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Latin America OverviewChileConsultChileConsult
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Latin American Upstream Overview
Selected Countries Overview
Houston, November 2006
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RESERVES ARE LIKE FISH
• The fish is on the boat. You have weighed him; you can smell him and you will eat him.
• The fish is on your hook in the water by the boat and you are ready to net him. You can tell how big he looks (they always look bigger in the water)
• There are fish in the lake. You may have caught some yesterday. You may be able to see them, but you have not caught any today.
• There is water in the lake. Someone may have told you there are fish in the lake. You have your boat on the trailer but you may go play golf instead.
•PROVED DEVELOPED:
•PROVED UNDEVELOPED:
•PROBABLE:
•POSSIBLE:
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National name: República ArgentinaPresident: Néstor Kirchner (2003) Land area: 1,056,636 sq mi (2,736,690 sq km); Population 39,921,833 Capital and largest city Buenos Aires, 13,349,000
Total exploratory wells drilled 7,648 (Onshore) / 188 (Offshore)Current Production Mbo/d = 665 MMcf/d = 5,042 bc/d = 35,466Cumulative Production MMbo = 9,536 Bcfg = 33,467Remaining Proven and probable Reserves MMbo = 3,269 Bcfg = 27,230
33 -Selected Countries Overview - Argentina
Argentina
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Source: EIA
33 -Selected Countries Overview - Argentina
Production & Consumption
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El Paso Corp
Empresa Desarrollo Hidrocarburifero Provincial SA
Empresa Nacional del Petroleo
Energia Argentina SA (ENARSA)
Eni SpA
EPP Petroleo SA
Equitable Resources Energy Co
Exploraciones Oromin SA
Exxon Mobil Corp
EZ Holding SA
Foxpetrol SA
Gener SA
Grecoil y Compania
Gyapro SA
Havana Group
Hidraco SA
Hinton Production Co Inc
Huayqui SA de Construcciones
Ingeniera SIMA SA
Ingenieria Alpa SA
International Finance Corp
ITSA SA
Kilwer SA
Korea National Oil Corp
Ledesma SAAI
Medanito SA
Metro Holdings SA
Misahar Argentina SA
Alianza Petrolera Argentina SA
Antrim Energy Inc
Apache Corp
Australian Worldwide Explor NL
BASF Group
BP plc
Bridas SA
Burlington Resources Inc
Central International Corp
Chanares Herrados SA
ChevronTexaco Corp
Chubut Province Govt
Cia Argentina Comodoro Rivadavia
Cia de Minas SA
Cia General de Combustibles SA
Clear SRL
Codi SA
Codipa SA
Colhue Huapi SA
Conevial SA
Connacher Oil and Gas Ltd
Corpet SA
Cutral Co SA
Desarrollo Petrolero Ganadero SA
Devon Energy Corp
Dong Won Corp
East Asia Gas Co Ltd
EHRENCAP SA
33 -Selected Countries Overview - Argentina
Operating Companies
Norwest Energy NL
Ormas SAICIC
Petro Andina Resources Inc
Petro Uruguay SA
Petroleo Brasileiro SA (Petrobras)
Petroleos Sud Americanos SA
Petrolera del Comahue SA
Petroquimica Comodoro Rivadavia SA
Pioneer Natural Resources Co
Produmet SA
Repsol-YPF SA
Rio de la Plata SRL
Roch SA
Royal Dutch/Shell
Rutilex Hidrocarburos Argentina (RHA) SA
San Enrique Petrolera SA
Santa Cruz Province Govt
Sebastian Maronese e Hijos SA
Servoil Int'l Ltd Argentina SA
