5%. Crude oil production globally increased from 24,759.1 million barrels in 2000 to 27,156.6 million barrels in 2011, at an AAGR of 0.9%. The crude oil industry is expected to grow at a steady pace, increasing further to 28,925.4 million barrels in 2016.

Report Scope

- Global and regional industry overview.
- Key trends, drivers, and challenges for the global crude oil industry to 2016 across the entire value chain.
- Analysis of the historical data and forecasts to 2016 for the global crude oil industry.
- Major planned projects to 2016 for the entire value chain of the global crude oil industry.
- Competitive analysis with regards to major international and national oil companies across the value chain.

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Select License Type

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Electronic License

An electronic version (mostly PDF, but can be Excel or PPT), which is either available for immediate download or will be sent via email by the Publisher of the report. The licencing for an electronic version is for use by the purchaser ONLY.

Site License

Site License

An electronic version (mostly PDF, but can be Excel or PPT). Where the report(s) is intended for use by more than one individual, across for example, a site, an office, or a division or country.

Corporate License

Corporate License

An electronic version (mostly PDF, but can be Excel or PPT). Where the report(s) is/are intended for use by an organisation in its entirety. For example, if reports are put on an Intranet or if they are distributed or used by more than one office, division, or country operation, then a Corporate Licence is required.

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