Not that there aren’t elephants, most notably in the new ‘presalt’ plays offshore South America and West Africa, especially Brazil. Kazakhstan’s supergiant oil field Kashagan has been cited as indicative of the challenges the industry faces in increasing supply, and pessimists have sneered at the repeatedly delayed start-up date as if that were proof it would never contribute new supply. The East Coast of Canada has also become a major hot spot, with the Hebron oil field planned for start-up this year, and the Bay du Nord field undergoing appraisal. Combined, they contain at least a billion barrels of recoverable oil, and oil companies have recently committed $1.2 billion to seven leases, although predictions that the region could approach North Sea production levels seems optimistic. Despite over a century of production, the nation remains a relatively immature oil province.

Source: Forbes May 01, 2017 11:26 UTC