The world’s energy map is changing. Ten years ago, few people could imagine that the Middle East, then the unchallenged epicenter of oil production, would now face fierce competition from countries such as the United States, Canada, India, Russia, and of course Brazil. This increasing diversification of the global energy map is the direct result of rapid technological advancements in hydrocarbon extraction, refinement, and delivery. While established oil nations understandably lament the increasing disappearance of their production hegemony, emerging suppliers capitalize on the new equality that alternative drilling technology has brought to the market.
Take the story of Brazil. Fifteen years ago, Brazil was hardly a mid-size economy, plagued by a weak infrastructure. By now, and to a big part as a result of the nation’s investment in on and offshore drilling, Brazil is now not only the dominant economy on the South American economy but has also firmly established itself among the top ten world economies. Only recently, state-owned Petrobras announced their newest deep-water endeavor: the development of the Libra oil field in the Santos Basin. The field is believed to yield upwards of 10 billion barrels of oil making it one of the biggest deep water sites in the world. Over the course of 35 years, Petrobras alongside Shell, Total, and the Chinese CNPC and CNOOC is planning to develop the field and further strengthen Brazil’s position as a leading developer of ambitious deep water projects.
While Brazil has certainly gained a reputation for prospecting and developing deep water projects, India has so far been on the receiving end of crude oil pipelines. But the second most populous economy ultimately must be interested in reducing their energy important. Accordingly, India’s state oil company ONGC has recently entered negotiations with Russian officials to jointly explore oil and gas in the Arctic. Simultaneously, ONCG recently submitted a bid for a significant stake in a Mozambique oil and gas field being offered by U.S. explorer Anadarko for an estimated $2.6 billion.
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