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Latin America upstream in brief

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20 June 2019

Latin America upstream in brief

Report summary

The Latin America upstream in brief provides Wood Mackenzie's view on key industry events in Mexico and the Caribbean, Central and South America as they unfold. Declining legacy onshore production has been met with a highly active offshore sector. Discoveries in Guyana, Brazil, Colombia and Mexico are reshaping the upstream landscape south of the border. Argentina also stands out through its burgeoning shale developments, one of the few bright spots for unconventionals outside the United States. Strong licensing activity, led by Brazil and Mexico, has drawn a diverse landscape of players exploring new opportunities in the region. We cover these issues, and more, in the Latin America upstream in brief.

Table of contents

  • Five months into office, AMLO wages a counter-energy reform
  • Shell takes the plunge into Mexico's offshore
  • CNH Cancels October Pemex Jvs auction
  • ExxonMobil sanctions its first Argentina shale development
  • Argentina: Boots on the ground in Vaca Muerta
  • Petrobras exercises right of preference for two fields in the Surplus Transfer of Rights Bid
  • Brazil expects to contract seven new FPSOs this year
  • Risk and reward in Latin America's upstream sector
  • Uruguay launches new open bid round as it redraws the exploration map
  • Pemex and the Energy Reform - five years later
  • Upgraders down in the Faja
  • Trinidad Bid Round paves the road to consolidation
  • Second Liza FPSO receives FID
  • Brazil's 2019 exploration bid rounds: more pre-salt blocks on offer
  • Why Pemex needs to think beyond nitrogen injection to revive Cantarell
  • Petrobras is moving forward in Brazil with its divestment plan
  • Pemex offers new investment opportunities for service companies
  • Notes from Colombia and Peru
  • Petrobras makes progress in Sergipe-Alagoas deepwater assets
  • ExxonMobil announces its 13th discovery in Guyana's Stabroek block
  • Aqueduct planned for Vaca Muerta
  • Phoenix Global Resources granted Mendoza's first unconventional license
  • The wait is over for Brazil's 10 billion boe pre-salt discovered resources round
  • Repsol's Boyuy-X2 among deepest wells ever drilled in South America
  • Upcoming activity in Mexico's Perdido
  • Operators shift exploratory efforts to recent block purchases in Brazil
  • Intracampos Round a success for Ecuador after seven years with no rounds
  • YPF year-end results: shift to unconventional oil in an oversupplied gas market
  • Will Colombia’s oil and gas reserves last more than a decade?
  • Spend levels in Latin America have stabilizedsince the downturn and we expectgrowth to resume
  • Farm-in opportunities in the Guyana basin
  • Brazil and Guyana – risk and opportunity in deepwater
  • Fortin de Piedra production at risk post ministry announcement
  • Argentina's gas price incentive program has run its course
  • Gran Tierra increases Colombian portfolio to 43 blocks, consolidating its position in Putumayo
  • Another big step for PetroRio to grow through farm-in operations in Brazil
  • Mexico's wells to watch
  • Pemex opportunity to increase production with EOR
  • Latin America's first FLNG facility on route to Argentina
  • US imposes sanctions on PdVSA
  • Petrobras to kick off four FPSOs in Brazil this year
  • Petrobras makes new pre-salt find at Peroba in the core of Brazil’s Santos basin
  • Shell sanctions its first Vaca Muerta development
  • Transfer-of-rights surplus auction: former government passes baton to incoming one
  • New Brazilian government keen to keep 2019 auction schedule on course
  • Brazil's oil industry remained busy at year end
  • Maurel & Prom acquires Shell's stake in Venezuelan field
  • Santos Basin pre-salt provides the IOCs basis for strong growth
  • Total lands another slice in the Lapa pre-salt field in Brazil
  • QP takes a stake on Eni's Amoca
  • YPF and PETRONAS sanction US$2.3 billion shale development
  • Mexico oil auctions put off until 2021
  • DEA to acquire PE-backed Mexico Sierra Oil & Gas
  • Brazilian player 3R and Petrobras in U$450 million asset sale deal for mature onshore fields
  • ExxonMobil's 10 th discovery in Guyana increases Stabroek's resources to 5 bnboe
  • Mexico's new president takes office
  • Perenco acquires shallow-water Campos basin fields for US$370 million from Petrobras
  • Trinidad launches shallow water bid round
  • YPF announces aggressive new shale targets
  • Exploring shale in Colombia – navigating a bumpy road
  • Setbacks for Pemex's production
  • Brazil pre-salt licensing plans extend until 2021
  • Petrobras advances net debt reduction
  • The development plan for the Entorno de Sapinhoá pre-salt area makes it closer to an upside potential
  • PetroRio continues to grow through M&A deals of producing assets
  • Caño Limón-Coveñas pipeline attacks lead to over 85% idle capacity
  • Petrobras makes progress on Marlim fields divestment
  • Brazil's far-right Jair Bolsonaro (PSL) favored to win electoral runoff
  • Ecopetrol flops in its 1million b/d target but the recovery could be promising
  • Tullow Oil secures new acreage in Suriname
  • Brazil's PSC Round 5 – The last opportunity for IOCs to access coveted pre-salt acreage?
    • Market expectations for 2019
