South America Petroleum Oil Drilling News
South America Oil and Gas Drilling News. Latin Oil production for Brazil oil reserves, Venezuela PDVSA Oil, Ecuador Petroecuador Oil, Colombia Ecopetrol oil, Mexico Oil Gas Drilling
South America Oil Reserves
The South American region possesses 20 percent of the world's known underground oil reserves.
According to OPEC report Venezuela has even toppled Saudi Arabia as the country with the largest proven reserves.
Petroleum assets in Latin America have been privatized as part of recent free market economic reforms. The extent of the reforms adopted has varied among countries.
For example, Argentina has completely privatized its formerly state-owned petroleum company, while Mexico (Latin America's second largest crude oil producer) has given more latitude to foreign investors in the petrochemical industry, but has still largely maintained its state-owned monopoly in petroleum.
In 2007, Ecuador re-joined the Organization of the Petroleum Exporting Countries (OPEC), after leaving the organization at the end of 1992. Ecuador is the smallest oil producer in OPEC, with an assigned production quota of 434,000 bbl/d.
Brazil- The offshore Campos and Santos Basins, located off of the country's southeast coast, hold the vast majority of Brazil's proven reserves. In 2010, Brazil produced 2.7 million barrels per day (bbl/d) of liquids, of which 75 percent was crude oil. Most Brazilian oil is produced in the southeastern region of the country in Rio de Janeiro and Espírito Santo states. More than 90 percent Brazil's oil production is offshore in very deep water and consists of mostly heavy grades. Five fields in the Campos Basin (Marlim, Marlim Sul, Marlim Leste, Roncador, and Barracuda) account for more than half of Brazil's crude oil production.
In June 2010, Colombia conducted its latest oil sector bidding round, which included 228 exploratory blocks. The round featured both known hydrocarbon-rich areas as well as frontier regions, such as offshore blocks in the Caribbean Sea and the Pacific Ocean. However, the ANH only awarded 76 total licenses in well-established areas in the round.
Venezuela is one of the world's largest exporters of crude oil and the largest in the Western Hemisphere. The oil sector is of central importance to the Venezuelan economy. As a founding member of the Organization of the Petroleum Exporting Countries (OPEC), Venezuela is an important player in the global oil market. June-30 2011- President Hugo Chavez said that Venezuela's oil production quota within OPEC should increase now that its proven crude reserves have grown.OPEC recognized Venezuela as the country with the biggest proven oil reserves in the world, saying that with 296.5 billion barrels it now surpasses Saudi Arabia.
Mexico: The third-largest supplier of foreign oil to the United States, Mexico could lose it capacity to export the commodity within a decade. Its proven reserves have declined over the last 15 years and production by the national oil company is down 25 percent since its peak in 2004. But the country still has 4 percent of the region's oil thanks to the Paleocanal Chicontepec oilfield, estimated to hold more than 15 billion barrels of heavy oil. But the oil is "trapped in vast numbers of small, unconnected pools
Major Oilfields of South and Latin America
Oil Fields in Argentina
Vaca Muerta oil field
is an oil field located in Neuquen Province in Argentina. It was discovered
in 2011 and developed by Repsol YPF. It began production in 2011 and
produces oil. The total proven reserves of the Vaca Muerta oil field
are around 927 million barrels , and production is centered around
5,000 barrels per day in February 2012,
Oil Fields of Brazil
Badejo Field is a offshore oil field in Brazil. It is a mature oil field located in the southwest part of the Campos Basin 80 kilometres (50 mi) off the coast. Above of it is laying partly the Membro Siri (sometimes referred just as Siri) extra heavy crude oil field with and 12.8° API gravity. Oil was discovered in the Membro Siri reservoir in 1975, but was considered uneconomical to develop at the time. In 2008 the FPSO Petrojarl Cidade de Rio das Ostras started test production of the Siri crude.
Cachalote Field is a Brazilian off-shore oil field.Cachalote oilfield was discovered in November 2002. It has 350,000,000 barrels of oil. Production started in 2010. Oil from this field is heavy, 20° gravity crude.
Campos Basin is a petroleum rich area located offshore of Rio de Janeiro, Brazil. It has a total area of 100,000 square kilometers, with 40 fields discovered and operated by Petrobras. The area has two major oil fields: Marlim and Albacora. Marlim is the largest field, located northeast of the Basin, 110 km offshore in water 650 to 1050 m deep. Marlim produces crude oil over 80,000 cubic metres (500,000 barrels) per day.The confirmed reserves are 1.1 billion cubic metres of oil and condensate, and 101.53 cubic kilometres of natural gas. Most reserves were found between 1985 and 1997. In February 2010 a new 65 million barrel discovery was made by Petrobras on the Barracuda oil field of Campos Basin. Petrobras made some new discovery in this area between 2011 and early 2012.
