Argentina, Brazil and Colombia at the head of the region in oil, accord to The New York Times
September 21, 2011
According to the New York Times Latin America Brazil, Argentina and Colombia are at the forefront in the region thanks to new oil fields discovered, huge reserves and biofuels. In that way, America ranks among the most attractive areas for investment.
In this sense, Brazil has vast reserves offshore and Colombia will soon reach levels similar to oil reserves in Libya before the uprising against Gaddafi. Meanwhile, Argentina will receive an investment of 800 million dollars by Exxon and AES due to recent discoveries in the country the highest ones since the ’80s.
The New York Times says that investments have been multiplied in exploration projects from Canada to Patagonia.
However , the Middle East remains a key in determining the prices of fuel and other countries such as Russia and parts of the western sea area of Africa also attract energy investments.
Daniel Yergin, American historian, specialist in the field, called the new deal as ”a historic change that is occurring, which recalls the time before World War II when the United States and its hemispheric neighbors were the world’s leading sourceoil “and declared:” To some extent, we see a new equilibrium, with the Western Hemisphere back to self-sufficiency ”
This is demonstrated by Western oil companies redirect their investments into the business of exploration and exploitation of oil reserves in the region, as well as Venezuela is surpassing Saudi Arabia’s oil reserves.
On the radio Argentina Planning Minister said that the investment announcements by U.S. oil companies in the country put him “in the short term, along with Brazil, the first level of the region’s gas and oil.” In turn, advances in horizontal fracture scanning (also known as Shale gas) represent a “new technology that opens up a quite unusual for the industry.”
In countries like United States and Brazil it will overcome the technological difficulties of the geological reserves located deep underground and under rock surfaces. The newly discovered offshore fields in Brazil to 6000 feet deep.
“Brazil will become an oil power at the end of the decade, with an output similar to that of Iran,” said Pedro Cordeiro, an energy consultant Baubo & Company. This assesses the country’s production in 2020 reached 5.5 million barrels a day.Petrobras is investing 200 000 million dollars to achieve that goal. Chinese investors also go probing the region not only to ensure supply but also to gain experience in new technologies used in areas with difficult geology.
The United States has increased commercial ties with Colombia and Brazil in the Medici that reduced trade with OPEC countries. Beyond ideological differences alguntos hot topics of the international reality, Washington is seeking caring ties with Brazil.
The capacity and ability to produce biofuels and unconventional reservoirs placed the continent in a position to compete with countries like Iraq and Libya that although they have abundant reserves, political difficulties hindering its operation