PUBLICATION
Oil and Gas Investor
Brazil Oil & Gas 2009 OGI Release - Part 2
May 04, 2009
Global Business Reports’ first report on Brazil (October 2008, Oil and Gas Investor), found an oil and gas market in full bloom. Petrobras – the mixed public/state Brazilian petroleum company founded in 1953 – had just discovered the pre-salt (or subsalt) fields, the price of oil was above $100 a barrel, and both Petrobras and the Brazilian government were eager to attract E&P and service and supply companies to assist in exploiting the huge potential. Then, as now and for many years to come, the key actor in hydrocarbons was Petrobras, which is now retooling its operations in a strategy that emphasizes exportation over internal consumption.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
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It is said that mining is a patient industry. Current demand projections are not. Demand for minerals deemed ‘critical’ is set to increase almost fourfold by 2030, according to the UN. Demand for nickel, cobalt and lithium is predicted to double, triple and rise ten-fold, respectively, between 2022 and 2050. The world will need to mine more copper between 2018 and 2050 than it has mined throughout history. 2050 is also the deadline to curb emissions before reaching a point of ‘no return.’ The pace of mineral demand and the consequences of not meeting it force the industry to act fast and take more risks. Mining cannot afford to be a patient industry anymore. The scramble for supply drives miners back to geological credentials, and therefore to places like the African Central Copperbelt.
MORE PREVIOUSLY PUBLISHED
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