Latin America is leading the field of oil and gas growth
Friday, Jul 01, 2011
Global rigging activity reveals that Latin America takes the lead on growth within the oil and gas sector
Data collected on global rigging activity has shown that Latin America’s oil and gas activity is booming, taking a worldwide lead in year on year increases with the help from developing rigging leaders such as Colombia. Latin America possesses half of the top ten countries that have grown across the past year, and with diminishing reserves and higher oil prices as a result of the continued unrest in the Middle East, there has never been a better time for a region to step in and showcase their oil and gas reserves, which will be highlighted at the GDS International’s NextGen Oil & Gas Latin America Summit, Mexico, 23rd-25th August, 2011.
Argentina, Brazil, Columbia, Ecuador and Venezuela have all witnessed increases of at least 15%, from last April’s count. Brazil and Venezuela have maintained their strong positions within the region, although Colombia has over taken become the leader, second only to Mexico. The four countries are now some of the worlds most active globally, according to findings published by Evaluate Energy .
Ecuador has also seen a significant increase from last year, yet still remains fairly dormant, and Argentina, although the previous year showed signs of slowing, has produced some large discoveries. This exciting increased activity in the general region, could spell a new beginning for the continent with the discoveries drawing attention from companies such as YPR SA, Total and Apache Corp.
This also follows on from the news that in April, Brazil announced their intention to auction 174 oil and gas licences in September, Energy Minister Edison Lobao said. This follows lasts year’s developments that the Brazilian energy group, Petrobras would be sold for $70bn to launch a huge exploration project that would thrust Brazil into the top ranks of global oil producers.
“Brazil is one of the greatest exploration frontiers in the industry right now, so oil companies should be very interested,” Max Bueno, an analyst at Spinelli SA, said. “It also has the advantage that it’s not located in a politically unstable area.”
Further activity is also expected in Colombia in the near future, where increases in oil and gas reserves have been the highest in Latin America being 40.5%, and globally second only to Canada’s 44.3% increase.
The region is the world’s second largest site of oil reserves, and has been heralded as the new place foreign investors should flock to, with attention sought from growing economies such as China. The NG Oil & Gas Latin America Summit will bring together decision makers from across the region, which will include representatives of multinational oil corporations, national oil companies and government officials to meet with solution providers who are actively looking to become involved with this growing market. The summit will provide presentations, workshops and one to one meetings. For more information, visit www.ngosummitla.com
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