Central America
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South and Central America NOCs Poised to Turn the Region into a Global Oil Exporter
Driven by a rapid increase in production from major NOCs, South and Central America is expected to emerge as a major oil exporting region by 2020. The oil production in the region is expected to increase from 9.8 million barrels per day (bpd) in 2009 to 16.5 million bpd by 2020, at an Average Annual Growth Rate (AAGR) of 4.7%. The increase in production will be mainly driven by Venezuela’s Petroleos de Venezuela (PDVSA) and Brazil’s Petrobras. Venezuela will continue to be the largest oil producer in the region while Brazil will become the second largest oil producer overtaking Mexico.
Investments in the oil and gas sector in South and Central America have been steadily increasing over the past few years, primarily driven by National Oil Companies (NOCs). In 2010, the major NOCs in the region are expected to spend approximately $92 billion, a major part of which will be spent in the upstream sector. The NOCs are expected to continue to increase their investments in the upstream sector in the coming years. It is expected that Venezuela’s PDVSA, Brazil’s Petrobras and Colombia’s Ecopetrol will together spend close to $249 billion during 2010-2013.
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The huge potential in South and Central America will continue to attract oil and gas industry players across the globe. The potential of the region has been fortified by the increasing number of discoveries over the past few years. During 2007 to April 2010, of the 1,305 oil and gas discoveries across the globe, the region led the world with 337 discoveries. During January 2010 to April 2010, the region accounted for over one-third of the global discoveries.
The rapid development of oil and gas reserves in South and Central America will require huge investment. National governments and NOCs of different countries are now entering into different types of agreement with independent oil companies, other NOCs and other national governments to fund the rapid development of the energy sector, especially upstream activities. In Venezuela, PDVSA has recently entered into six major joint ventures with different International Oil Companies (IOCs) and NOCs to develop its heavy oil reserves. The total investment in the projects is expected to be $80 billion. As an initial investment, Venezuela will receive a combined total of almost $6 billion in bonuses and financing from the partner companies. Even Petrobras will be looking for foreign funds for the rapid development of pre-salt basins such as the loan for oil signed with China. The massive pre-salt reserves are expected to require a total investment of $400 billion. Mexico’s Pemex is also expected to look for partners for developing the deep water Gulf of Mexico.
GlobalData’s new report “South and Central America National Oil Companies (NOC) – Focused Investments and Rapid Upstream Developments Transforming the Region” analyzes the role of South and Central American National Oil Companies (NOCs) globally. The report analyzes the upstream oil and gas sector in South and Central America in terms of reserves and production growth, the number of discoveries and the key growth areas. The report details the importance of the South and Central American NOCs in the domestic upstream sector and also provides production forecasts for all important NOCs in the region to 2020. The report also details the investment plans of all these NOCs. It discuses the role of these NOCs in the midstream and downstream sectors as well and providing the key planned projects in the sectors. The report also provides details of the major joint ventures and partnerships entered into by these NOCs over the past few years with foreign companies to develop their domestic oil and gas industries.
Or visit our report store: www.globaldata.com/reportstore
About the Author
GlobalData is a global market intelligence services company providing information research and analysis products and services.
Central America: History and Heritage (clip)
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