Silsy SA
Techint Cia.Tecnica Int.SA
Tecnicagua SAICA
TOTAL SA
Tripetrol E & P Co
Tyax SA
Williams Companies Inc
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33 -Selected Countries Overview - Argentina
• Five mayor prospective basins currently producing in the country. Activity heavily concentrated in Neuquén and San Jorge basins
• Policy downturn may have reached bottom. Good long term stability prospect
• Struggle to maintain hydrocarbon self-sufficiency may bring some new incentives
• Strong economic recovery underway, giving room to gradual increase of domestic gas prices
• Expansion of TGN and TGS pipelines easy restrictions in the gas market
• Comparatively high M&A activity. Still room for consolidation due to a substantial number of smaller operators
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National name: República Federativa do BrasilPresident: Luiz Inácio Lula da Silva (2003)Land area: 3,265,059 sq mi (8,456,511 sq km); Population 188,078,227 Capital Brasília, 2,160,100Largest cities: São Paulo, 18,333,000; Rio de Janeiro, 11,469,000
Total exploratory wells drilled 3,754 (Onshore) / 2,216 (Offshore)Current Production Bo/d = 1,630,384 Mcf/d = 1,711,216Cumulative Production MMbo = 8,477 Bcf = 8,616 Remaining Reserves MMbo = 11,77 Bcf = 10,813
33 -Selected Countries Overview - Brazil
Brazil
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Source: EIA
*Despite market liberalization, Petrobras still controls over 90 percent of Brazil’s crude oil production.
33 -Selected Countries Overview - Brazil
Oil Production & Consumption
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33 -Selected Countries Overview - Brazil
Exploration Area under Concession
Source: ANP
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33 -Selected Countries Overview - Brazil
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A.P. Moeller (Maersk)
Amerada Hess Corp
Anadarko Petroleum Corp
Arbi Petroleo Ltda
Aspen
Aurizonia Empreendimentos Ltda
BASF Group
BG Group plc
BHP Billiton
BP plc
ChevronTexaco Corp
Cia Brasileira de Petroleo Ipiranga
Devon Energy Corp
Dover Technology Inc
EDP-Energias de Portugal SA
El Paso Corp
EnCana Corp
Eni SpA
Exinvest
Exxon Mobil Corp
Grupo Iberdrola
Japan National Oil Corp
Kerr-McGee Corp
Koch Industries Inc
33 -Selected Countries Overview - Brazil
Maritima
Mitsubishi Corp
Mitsui & Co Ltd
Newfield Exploration Co
Nexen Inc
Northern Oil ASA
Other partner(s)
Petroleo Brasileiro SA (Petrobras)
Petropar
PetroSantander Inc
Petroserv SA
PortSea Oil & Gas NL
Queiroz Galvao SA
Rede Electrica Nacional (REN)
Repsol-YPF SA
Royal Dutch/Shell
SK Corp
Sojitz Corp
Starfish Oil & Gas SA
Statoil ASA
TDC Engineering Inc
Teikoku Oil Co Ltd (TOC)
TOTAL SA
W. Washington-SP
Operating Companies
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33 -Selected Countries Overview - Brazil
• Political stability secured with recent reelection of Lula da Silva
• Regional success story, reaching self-sufficiency in spite of growing consumption
• Shelf to ultra-deepwater off-shore believed to offer a number of giant discoveries
• ANP taking measures to reduce Petrobras disproportionate presence.
