Conventional wisdom in the energy sector dictates that the age of easy oil has gone.
As a result, oil companies are pushing the realms of exploration to new, sometimes extreme geographical frontiers that are challenging both technologically and politically in an effort to add potential reserves.
This is the case in Mexico and all Latin America, as it is across the world.
While the discovery of new oil fields of the same size as those found in previous decades is becoming increasingly rare, advances in technology are allowing the injection of new life into mature fields, increasing the reserve base of many companies in existing assets and reservoirs.
In Latin America, numerous nations, including Mexico, Ecuador, Colombia, Venezuela, and Argentina, are trying to stimulate production from mature fields using a variety of techniques.
The cost of mature field recovery, however, can sometimes be prohibitive and as a result it has been the majors who have taken the lead in research and development.
The good news is that the technology exists to enhance oil recovery across the globe.
According to US service giant Halliburton, just one “percentage-point increase in recovery could add two years to the global hydrocarbon supply.”
This report looks at the advances in mature field exploration and production and highlights advances that are being made in the region.
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