Latin America is characterized by its diversity of oil types, which plays a crucial role in the strategy and operations of the oil and gas industry in the region. Approximately 19% of the world’s oil reserves are in Central and South America; although, the region produces only 6% of the global total.
Types of Oil in LATAM: challenges and opportunities
This scenario presents both challenges and opportunities for the various countries, as well as for each stage of the activity, ranging from exploration and extraction to refining and marketing.
Venezuela: heavy and extra heavy Crude
In Venezuela, la Faja Petrolifera del Orinoco (Orinoco Belt) is well recognized by its vast reserves of heavy and extra heavy crude oil. These crudes have high viscosity and density and same results in significant challenges for extraction. Nonetheless, their impact on the global market is considerable, especially in fuel oil production.
Brazil: light and ultra-light Crude
Brazil stands out as having reserves of light and ultra-light crude, especially in the pre-salt oil fields. These crudes are easier to refine due to their low viscosity and density, which makes them ideal for high-quality gasoline and diesel production. Advanced deep-water exploration technology has been crucial for efficient extraction.
Colombia: medium crude oil
In Colombia, the fields of the Eastern Llanos Basin are recognized for their production of medium crude oil. This type of crude, which has intermediate viscosity and density properties, is primarily used in the production of diesel and other middle distillates. Same is significantly contributing to regional economic development.
Guyana: offshore oil potential
Guyana has emerged with significant deepwater drilling discoveries; thus, it has transformed its economy and attracted key investments in the region. Its potential to become a leading oil producer is redefining the energy landscape in Latin America, by having important economic and strategic implications for the area.
Mexico: challenges and new technologies for the oil industry
Mexico has a variety of oil types: both heavy and light crude stand out. Major fields like Cantarell and Ku-Maloob-Zaap have historically been key producers of heavy crude, which is denser and more viscous. However, total oil production in Mexico has declined in recent years due to existing fields maturation. To counteract this trend, Mexico is investing in the exploration of new fields and the implementation of advanced technologies to improve the efficiency and recovery of its oil reserves.
Argentina: shale oil and shale gas reserves in Vaca Muerta
Argentina is distinguished by its potential in Vaca Muerta, since it has large reserves of shale oil and shale gas. The country aims to get investment for such reserve development. This resource, one of the world’s largest in unconventional oil and gas, has positioned Argentina as a key player in the region.
In this context, ISI Oilfield Chemicals contributes to this expansion by providing innovative and high-quality products, which are tailored to the specific needs of the Latin American market.
Having 30-year experience in the oil industry, we export chemical solutions to Colombia, Peru, Venezuela, Ecuador, Bolivia, Brazil, and Chile, among others.
Learn more about our products by clicking here.