RIGS IN LATIN AMERICA
Important and meaningful fossil fuels production is far from limited to a continent or two; or, a few countries. Latin America is an incredible and rapidly changing oil map, possibly the world’s most rapidly changing. Gas and oil exploration as well as production are domains of exponential growth in this region which contributes significantly to the global demand for pipe protection technologies including Oil Country Tubular Goods (OCTG).
The continent of Latin America is situated on quite major oil and gas deposits and has drastically increased its presence in the realm of petroleum production; particularly in Argentina, Brazil, Ecuador and Venezuela.
Recent development of the continent’s natural reserves, with some help from foreign investments, has grown by leaps and bounds yet it has also been held back to a degree by powerful sense of protecting national resources.
Argentina, has an estimated crude reserve that is well over 2.5 billion barrels which gave a 2011 daily production just shy of 750,000 barrels. Though its oil production is much lower than that of its Latin American counterpart Venezuela on the other side of the continent they share, Argentina is known as the continent’s biggest producer of natural gas.
Argentina’s most auspicious site is probably the Vaca Muerta field containing an estimated 20 billion barrels of oil waiting to be accessed.
Brazil possesses oil reserves estimated to be in the range of 14 billion barrels. This includes discoveries since 2007 in the regard to the Tupi field of the Santos basin which may on its own contain approximately 6.5 billion barrels of oil to be produced. This particular crude sits close to 18,000 feet below the Atlantic Ocean’s surface and additionally below a thick salt layer.
Ecuador is a member of OPEC as is Venezuela though its estimated crude oil reserves are at about 7.2 billion barrels. The oil production rate of Ecuador does not even match that of the U.S. state of Texas. On a global comparison basis, Ecuador is a much smaller player than its continental neighbors; however, even as the smallest oil producing member of OPEC the oil production is vital to its economy. Quality OCTG supplies have become an integral part of the existence of Ecuador which depends on the oil industry in so many ways.
Venezuela, at Latin America’s farthest point north, has proven oil reserves in the proximity of 211 billion barrels. And, this number is still thought open to upward revisions.
This OPEC country’s production of crude has generally been less than 2.5 million barrels per day in recent years which is a vast reduction from the 3.5 million barrels daily that it produced in the latter part of last century.