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Colombia’s oil production and consumption

Thousand barrels per day 1200 1000

Production 800

Net exports 600 400 200

Consumption 0 200320042005 2006 2007 20082009 2010 20112012

Source: EIA.

has been very little exploration attractive,” he added. “Capital from foreign in the northern part,” he said. investors is desperately needed for them

The Mexican Ridges Fold Belt in the to monetize their deepwater resources and

Tampico-Misantla Basin has remained make them commercially viable.”

Overhauling business models is essentially untouched, as it is exposed essential for South American countries in the sea foor and does not contain to extract their resources. Oil and gas ideal seals. However, a deep drilling from South America, Canada, the United operation into turbidite channels and

States and Mexico comprise one-third of fans could change the fate of this play, the world’s reserves, Piñon said.

Cuevas Leree said.

The Catemaco Fold Belt, located in It’s really a matter of being able to help deep water just in front of the Veracruz certain governments see the benefts

Basin, is known to contain gas and light of rearranging the rules for the sake of oil. Furthermore, the underexplored long-term strategy rather than meeting

Campeche Salt Basin could also attract immediate needs.

investors, Cuevas Leree said, as several “I understand what their short-term million barrels of extra heavy oil have challenges are. They need hospitals, already been discovered there by Pemex. schools, employment. People are rioting

Although the Campeche Basin has in the streets because of the price of food been active for years, the USGS estimates and high infation. Those are short-term that a mean of 2.9 billion bo remain political problems to face, and the only undiscovered. “The Campeche is not bucket in which you can put your hand is done,” Schenk said. the oil and gas sector,” Piñon said. “But by robbing Peter to pay Paul, you are

Short-term vs. Long-term limiting the long-term growth of industry

In the wake of Mexico’s welcoming of inter- for short-term political benefts.”

The work required to help change national investors, Piñon said he would international energy policies can be not be surprised if Brazil stepped up to the plate in the face of greater competition. likened to a revolving door – a con- “Brazil is important to all investors tinuous conversation with academics, because of its large resource and reserve opinion leaders, scientists, leaders in the private and public sectors, multi- base. The government has decided that

Petrobras can handle – in our opinion – lateral international organizations, and others, Piñon said. more than they can chew. This has been a mistake proven in Petrobras’ recent per- “National leaders of host countries, formance,” said Piñon of the company’s political ideologies, and economic condi- ailing refning unit, languishing produc- tions are constantly in fux,” he said. tion rates, and plummeting stock prices. “They all put pressure on changing the “I would not be surprised if sometime course of sound energy policies. So our in the near future Brazil changes current work is an ongoing process of striving for investment rules and makes them more improvement.” oedigital.com April 2015 | OE 65 000_OE0415_Geofocus1_Heather.indd 65 3/24/15 9:25 AM