Many will see 2009 as year of significant change in business practices towards a more prudent and green way of operating. For many industries it was one of the worst economic downturns since the USA’s Great Depression beginning in 1929. Predictions of the start of the end for hydrocarbon and particularly oil driven sectors were rife.
Yet while the price of oil reflected tough times, the pace of global exploration moved up a gear to the highest level since 2000.
Prosperous areas of exploration for oil included: the Gulf of Mexico with BP finding what could turn out to be the world’s largest ever deposit, The Tiber; the oil fields of southern Iraq; an extension to Iran’s Sousangerd field, and continuing large scale exploration in Brazil.
Queuing for minerals: despite a short term demand slump, minerals are set to continue its supply to oil...