Presented by the GVF with special thanks to Petrobras and Transpetro

Oil & Gas Communications Series Principal Sponsor

 Introduction & Backdrop

Last year saw the stimulus to something of a hydrocarbons exploration regression in high-profile “frontier” parts of the global oil & gas patch, notably offshore of western Africa – from Sierra Leone to the north and Angola to the south - and so 2013 was one of the worst years for successful new oil discoveries since 1995. As a result, the exploration-led oil companies have been badly affected, and a number of oil majors are changing the emphasis and focus of their “frontier” activity.

This re-focusing may potentially result in some degree of scaling-back on new oil frontier exploration activity – such as in the Arctic Ocean – and lead to adjustments in the energy sector’s attention, more towards new gas, rather than towards new oil, whilst at the same time consolidating attention on established oil, such as in the Gulf of Mexico and, in particular, on Brazil’s offshore reserves.

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