    • Potential beyond the pre-salt
    • Digitalization and energy transition
  • Discoveries hold the key to AMLO's ambitious targets
  • Argentina shale industry responds to macroeconomic instability
  • Venezuela takes steps to remedy production fall
  • In Ecuador, a new beginning launched with PSC bid round
  • The Equatorial Margin – searching for the next Liza
  • Venezuela and Trinidad finalise the Dragon gas deal
  • Environmental laws could halve light oil production in Peru
  • Brazil's mature Campos basin oil fields: decommission or redevelop?
  • What AMLO’s energy policy will mean for Mexico’s upstream sector
  • CNPE raises profit share rates for two blocks offered in Brazil's PSC Round 5
  • 2018 local content improvements unlock investment in 23 FPSOs and up to 15 bnbbl by 2027
  • QGEP turns into the second largest producer in Brazil after Petrobras and Majors
  • Will open acreage help to boost Brazil`s onshore sector?
  • Perenco enters Mexico through Petrofac M&A
  • Polvo revitalization project in Brazil`s Campos basin is half waythrough
  • Shell to drill its first well under a profit-share contract in Brazil
  • Karoon advances Santos basin farm-in discussion and negotiates Peregrino entry
  • Parex Resources considers strategic options, including sale of core assets
  • Mexico readies for AMLO's incoming administration
  • PGN made a new gas discovery in the Parnaíba basin and requested local content reduction
  • SBM cleared to participate in Petrobras FPSO tenders
  • Brazil`snew pre-salt map after the 2017 and 2018 bid rounds
  • Trinidad turning a corner - notes from the field
  • Argentina's gas market could be oversupplied by early 2019
  • Petrobras declares the Entorno de Sapinhoá pre-salt block commercial
  • Equinor announced new oil finding at BM-S-8 in the in the core of Santos pre-salt in Brazil
  • Petrobras may seek more advantageous strategy for contracting its next pre-salt FPSOs
  • Brazil´s open acreage licensing starts with a reduced number of blocks
  • Mexico’s government makes a left turn – what’s in store for the Energy Reform?
  • Right-wing candidate Ivan Duque wins in Colombia – government's upstream policy to remain largely the same
  • Bidding schedule in Brazil proceeds with PSC Round 5
  • Nine months after delivery, Tartaruga Verde's FPSO finally starts production in offshore Brazil
  • Insights from Argentina research trip
  • ExxonMobil’s latest Guyana discovery pushes recoverable resources above 4 billion boe
  • Another interruption in Peru’s NorPeruano pipeline has ramifications for Block 192
  • Proppant train and gas pipeline mark key advancements for Vaca Muerta
  • The first Libra well reached over 50,000 boe/d after five months producing
  • Four takeaways from Brazil`s pre-salt Round 4
  • Total forges ahead with plans to drill in Foz do Amazonas basin despite more permit delays
  • Karoon receives approval for commercial development of its Brazilian Echidna-Kangaroo discoveries and requests local content reduction
  • Pemex onshore JVs: unlocking reserves in mature fields
  • Another Energy Reform milestone – Mexico's first upstream M&A deal
  • Venezuelan oil production after the election: performance and imminent risks
  • Petrobras Q1 results: upstream in focus
  • Petrobras restores its dividend
  • Brazil`s PSC Round 5 will offer an extra chance for operators to acquire prospective presalt blocks
  • Heavy competition in Brazil`s PSC Round 4 may drive profit shares bids up
  • Venezuela: switch to low case supply outlook as production declines accelerate
  • Pan Amercian Energy gets approval to develop Hokchi
  • CNOOC gets green light to drill Perdido prospects
  • Brazilian government eases local content for existing contracts
  • ENAP Sipetrol and YPF complete expansion work in Area Magallanes
  • The pre-salt Saturno block had been removed from Brazil`s PSC Round 4 and may be offered in a new auction together with the two concession blocks removed from Round 15
  • Brazil explores offering more accessto the pre-salt
  • Petrobras starts divestment process in Tartaruga Verde, Espadarte and Baúna fields
  • Brazil's Round 15 awards roughly half of offshore blocks
  • Explorers focus on Salinas Sureste
  • The first of seven FPSOs to come onstream this year in Brazil has arrived on location and should start production in the first half of 2018
  • Pre-Sal Petroleo SA (PPSA) sells first cargo of government profit oil in Brazil
  • Mexico launches first shale round
  • YPF expects shale to drive production growth this year
  • Brazil offers up big pre-salt opportunities at high prices
  • ONGC Videsh and Geopark partner up in Colombia
  • Trinidad's state Petrotrin to be split into four entities
  • ExxonMobil's Pacora well adds to the string of success in Guyana
  • Pemex's Q4 results show progress, but highlight the scale of the challenge
  • Vista Oil & Gas builds more Vaca Muerta exposure in US$340 million deal
  • Perdido exploration forges ahead
  • Mexico's Energy Reform in an election year
  • Total enters the Guyana Basin
  • Colombia's Sinu-San Jacinto round delayed
  • Brazil offers two highly anticipated licensing rounds
  • Mexico's Round Two finishes on a high note
  • Mexico charges ahead with latest onshore bid round: 3.2
  • Newly-formed Vista Oil & Gas splashes into Argentina
  • Peru: Tullow's next exploration play
  • ExxonMobil's Ranger proves new play in Guyana