· Limiting number of bids per operator in recent round· Requesting relinquishment of up to 200 mature fields
• Expanding market and distribution infrastructure generates good gas price scenario
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National name: República de ColombiaPresident: Alvaro Uribe (2006) Land area: 401,042 sq mi (1,038,699 sq km); Population (2006 est.): 43,593,035 Capital and largest city: Bogotá, 7,594,000Total exploratory wells drilled 2323 (Onshore) / 55 (Offshore)Current Production Mbo/d =525.3 MMcf/d = 3,521Cumulative Production MMbo = 6,441 Bcf = 15,416Remaining Reserves MMbo = 1,453 Bcf = 6,711
33 -Selected Countries Overview - Colombia
Colombia
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33 -Selected Countries Overview - Colombia
Oil Production & Consumption
Source: IEA
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33 -Selected Countries Overview - Colombia
Top 10 Operators
2003 2006
Source: ANH
Source: IHS
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33 -Selected Countries Overview - Colombia
Source: ANH
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33 -Selected Countries Overview - Colombia
Source: ANH
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33 -Selected Countries Overview - Colombia
Operating Companies
Adulis Resources Inc
Alpha Consultores Ltd
Andina Electrica
Apple Oil & Gas Ltd
Aviva Petroleum Inc
Baker Hughes Inc
BHP Billiton
Bob Moore
BP plc
Burlington Resources Inc
C & C Energy
ChevronTexaco Corp
Claudio Avila Geopozos y Cia
Colombian Holsan Ltda
Colregistros
Comercial de Oriente Ltda
Conequipos
ConocoPhillips
Drummond Ltd
Ecopetrol SA
Emerald Energy Plc
Empresa Nacional del Petroleo
Eni SpA
Erazo Valencia y Cia
Exxon Mobil Corp
Geoadinpro
Geoconsult Ltd
Geopetrocol Ltda
Geoproduction Oil & Gas
Halliburton Co
Harken Energy Corp
Houston American Energy Corp
Hughes, Dan R.
Ismocol de Colombia SA
Joshi Technologies Int'l Inc
Kappa Resources Colombia Ltd
Knightsbridge Investments
Loon Energy Inc
Mercantile Int'l Petroleum Inc
META Petroleum Co Ltd
Mohave Oil & Gas Corp
Montecz Ltda
Nexen Inc
Occidental Petroleum Corp
Omimex Resources Inc
Operaciones Petroleras Andinas (OPA)
Pacific Stratus Ventures Ltd
Parko Services SA
Perenco plc
Petrobank Energy & Resources Ltd
Petroleo Brasileiro SA (Petrobras)
Petroleos Carbon Ltda (Petcar)
Petroleos Exploration-Petex SA
Petroleos Nacionales SA
Petroleum Equipment International Ltda (PEI)
PetroSantander Inc
Petrotesting Colombia SA
Prime Natural Resources Inc
Quadra Resources Inc
R-3 Exploracion y Production S.A.
Rancho Hermoso
Rangel Petroleos Ltd (Ranpetrol)
Ray Oil Tool Co
Repsol-YPF SA
San Domingo Group
Sheridan Corp
Sismopetrol
Talisman Energy Inc
Tecnicontrol
Tecnopetrol Inc
Texican Oil Plc
TOTAL SA
Union Fenosa SA
Winchester Oil & Gas
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33 -Selected Countries Overview - Colombia
• Alvaro Uribe’s pro-business policies to be enhanced under new mandate
• ANH’s aggressively working to revert production decline. Bidding activity second only to Brazil
• Number of local players and small independents in the E&P sector creates M&A opportunities
• Mixed system of bidding rounds and open acreage makes possible to enter low exposure TEA’s
• Best economic terms in the region, and great prospectivity (don’t believe PEPS!)
