Regional Report: Latin America
Following the rapid drop in world crude oil prices, starting in second-half 2014, Latin America’s main producing countries have reacted in different ways. Some have continued to follow exploration investment plans, as scheduled. Others, seeing their national budgets suffer considerable losses, have scaled back E&P. Still other countries are offering incentives on transnational production, to keep pace with extraction and exploration. (All financial amounts cited in this article are in U.S. dollars.) Oil production operated by YPF during 2014 grew 5.9% to 243,835 bpd, and natural gas production increased 26.3% to 470 Bcf, compared with the previous year. YPF and China’s Sinopec have agreed to extend their current joint operating agreement until 2027, aiming to re-launch exploration and development activity in Mendoza province, and at the same time give impetus to new projects, including 3D seismic, and the drilling of exploratory and development wells.
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