Hibernia (Via ExxonMobil)
The global dynamics of oil could be in for change with the recent U-S takeover of Venezuela, but how it will change remains uncertain.
The South American country has what is said to be the largest oil reserves of any country in the world, including Saudi Arabia, with over 300-billion barrels.
Whether big oil can tap into those reserves is unclear as it would take billions of dollars of investment and many years to pull off.
Analyst Rob Strong notes that Hibernia was discovered in 1979 but not developed until 1997, and Bay du Nord was discovered in 2009 but first oil is not expected there until 2031.
He says in offshore Newfoundland, 10-20 years “is the norm. So all of a sudden you’ve got 300 billion barrels…let’s not discount (concerns raised) about that being competition, well, we’re not the fasted game in town are we?”