The Offshore Latin America Oil & Gas Market Forecast Report is devoted to the burgeoning energy sector of this sector and provides an in-depth analysis of trends and developments impacting its offshore oil and gas industry. The report provides comprehensive analysis on the market; including deepwater, subsea developments, floating production, fixed platforms, pipelines, control lines and umbilical sectors along with industry and geopolitical issues that impact the oil and gas scene.
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Within the Latin American Market Update report, it is forecast that Capex investment is set substantially increase over the next five years compared to 2005/09; from US$48bn to $66bn. Brazil is clearly the major player in the region and will experience a massive increase in investment over 2010/14, from $40bn in 2005/09 to $54bn. This represents over 81% of total offshore Capex in the region going forward to 2014. Brazil is expected drive regional Capex on the floating platform, pipelines and subsea sectors, while Mexico and Venezuela are expected to be leaders in the fixed platform market over the next five years. Overall, more than three-quarters of the forecast growth in regional Capex to 2014 is expected to be directed towards Brazilian offshore oil and gas activity
Infield System also forecasts that the pipelines sector will be the leading offshore oil and gas market segment in Latin America, with forecast Capex of US$24bn. Capex on Subsea infrastructure is expected to reach US$18bn, while Capex on floating platforms is forecast to reach US$17bn. Key in driving interest in this region is the great potential of pre-salt fields in Brazil such as Tupi which will provide plenty of opportunities for the deployment of floating production systems in the future, as well as provide stimulus to expenditure on subsea infrastructure and pipelines.
Going forward we expect the number of FPSOs to grow, supported by Brazil’s planned active deepwater exploration. FPSOs are particularly suited to the region due to the remote location of the fields and the deep to ultra-deepwater environment. While the development of Brazil’s pre-salt fields is likely to be influential in driving the country’s demand for floating production units, the healthy pace of continued development of Brazil’s post-salt fields will be a driver as well. All in all, we expect Brazil, led by its NOC, Petrobras, to be the leading player by far in the Latin American region’s floating production sector. The fixed platform market in Latin America is dominated by Venezuela, Mexico and Trinidad and Tobago. These energy producers possess offshore oil and gas reserves in mainly shallow waters, making the utilisation of fixed platforms appropriate.
The report also analyses the broader geopolitical and market context for the Latin American offshore oil and gas scene. While prospects for the offshore oil and gas sector in Latin America are promising, it is likely to be a sector that will remain dominated by the region’s main national oil companies: Petrobras, PEMEX and PDVSA. Partially privatised Petrobras is expected to remain the key operator for the development of Brazil’s pre-salt fields.
Mexico has made some tentative legislative changes related to its petroleum sector which permits PEMEX to negotiate incentive-based contracts with foreign participants. The extent to which this will take place is as yet unclear, but PEMEX is likely to remain the driver of offshore Capex in Mexico for the foreseeable future. Meanwhile PDVSA is the main operator for offshore developments in Venezuela, although there is more scope for foreign operators in offshore gas than in other sectors of that country’s hydrocarbons industry.
Purchasers of the Region Perspectives Offshore Latin America Market Update will receive 12 months’ free access to an online database of fields being planned or considered for development in the current year and four years forward offshore Latin America via InfieldLive. Details about each project include:
Subscriptions can be upgraded to include other regions, time frames and other data sets from the Infield Offshore Energy Database. InfieldLive provides access to the previous day’s updates.
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