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Tuesday, April 8th, 2008
It’s no secret that international growth (especially in markets such as China and India) has been driving global energy demand. Per the Economist, worldwide energy consumption will grow about 3.5% by the end of 2008, and oil prices are expected to remain relatively high.
However, emerging markets such as Brazil are also playing a pivotal role on the supply side as well. With the recent discovery of the Tupi and Jupiter fields off the coast of Rio de Janeiro, Brazil could find itself among some of the largest holders of oil reserves in the world. The location of these reserves (deep water) is beneficial for leading oil services companies such as Noble Corp. (NYSE: NE). (more…)
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