South America Oil Output Seen Reaching Close to 10Mb/d by 2033

SEATTLE (Oil Monster): South America's crude oil and condensate production is expected to reach approximately 10Mb/d by 2033, from today's 7.5Mb/d, according to Rystad Energy. 

The projected amount corresponds to 11-12% of the forecast global crude and condensate supply in that year. 

According to Rystad, Brazil will keep accounting for most of the region's production in 2033 with 4.5Mb/d, but the main growth driver is Guyana, where output in that year is forecast to be 2Mb/d. 

The other countries cited by the consultancy are Argentina (1.2Mb/d), Venezuela (0.9Mb/d), Colombia (0.4Mb/d), Suriname (0.3Mb/d) and Ecuador (0.2Mb/d).

Rystad's projection does not include potential additional volumes from new discoveries such as the Equatorial Margin in Brazil. 

The Foz do Amazonas basin alone – the main bet for Brazil – has estimated reserves of 10Bb of oil, according to federal energy research company EPE. 

"If this is the case, it would be enough for Brazil not to be dependent on crude oil imports again in 2039, extending its self-sufficiency by 10 years," said Daniel Leppert, Rystad's head of research for Latin America, during the consultancy's Rio Energy Forum in Rio de Janeiro. 

Operator of Foz do Amazonas block FZA-M-59, Brazil's state oil company Petrobras is awaiting authorization from federal environmental regulator Ibama to drill a well in the area. 

Courtesy: www.bnamericas.com