A look at Latin America & Caribbean countries pursuing new oil & gas bid rounds

Countries in Latin America and the Caribbean, like their counterparts around the world, are forging ahead with plans to accelerate the development of their oil and gas resources. This has seen countries such as Guyana and Suriname rolling out bid rounds as reported by OilNOW in recent months.

Here is a look at some other countries with such events this year. 

Brazil 

Brazil’s National Petroleum Agency – ANP – is currently in the public consultation phase of its new pre-salt bid round to be launched in the latter half of 2023. While the list of blocks being offered is yet to be finalised, ANP recently approved studies for the Jaspe block, located within the Pre-Salt Polygon, Campos Basin to be included in future bid round. ANP said that Jaspe has in place an estimated total of 2.5 billion oil-equivalent barrels. 

Argentina 

Neuquén, the biggest oil-producing province in Argentina is currently rivaling an auction in the neigbouring province of Río Negro. According to a Latin Finance report, five companies bid for a license to explore and develop Cerro Hamaca in Neuquén, a block already producing, with shale production potential. The offers came in from local companies Fox Petrol, Gas y Petróleo del Neuquén, Maref and Petróleos Sudamericanos Energy, and Canada-based Crown Point Energy. Río Negro on the other hand, has received bids from two companies; Pan American Energy bid to invest US$48.3 million and US$38.3 million respectively in the Confluencia Norte and the Confluencia Sur concessions. 

Paraguay

Unphased by the poor performance of its last bid round, Petropar – Paraguay’s state oil company – launched a new bid round last year that is still ongoing. The three blocks that did not attract any bids were put on auction. 

Ecuador 

Ecuador’s state-owned Petroecuador currently has its Intracampos oil round ongoing. The country aims to boost its crude production from 490,000 barrels per day to 750,000 barrels per day by 2025. More blocks are expected to be offered in 2024 to focus on gas production, its Energy Minister, Xavier Vera told Reuters in October.

Peru 

Peru’s state energy agency PeruPetro is offering areas for oil and gas exploration through direct negotiations with interested companies and up to 31 separate technical contracts, hoping to boost the nation’s reserves. It was launched in February this year. The 31 areas on offer for two-year technical evaluation agreements are located at Peru’s Marañon, Ucayali, Salaverry, Madre de Dios and Tumbes basins. After the two-year evaluation period, the contracts give companies a chance to negotiate an exploration license with PeruPetro.

Trinidad and Tobago 

Trinidad and Tobago’s Ministry of Energy and Energy Industries (MEEI) will be launching a shallow water bid round, targeting over 23 blocks in its offshore acreage. 

Get info on Guyana’s licensing round here: https://oilnow.gy/glr2022/