Analysis

Huge New Oil Discoveries Support Continental “Mirror” Theory
A Tullow Oil company offshore oil platform off the coast of French Guiana. The oil find in this area, which was announced last fall, may hold one to five billion barrels of oil. (JODY AMIET/AFP/Getty Images)
January 24, 2012
| Energy
| Africa, The Americas
Summary
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New oil discoveries are helping to bolster an old theory that says that oceanic oil deposits can be found by following the path of continental drift that separated South America and Africa over millions of years. To explore this important development, LIGNET asked its London office to interview a spokesman for Tullow Plc (London: TLW), a British oil firm that has recently made a series of large oil discoveries off the Atlantic coasts of Africa and South America.

Tullow made a major oil find off the coast of French Guiana last year – the largest new oil find in 2011.  After this find, which may hold between one and five billion barrels of oil, Tullow is betting there are more deposits to be found along the South American coast and is exploring new sites along the western coast of Africa as well.

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