Heavy Oil Capital Expenditure to Reach $27.5bn in 2011

Sunday 11 December 2011, Amsterdam

Oil demand remains high despite the uncertainty in the global economy of late. Discoveries of light easy-to-produce crude oil are decreasing, with less than 10 billion barrels a year added to reserves over the last ten years. New non-conventional sources of oil will need to be developed in order to supplement the conventional oil supply, which is seeing a slowdown in production growth. Heavy oil provides one relatively low risk option with which to achieve this.

Heavy oil resources are spread globally with large deposits in the western hemisphere, and in particular South America. The sheer extent of heavy oil resources around the world and low risk attributed to exploration makes this market particularly appealing to oil companies. High oil prices and increasingly advanced technologies are helping to improve margins and increase the number of projects undertaken. The increasing interest in this market has seen capital expenditure on upstream development of heavy oil resources reach $27.5bn in 2011.

The Heavy Oil Market 2011-2021 report guides readers through the current and future developments in the global heavy oil market providing forecasts and analysis. National market forecasts are also provided for each of the 15 major heavy oil nations, with in depth country analysis and specific drivers and restraints looked at in each case. The report contains 115 tables and charts illustrating market development and influencing factors in the heavy oil industry. Further underpinning of the forecast and analysis is offered through interviews with top executives from industry leading companies involved in the heavy oil market.

This energy report will be a valuable source of information to those already involved in the heavy oil market and to those wishing to enter this key market in the future.