Major Oil Discoveries Spur Energy Outlook Debate

Massive new oil discoveries have enthused investors and analysts alike, but with oil’s near-term supply at multi-decade highs and its price climbing above $70 a barrel, energy faces mixed signals.

The finds have oil enthusiasts debating the theory of peak oil. But no matter the future, several companies stand to benefit.

Anadarko Petroleum Corp.’s (APC) discovery off the coast of West Africa last week marks the third major find this month, following BP PLC’s (BP.LN) discovery in the Gulf of Mexico and Petroleo Brasileiro SA’s (PBR) off the coast of Brazil.

The discoveries will take years to cultivate and develop but are a welcome sign to those who feared a supply shortage could ensue if the global economy recovers faster than anticipated.

Dow Jones Newswires