Deep-water feeding frenzy in South America

Brazil and Guyana lead enthusiasm in continent’s deep waters

Good reservoir quality and improved upstream terms have combined with cost declines and firmer oil prices to spark enthusiasm for deep offshore oil exploration in South America. Analysts say that while the stars of the show remain Brazil and the growing Guyana offshore province, opportunities are also being offered offshore Argentina, Uruguay, and Peru. The enthusiasm is reflected in rig prospects. Transocean Ltd, the world's leading deep offshore exploration rig operator, cites Harakat data in suggesting that offshore South American's Atlantic coast will host the world's third-largest volume of exploration programs over the next 18 months , with five, well behind Northwest Europe's total of