Little investment and low price made oil sector slow down in 2016

Driven by low oil prices in recent times, the investments in the sector had a slowed down activities in 2016. According to the International Energy Agency, last year global oil discoveries have fallen to a record minimum, reaching only 2.4 billion barrels, when in the last 15 years the average was 9 billion.

In addition, the volume of approved farms for developing in 2016 fell to 4.7 billion barrels, 30% below the previous year. Second, the Agency still this downturn that reflects the reduction of investment spending in new projects must endure this year of 2017, which is causing concerns in investors in the sector.

The historic fall cause fear among members of the national energy sector, mainly because this moment of geopolitical risk in countries that are major producers such as Venezuela. Among the areas most affected by the retention of the industry, the offshore sector was the most brutally impacted. Conventional resources sanctioned in 2016, only 13% were offshore, when between 2000 and 2015, this percentage was 40 on average.

Despite the forecast not to be positive, we follow firm in prospect to improve fast for global oil and gas. Stay informed with news about the area of oil, gas, energy, gasoline, fuels, Petrobras, onshore and offshore. Visit the portal of Offshore Panorama and remember: your business. Check out: www.panoramaoffshore.com.br www.facebook.com/panoramaoffshore

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