Tables and charts

This report includes 83 images and tables including:

  • Farm Out Scenario vs Current Development Plan
  • Vaca Muerta developments by operator and year of project sanction
  • Open bid round acreage on offer
  • Submitted bids
  • Liza Unity FPSO capex and production profile
  • Brazil rounds will offer 38,000 km2 of offshore exploration acreage, most of which is in the Campos and Santos basins
  • Akal OIIP
  • Mature Fields Program (2P Reserves mmboe)
  • ExxonMobil liquids production 2019-30
  • Surplus volumes in the four largest TOR areas made available for licensing in 2019
  • Boyuy reached a record depth and could boost activities in Bolivia
  • Perdido Area
  • Of Brazil’s 350 exploratory blocks, 30% have already had their contracts suspended
  • Offered blocks received high government production share bid levels with exception of Pañayacu Norte
  • Areas offered by ANH in the upcoming bid round
  • Latin America upstream development capex forecast & evolution of outlook
  • Planned wells in the Guyana basin
  • Fortin de Piedra historical production
  • Fortin de Piedra production scenarios
  • Argentina 2018 unconventional gas production (annual)
  • Projects approved for Resolution 46 subsidy
  • Gran Tierra's production curve and acquisition highlights over the years
  • PetroRio historical and forecast production
  • Pemex remaining reserves and contingent resources by main basins (mmboe)
  • Top producing companies by working interest (kb/d)
  • Blocks offered in the sixth pre-salt round
  • Santos pre-salt exploration wells
  • Lapa production profile
  • QP Interest
  • Blocks by Company Interest
  • Ceará-Potiguar production
  • Mexico´s Oil Production
  • Blocks on offer
  • YPF production targets
  • Pemex Production Breakdown
  • Sapinhoa and Entorno de Sapinhoa production
  • PetroRio's post-acquisition production to increase by 20% with Frade
  • Historical and forecast idleness of Caño Limón-Coveñas pipeline
  • First round presidential election results
  • Colombia's production curve forecast
  • Guyana basin blocks
  • Offshore Well Commitments
  • Onshore Well Commitments
  • OPEC country production 2014-2018 (ex-Saudi Arabia)
  • Blocks on offer
  • Equatorial Margin – net offshore exploration acreage by company (top 25)
  • Peru's heavy and light oil production forecast
  • Contract requests by operator and round
  • Contract requests by basin
  • Operated production for small companies in Brazil
  • Brazil's total production
  • Polvo incremental production and opex/boe
  • Shell operated blocks
  • The new map of Campos and Santos basins after the 2017 and 2018 bid rounds
  • Argentina gas supply and demand
  • Sapinhoa cluster participation and fiscal regimes
  • Cumulative cashflow
  • Blocks offered, by basin, in the first phase of open acreage
  • AMLO on track to receive the highest number of votes in all but two states
  • FPSO Cidade Campos dos Goytacazes construction timeline
  • Discoveries on Stabroek block to date
  • Block 192 monthly production
  • TGS planned gas pipeline
  • Top 10 presalt producing wells (April 2018)
  • Petrobras, Statoil and ExxonMobil dominate the 4th PSC round
  • Neon & Goia cashflow
  • Onshore Pemex JVs
  • Jaguar-Vista M&A blocks
  • Upgrader production 2018-2019, in kb/d
  • Time to reach peak output for pre-salt FPSOs
  • Full-cycle project IRR vs profit share rate and oil price
  • Mexico's Energy Reform notable milestones
  • 2018 Local Content rules that can replace old commitments
  • Area Magallanes-Poseidon production
  • This year’s 7 FPSOs will contribute nearly 800,000 b/d of production by 2020
  • Santos and Campos basin signature bonuses (outside the pre-salt polygon, these are the minimum bids)
  • ExxonMobil's Pacora-1 discovery
  • Neuquen blocks acquired from Pampa Energia and Pluspetrol by Vista Oil & Gas
  • Mexico's 2.4 draws near-record number of bids
  • Blocks on offer across Burgos, Tampico-Misantla, and Veracruz
  • Blocks sold to Vista Oil & Gas by Pampa Energía

What's included

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    Latin America upstream in brief

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    Licensing_Activity_2019_05_May.pdf

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