Franco oil field is a large ultra-deepwater oil prospect located in the Santos Basin, about 230 km off the coast of Rio de Janeiro, Brazil, north of Tupi field. It is the second largest pre-salt find in the basin since 2007 behind Tupi field . The field was discovered in May 2010 with an encounter of light oil which measured at 30° API
Guara oil field is a Brazilian oil field. Located in the Atlantic Ocean and has reserves of about 4 billions of brents. Petrobras is lead operator of the BM-S-9 block, with a 45% stake. BG Group holds a 30% share, while Repsol has the remaining 25%. The productivity for one well in this Brazil oil field is about 50,000 brents in a day. Discovered in June 2008, Guara is being developed by a consortium consisting of Petrobras (45%), BG Group (30%) and Repsol-Sinopec (25%). Petrobras is the main operator of the field. The first oil from the south discovery field is expected in 2013 and from the north discovery in 2016.
Iara oil field is a large ultra-deepwater oil field located in the Santos Basin, 230 km off the coast of Rio de Janeiro, Brazil, north of Tupi field. The field was discovered on 7 August 2008 with an encounter of light oil which measured between 26 and 30° API.
Iracema oil field located in the Santos Basin, 250 km off the coast of Rio de Janeiro, Brazil, 33 km northwest of the giant Tupi oil field. Iracema's first well was drilled to a depth of 5,000 m (16,000 ft) and was completed in September 2009.
Jupiter field - On January 21, 2008, Petrobras announced the discovery of the Jupiter field, a huge natural gas and condensate (very light oil) field which could equal the Tupi oil field in size (5-8 billion BOE). It is located in the Santos Basin, 37 km east of Tupi .
Lagosta field is a Brazilian off-shore oil and gas field. It is operated by El Paso Corp. oil company.
Libra oil field is a large ultra-deepwater oil prospect located in the Santos Basin, about 230 kilometres (140 mi) off the coast of Rio de Janeiro, Brazil, north of Tupi field. Libra is in the process of being tested and may turn out to be the largest pre-salt find in the basin, ahead of the Tupi oil field, making the largest find since Cantarell Field in 1976. Officials are confident Libra will contain even more recoverable oil than Franco oil field. The field was discovered in May 2010 at the same time with Franco prospect.
Marlim field is the name of a giant Brazilian oil field located in the north-eastern part of Campos Basin, about 110 km offshore Rio de Janeiro, in water depths ranging from 650m to 1,050m. Marlim was originally discovered by well in February 1985.
Peregrino field is an oil field (block BM-C-7) located offshore Brazil east of Rio de Janeiro in the southwest part of the Campos Basin area, with about 2.3 billion barrels of oil in place within the sanctioned area - discovered in 2004. The field was formerly known as Chinook.
Roncador oil field is a large oil and gas field located in the Campos Basin, 125 km off the coast of Brazil, northeast from Rio de Janeiro. The field was discovered in October 1996 and is located in P-36 block. Until 2001, the field was developed using Petrobras 36 oil production platform. In the early hours of March 15, 2001 there were two unexplained explosions in the aft starboard column. At the time there were 175 people on the platform; 11 were killed
Santos Basin is an 352,260 square kilometres offshore pre-salt basin. It is located in the south Atlantic Ocean, some 300 kilometres south east of Sao Paulo, Brazil. One of the largest Brazilian sedimentary basins, it is the site of several recent (2007-2012) significant oil fields, including Tupi and Jupiter.
Carioca/Sugar Loaf field is a potential deepwater oil field in the Atlantic Ocean off the coast of Sao Paulo, Brazil. The field is possibly part of an important emerging petroleum basin known as the Santos Basin. Two other large oil fields have been discovered in this basin in 2007 and 2008, the Tupi and Jupiter fields.
Tupi oil field is a large oil field located in the Santos Basin, 250 km off the coast of Rio de Janeiro, Brazil. The field was discovered in October 2006 by BG Group.
Oil Fields of Colombia
Cano Limon oilfield is an oil field crude oil in Arauca Department, Colombia. It is the Colombia's second-largest oil field. Cano Limon oilfield was discovered in July 1983 by Occidental Petroleum. Oil extraction operations began in 1986.
Llanos basin is located east of the Eastern Cordillera (Andes) in Colombia. The bulk of the oil is found in deltaic sands of Eocene Mirador and the Upper Cretaceous formation
During the 1990s Ecopetrol continued its advance with the discovery of the Cusiana and Cupiagua fields, in partnership with British BP.
