The giant heavy oil field offshore Newfoundland was discovered way back in 1981.

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In April, the 250 million barrel Skrugard oil discovery was made in the Barents Sea, and the 150-300 million barrel Peregrino South oil field was discovered offshore Brazil.

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The China National Offshore Oil Corp, CNOOC (CEO), operates the field.

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Brazil recently discovered an offshore field estimated to hold some 33 billion barrels of oil.

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Due for completion in 2013, it will take gas from Myanmar's offshore Shwe field and will have the capacity to satisfy 10% of China's oil-import needs.

ECONOMIST: Myanmar