• Improved security, but still a concern in the Llanos and Putumayo
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National name: República del EcuadorPresident: Alfredo Palacio (2005)Land area: 106,888 sq mi (276,840 sq kmPopulation: 13,547,510 Capital: Quito 1,780,700 Largest cities: Guayaquil, 2,597,600
Total exploratory wells drilled 513 (Onshore) / 93 (Offshore)Current Production Bo/d = 531,817 Mcf/d = 25,383 Cumulative Production MMbo = 3,836 Bcf = 771Remaining Reserves MMbo = 4,600 Bcf = 345
33 -Selected Countries Overview - Ecuador
Ecuador
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Source: EIA
33 -Selected Countries Overview - Ecuador
Production & Consumption
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33 -Selected Countries Overview - Ecuador
Production by Sector
Source: IEA
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Operating Companies
33 -Selected Countries Overview - Ecuador
Agip Oil Ecuador BV
Andes Petroleum Co
Andipetroleos
Burlington Resources International
Canada Grande
Cayman Int'l Exploration Co
China National Petroleum Corp
Cia General de Combustibles SA
City Oriente Ltd
Ecuador TLC SA
EDC Ecuador Ltd
Fosforocomp SA
International Sovereign Energy
Murphy Ecuador Oil Ltd
Occidental E & P Co
OMV AG
Overseas Petroleum & Investment
Pacifpetrol SA
Perenco Ecuador Ltd
Petrobras Energia Ecuador SA
Petroleos Sud Americanos SA
Petromanabi
Petroriva SA
Repsol-YPF Ecuador Inc
Santa Elena Oil & Gas
Sinochem
Southern Mineral Corp
Tecnie SA
TecpEcuador SA
Tripetrol Ecuador Inc
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33 -Selected Countries Overview - Ecuador
• Substantial increase in exploration and production due to the OCP oil pipeline 2003 completion
• Good prospectivity. Abundant exploration and rehabilitation opportunities if a future government brings some stability
• Marginal fields round failed to attract established operators. ITT will likely be different. Offshore, who knows?
• Actions to capture a portion of the high-oil-price driven windfall profits shouldn’t scare investors (C’mon, it’s happening in Louisiana!)
• French IFP working with Ecuadorian government on new model contract and fiscal regime
• Finding your way in the bureaucratic jungle can be a burden, but it can be done. Security, on the other hand, is good
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Official name: Estados Unidos MexicanosPresident: Felipe Calderon (2006)Land area: 742,485 sq mi (1,923,039 sq km); total area: 761,606 sq mi (1,972,550 sq km)Population (2006 est.): 107,449,525 Capital and largest city: Mexico City, 19,013,000
Total exploratory wells drilled 5,034 est.Current Production b/d = 3,333,953 Mcfg/d = 4,817,367Cumulative Production MMbo = 33,703 Bcfg = 54,948Remaining Reserves MMbo = 23,500 Bcfg = 40,000
33 -Selected Countries Overview - Mexico
Mexico
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Source: EIA
33 -Selected Countries Overview - Mexico
Oil Production & Consumption
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33 -Selected Countries Overview - Mexico
Proyected Oil Production & Consumption(US$ 10bn/year Investment Scenario)
Source: Pemex
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33 -Selected Countries Overview - Mexico
Import / ExportGas and Refined Products
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Mexico Exploration Projects
Source: Pemex
33 -Selected Countries Overview - Mexico
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33 -Selected Countries Overview - Mexico
• Closed to direct foreign (or private, to that matter) investment in the energy sector since 1938 nationalization
• Pro-business PAN government was tentatively opening spaces (Burgos MSC’s). Vicente Calderon is thought to have a better political chance to enhance that policy
• Opening should be driven by necessity. Mexico’s critically low reserve to production ratio’s problem is now compounded by the production decline. (Cantarell, the second largest field in the world, (and producing 65% of the total Mexican oil output) is declining at about 14% a year)
• Pemex, most highly indebted company in the world, can not possibly undertake the needed investment
• Opportunities without equal in the Western hemisphere, where highly prospective country is mostly unexplored
• Scores of fields needing development or reactivation since Pemex concentrated in a few giants
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33 -Selected Countries Overview - Peru
Peru
Capital LimaPresident Alan García Pérez (2006)Area 1,285,216 km² Population 27,968,000
Total exploratory wells drilled 1541 (Onshore) 361 (Offshore)Current Production Mbo/d = 111 - MMcf/d = 146Cumulative Production MMbo = 2,320 - Bcfg = 3,253Remaining Proven and probable Reserves MMbo = 1726 (2P) Tcfg = 16.65 (2P)
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Source: EIA
33 -Selected Countries Overview - Peru
Production & Consumption
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Aguaytia Energy del Peru SRL
Andean Energy Corp SA
Barrett Resources Corp
BPZ Energy Inc, Peru
Burlington Resources Peru Ltd
Cia Petrolera Rio Bravo SA
Cia. Consultora de Petroleo
Daewoo International Corp, Suc. Peruana
Edegel SA
Empresa Petrolera Unipetro ABC S.A.
