Gulf Oil and Gas accountACCOUNT

Latin America Oil Supply - February 2016

Source: OPEC 2/24/2016, Location: South America

Latin Americaís oil supply saw good growth of 0.17 mb/d in 2015, making it the second-strongest region next to OECD Americas, with an average supply of 5.18 mb/d. This growth will shrink to only 40 tb/d in 2016, reaching average supply of 5.22 mb/d, with the growth coming mainly from Brazil.

On a quarterly basis, total oil supply in Latin America is expected to average 5.15 mb/d, 5.19 mb/d, 5.23 mb/d and 5.31 mb/d, respectively.Latin Americaís oil supply saw good growth of 0.17 mb/d in 2015, making it the second-strongest region next to OECD Americas, with an average supply of 5.18 mb/d. This growth will shrink to only 40 tb/d in 2016, reaching average supply of 5.22 mb/d, with the growth coming mainly from Brazil.

On a quarterly basis, total oil supply in Latin America is expected to average 5.15 mb/d, 5.19 mb/d, 5.23 mb/d and 5.31 mb/d, respectively.

Brazilís supply is estimated to average 3.05 mb/d in 2015, indicating an increase of 0.19 mb/d over the previous year, unchanged from the previous MOMR. Liquids output in November dropped by 50 tb/d m-o-m to average 2.98 mb/d, with y-o-y growth remaining broadly flat. Oil production from post-salt reservoirs continued to decline, led by the Marlim Sul field, while output rose to another record high in pre-salt areas.

Brazilís oil supply added 0.19 mb/d to production in 2015, notwithstanding only one new 0.15 mb/d FPSO being brought online, compared with 0.66 mb/d in 2014. In 2016, the addition of 0.38 mb/d at peak capacity will be implemented through three new FPSOís, all in the Santos basin. Nevertheless, growth in 2016 is not expected to be more than 0.1 mb/d due to companiesí capex cuts as well as more maintenance in the current year. Lula, Sapinhoa, Roncador and Jubarte are the main pre-salt fields for growth, while Marlim Sul and Marlim Leste are the main post-salt fields in decline. Brazilís 2016 oil supply is expected to stand at 3.07 mb/d, 3.11 mb/d, 3.19 mb/d and 3.23 mb/d on a quarterly basis.

Colombia produced 1.03 mb/d of crude on average the previous year to register growth of 10 tb/d, but the government cut its crude production target for 2016, following weak oil prices in international markets. In response to crude prices below $30/b, it has already deferred a number of projects to the future. Its anticipated total oil supply will decline to 1 mb/d in 2016. On a quarterly basis, it is expected to stand at 1.00 mb/d, 1.01 mb/d, 0.97 mb/d and 1.02 mb/d for 2016.

Brazilís supply is estimated to average 3.05 mb/d in 2015, indicating an increase of 0.19 mb/d over the previous year, unchanged from the previous MOMR. Liquids output in November dropped by 50 tb/d m-o-m to average 2.98 mb/d, with y-o-y growth remaining broadly flat. Oil production from post-salt reservoirs continued to decline, led by the Marlim Sul field, while output rose to another record high in pre-salt areas.

Brazilís oil supply added 0.19 mb/d to production in 2015, notwithstanding only one new 0.15 mb/d FPSO being brought online, compared with 0.66 mb/d in 2014. In 2016, the addition of 0.38 mb/d at peak capacity will be implemented through three new FPSOís, all in the Santos basin. Nevertheless, growth in 2016 is not expected to be more than 0.1 mb/d due to companiesí capex cuts as well as more maintenance in the current year. Lula, Sapinhoa, Roncador and Jubarte are the main pre-salt fields for growth, while Marlim Sul and Marlim Leste are the main post-salt fields in decline. Brazilís 2016 oil supply is expected to stand at 3.07 mb/d, 3.11 mb/d, 3.19 mb/d and 3.23 mb/d on a quarterly basis.

Colombia produced 1.03 mb/d of crude on average the previous year to register growth of 10 tb/d, but the government cut its crude production target for 2016, following weak oil prices in international markets. In response to crude prices below $30/b, it has already deferred a number of projects to the future. Its anticipated total oil supply will decline to 1 mb/d in 2016. On a quarterly basis, it is expected to stand at 1.00 mb/d, 1.01 mb/d, 0.97 mb/d and 1.02 mb/d for 2016.



Oil News in Brazil >>

India >>  5/11/2019 - Indian refiners are about to get two very large crude carriers carrying 4 million barrels of Iranian oil this month - one each at Paradip in the east ...
Iran >>  5/11/2019 - Chinaís oil imports from Iran climbed to the highest in eight months in April which saw countries stock on Iranian crude before exemptions from US san...

Iran >>  4/23/2019 - China has slammed US plans to tell it and other countries to stop buying Iranian oil or face sanctions, saying Beijing's cooperation with Tehran is in...
United Arab Emirates >>  4/23/2019 - The Abu Dhabi National Oil Company (ADNOC) has signed another significant long-term sales agreement with an important end-user consumer - the Indian O...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Brazil Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.