Why South America’s Offshore Oil Sector Is Exploding

Nearly a decade ago South America’s emerging offshore oil boom was viewed as a fad triggered by soaring oil prices which by 2011 had recovered from the Great Recession to be trading at over $100 a barrel. In early 2012, the international Brent price peaked at over $128 per barrel and stayed on average at over $100 a barrel until the late-August 2014 price crash. At those prices high cost oil projects, including offshore Brazil, became popular among global energy majors as they sought to take advantage to boost oil reserves, production and…