Fugro Robertson Ltd
Grana y Montero Petrolera SA
Hess Corp
Hunt Oil Co
Korea National Oil Corp
Maple Production del Peru Ltd
Mercantile Peru Oil & Gas SA
Occidental Petrolera del Peru Inc
Olympic Peru Inc
Oracle Energy Corp
33 -Selected Countries Overview - Peru
Operating Companies
Pan Andean Resources Plc (Peru)
Petroleo Brasileiro SA (Petrobras)
Petrolera Monterrico SA
Petrolifera Petroleum del Peru SAC
Petro-Tech Peruana SA
Pluspetrol Peru Corp SA
Radial Energy Inc
Ramshorn International
Repsol Exploracion Peru SA
Sapet Development Peru Inc
Serpet Consult SA
Shona
Sibirskaya NefteGazovaya (Siberian O&G Co)
SK Corp
Sonatrach
Talisman Energy Inc
Tecpetrol SA
Upstream Consultants Ltd
Ziegler
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33 -Selected Countries Overview - Peru
• Hopes of political stability after the Ollanta Humala scare. Alan Garcia’s initial steps seem to show he has learned from past mistakes
• Dramatically improved contract terms in 2003, generating a high number of awards in 2005. Exploration activity will be revitalized, but probably not to the 1998 level
• Blocks promoted by Perupetro are open to direct negotiation in a first-come first-served basis. Formal bidding rounds too
• Gas potential (currently 17 TCF 2p) should be unleashed with the construction of the Camisea LNG plant, and domestic transportation infrastructure
• Investor-friendly environment may attract companies willing to take exploration risk. Limited M&A opportunities
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National name: República Bolivariana de VenezuelaPresident: Hugo Chavez (1999) Land area: 340,560 sq mi (882,050 sq km); total area: 352,144 sq mi (912,050 sq km)Population 25,730,435 Capital (2003 est.): Caracas, 3,517,300
Total exploratory wells drilled 13,215 (Onshore) / 156 (Offshore)Current Production Mbo/pd = 3,216 Mmcf/d = 6,646 bCumulative Production Mmbo = 55,610 Bcf = 84,550 Remaining Reserves Mmbo = 76,560 Bcf = 147,860
33 -Selected Countries Overview - Venezuela
Venezuela
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Source: EIA
Production & Consumption
33 -Selected Countries Overview - Venezuela
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33 -Selected Countries Overview - Venezuela
Source: PDVSA
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33 -Selected Countries Overview - Venezuela
Agencia Operadora La Ceiba CA
Amoco Venezuela Petroleum Co
Astra Quiamare SA
Bitumenes Orinoco SA
BP Exploracion de Venezuela SA
CARDON IV SA
Cartera de Inv. Venezolanas CA
Cerro Negro
Chevron Cardon III SA
Chevron Latinoamerica SA
ChevronTexaco Global
China National Petroleum Corp (CNPC)
Cia General de Combustibles SA
CMS NOMECO Venezuela LDC
ConocoPhillips Venezuela BV
Coparex Latina de Petroleos SA
Corepli de Venezuela
Corod Produccion
Corporacion Venezolana del Petroleo
Cosa Ingenieros Consultores
Ecopek SA
Eni Venezuela BV
Exploracion y Produccion Colectiva SA
Fivenez-Distral
Harvest-Vinccler, C.A.
