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The new crown pneumonia epidemic, the plunge of oil prices in 2020, and the continued global oil supply surplus, various negative factors have hardly slowed the development momentum of the large-scale offshore oil boom in South America
.
The booming offshore oil industry in Guyana, Suriname, Brazil and other countries may make South America the world's leading offshore oil production area
The reason is that the gradual decline in production costs bears the brunt
.
The oilfield continues to improve drilling technology, increase knowledge reserves, and improve infrastructure construction, resulting in a steady decline in production costs
The increase in production and the decrease in costs will inevitably allow Brazil's offshore oil industry to experience strong development
.
Last year, the country's average annual oil and gas production increased by 5% compared to 2019
In addition, strong investment by giants is also an important foundation for promoting the development of the industry
.
At present, in addition to Brazil, Guyana is also experiencing an oil boom, with a breakeven price of US$23-35/barrel, making the country a focus of energy investors
Since 2012, the amount of oil discovered in the coastal waters of Latin America has steadily increased, and the discovery of conventional oil reserves has been mainly concentrated in the offshore areas
.
For these reasons, GlobalData predicts that by 2024, South American offshore oil production will exceed North American offshore oil production
