Recent Pan-regional Conference Confirms Latin America is Enjoying Energy Renaissance

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 4, 2011 -- Organized by The CWC Group, The Latin America Oil & Gas conference took place at the Mandarin Oriental Hotel, Miami on the 25 – 27 October 2011.

The conference was characterized by a high level of delegate participation bringing together a global network of over 120 senior level professionals from 19 countries and provided a meeting place for industry experts, connecting existing and new players in the region.

RoseAnne Franco, Research Analyst with Wood Mackenzie, mentioned “the recent offshore discovery by Tullow Oil in French Guiana, and the geology similarity with the West Africa’s Gulf of Guinea, anticipate a potential game changer for the region”.

Followed by Ethel Morales, Geosciences Manager, ACAP, invited oil companies to the region who are interested in carrying out exploration and exploitation of hydrocarbon activities, with attractive PSA as part of their Uruguay Round 2 roadshow.

Dr Alirio Parra, a former Venezuelan Oil Minister and Director and Senior Associate of The CWC group, commented, the conference highlighted the tremendous potential for opportunities and the need for international expertise in the development of the Latin America oil and gas industry. The region is enjoying a new energy renaissance amply confirmed by the presentations, discussions and lively debates that took place throughout the three days.

Juan Jose Sosa, VP of Administration, YPFB, invited all companies to actively participate in the licensing round the company is planning for next year. With proven reserves at 9.9 TCF in Bolivia, they are preparing for a bidding round for a new certification of reserves in early 2012.

It was emphasized that the way forward in the development of oil and gas in the region was becoming more open and collaborative. In this respect, governments understand that new areas (offshore, unconventional) will be more difficult and more costly to develop. Under these circumstances they recognized the need for energy sector external financing, advanced technology and knowledge transfer as key factors to achieve their production plans.

The recent increase in activities in both the upstream and downstream is amply supported by the plans of the majority of the producing countries to open international bid rounds and negotiate agreements with the private sector. The resurgence of oil and gas activities in Latin America signals the need to invest heavily in the energy infrastructure, particularly in pipelines, refineries and ports.

Country showcases illustrated not only the challenges including corporate social responsibility, local communities etc, but also the growing opportunities for the private sector cooperation and investments. The ‘space’ that has opened is attracting IOC’s, Independents Oil Companies and a new breed of local players.


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