Hocol Venezuela BV
Inelectra SACA
IneParia
Inversiones Mata
Korea National Oil Corp
LASMO BV
Maxus Venezuela (C.I.) Ltd
MORUY II SA
OLEOLUZ SA
OMV AG
Overseas Petroleum & Investment Corp
Perenco plc
Petrobras Energia Venezuela SA
Petrolera Ameriven SA
Petrolera San Carlos SA
Petrolera Zuata CA
Petroleum Technical Services Corp
PETROUDO SA
Phoenix International CA
Pluspetrol Venezuela SA
Polar Uno CA
Repsol YPF Venezuela SA
RME Venezuela
Samson Hydrocarbons SRL
Shell Venezuela SA
Sincrudos de Oriente SINCOR CA
Statoil Venezuela AS
Suelopetrol
Tecpetrol de Venezuela SA
Teikoku Oil Co Ltd
Total Oil & Gas Venezuela BV
Trio Placer Consortium
Urdaneta Gazprom SA
Veba Oel Venezuela Exploration
Vinccler Oil and Gas CA
Williams Companies Inc
YPF SA
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New bid round for marginal fields in the works…
Bidding process likely to be announced Jan – Feb, 2007
No plans to favor NOC’s over IOC’s. Independents expected to be encouraged to
bid. 15 new mixed companies in fields
throughout the country. Most of the fields are likely to be located in
eastern Venezuela, specifically in the Oficina area.
•Fields will range from small (reserves
less than 30 MMBBL) to medium (reserves greater than 150 MMBBL).
33 -Selected Countries Overview - Venezuela
Source: IPD
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33 -Selected Countries Overview - Venezuela
New bid round for marginal fields in the works…
Source: PDVSA/IPD
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33 -Selected Countries Overview - Venezuela
• Largest proven oil reserves outside the Middle East. (largest, period, if you count the Orinoco Belt). Two thirds of total Latin American gas reserves
• Don’t take at face value what the media (and Hugo Chavez) are telling you. The “Bolivarian Revolution’s” actual effect in the oil industry needs a second reading:
- Increased rate of return per working interest point- IOC’s no longer mere service contractors: now have direct title on the concession
by partnering with PDVSA in the Empresas Mixtas- The new regime gives the IOC access to price and production upsides- IOC’s may even be remunerated for performing operator-like functions
• Upper level PDVSA’ personnel fired after the 2003 strike, creating a technical and managerial vacuum (and the corresponding need)
• Highly prospective basins, including gas-prone offshore.
• Both direct negotiations and access through bidding available
• The perfect “counter-move” field?
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How can ChileConsultChileConsult help?• Latin America business development, including entry strategy
planning and implementation
• Country risk assessment and mitigation
• Regulatory authorities’ relationship building
• Business opportunity screening and targeting
• Contact facilitation with international and domestic players
• Contract Negotiations
• Tax and contract analysis and evaluation
• Due diligence processes, including environmental risk assessment
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Why can ChileConsultChileConsult help?• Inside understanding of the cultural and economic forces in play
• Extensive contact base all throughout Latin America
• Deep knowledge of the regional oil & gas industry
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An Attorney by education with extensive experience in the fields of international negotiations and new business development, as well as in business opportunity screening, project management and asset evaluation, primarily in the energy industry. Alberto has been exposed to a rich and varied experience through a career of more than 25 years, working efficiently with people from different professional and cultural backgrounds, and enjoys an extensive contact network in the international oil & gas business community as well as in government and entrepreneurial circles throughout Latin America
Self-motivated and possessing a creative problem-solving mentality, is fluent in English and his native Spanish, and has working knowledge of French and Portuguese.
Based in Houston, Alberto is an active member of the Association of International Petroleum Negotiators and the Chilean bar association. In his spare time enjoys motorcycling, tennis and shooting sports
www.chileconsult.com
ChileConsultChileConsult Leading Partner
Alberto [email protected]
Alberto Harambour2004 Buffalo TerraceHouston, TX 77019, USA+1 713 521 2664+1 713 922 9007 (mobile)
Oil & Gas Investment Scenario