La Cira-Infantas Field as Colombia’s oldest field, located in Middle Magdalena River Valley near the city Barrancabermeja. The field was discovered in 1918, and it has produced nearly 750 million barrels of oil. The Tropical Oil Company discovered the field after spudding the Infantas 2 well in December 1917. Production was initiated in 1918, and the field is credited as the first oil field to be discovered in Colombia.
Cusiana Field is a giant oilfield located in the Llanos Foothills of Colombia and comprises three sandstone reservoirs: Eocene Mirador, Paleocene Barco and Cretaceous Guadalupe. All contain light, compositionally variable oil with associated gas. The field was discovered in 1992.
Cupiagua fields discovered in 1988 , located about 150 km northeast of Bogota, Colombia. After 28 years of joint administration, BP PLC handed over the operation of the Cupiagua field in Colombia to Ecopetrol SA.on July 2010.
Oil Fields of Ecuador
Lago Agrio oil field is an oil-rich area in the Ecuadorian province of Sucumbíos near the city of Nueva Loja, discovered in the 1960s. In 1964, Texaco Petroleum Company (TexPet) began exploring for oil in northeast Ecuador, in an area which was inhabited only by indigenous people.
Sacha oil field in the Ecuadorian Oriente was discovered in early 1969. Production began in July 1972, and at the end of 1980 had exceeded 190 million bbl. Drilling through 1980 had resulted in 91 oil wells and 2 dry holes.
Yaralpa oil fields
Oil Fields of Venezuela
Bolivar Coastal Field is the largest oil field in South America with its 6,000-7,000 wells and forest of related derricks, stretches thirty-five miles along the north-east coast of Lake Maracaibo, Venezuela. Discovered in 1917, the Bolivar Coastal fields produce from wells on platforms in the shallow lake. The field is thought to have a total of approximately 30-32 billion barrels of oil.
Boscan Oil Field is located 40 km southwest of Maracaibo, Venezuela, and covers an area of about 660 square kilometers. The field was discovered in 1946 by Chevron. Production began in 1947.
Maracaibo Basin in Western Venezuela is a prolific, oil-producing sedimentary basin. The basin is bounded on the north by the Oca Fault which separates it from the Caribbean Sea. Oil was discovered in producible quantities in Venezuela in 1914 at the town of Mene Grande.
Orinoco Belt is a territory which occupies the southern strip of the eastern Orinoco River Basin in Venezuela. The Orinoco Belt is located south of the Guarico, Anzoategui, Monagas, and Delta Amacuro states, in late 2011- PDVS.A. has estimated that the producible reserves of the Orinoco Belt are up to 235 billion barrels which would make it the largest petroleum reserve in the world.
Oil Fields of Mexico
Cantarell Field or Cantarell Complex is an aging supergiant oil field in Mexico. It was discovered in 1976 by a fisherman, Rudesindo Cantarell. However, production has declined since 2003, falling to 464,000 barrels per day by the end of 2010. Cantarell Field is Mexico's second most productive oil field after Ku-Maloob-Zaap. Cantarell is located 80 kilometres offshore in the Bay of Campeche. This complex comprises four major fields: Akal (by far the largest), Nohoch, Chac and Kutz.
Akal field, is considered the sixth largest reservoir in the world. Since Cantarell's initial discovery in 1976 and exploitation in 1979
The Cantarell Complex of five oil fields lies beneath the Bay of Campeche. It is the second most productive oil field in the world, supplying about two thirds of Mexico's crude oil output.
Noxal oil field is a deep underwater oil field in the Mexican waters of the Gulf of Mexico that was once believed to contain up to 10 billion barrels of crude oil. Further drilling has revealed a modest 245 billion cubic feet a modest natural gas find.
Ku-Maloob-Zaap oil field is the most productive oil field in Mexico. Ku-Maloob-Zaap is made up out of three relatively large fields Ku, Maloob and Zaap which are located to the immediate northwest of the Cantarell field. Ku-Maloob-Zaap is located offshore in the Bay of Campeche, 105 kilometres from Ciudad del Carmen.The Ku field was discovered in 1980, the Maloob field in 1984 and Zaap in 1991. First oil from the Ku field was produced in 1981.
Bay of Campeche - Major offshore oil wells were drilled in the bay during the 1970s, and it became the highest oil-producing region in Mexico in the early 1980s. Bay of Campeche, also called Gulf of Campeche, Spanish Bahía de Campeche, bay of the Gulf of Mexico, southern Mexico. An oil pipeline connects the bay area to Coatzacoalcos on the coast near the city of Minatitlán, where there are pipeline connections and a tanker terminal.
South America Petroleum Oil and News
South America Oil and Gas Drilling News, Brazil Petrobras Oil News, Venezuela PDVSA Oil News, Ecuador Petroecuador Oil News, Peru Oil News, Colombia Ecopetrol Oil News, Chile Oil News, Mexico Oil Gas Drilling News.
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