PERU, CHILE & PARAGUAY boost their spending on OIL & GAS exploration !!The drilling activity in South America increases every month offering plenty of chances to TID to deploy its idle Brazilian rigs, including the heli-rigs. This is why TID is also a desirable acquisition target for all the players that want to expand in South AMerica or Africa. The peers will have to pay a significant premium to acquire TID. Check out the latest news:
PERU
According to Bloomberg, Peru has lined up $23 billion (!!) in energy investments during the next decade in a bid to double oil and gas production, according to Perupetro. The world famous Camisea gas field is in the Central Jungle. Dallas-based Hunt Oil Co. and Argentina's Pluspetrol SA are the main operators in the Camisea field. The link from Bloomberg is below:
PARAGUAY
According to Financial Times, several companies will drill their first wells in Paraguay in 2014 trying to find primarily conventional oil. Drilling for oil and gas in Paraguay is in its infancy.
Dahava Petroleos is one of the companies that moves aggressively in Paraguay. I quote:
"During 2012, the Company plans to complete the seismic programme and to commence drilling on a number of key targets that have already identified. The Company is already negotiating contracts to bring in two rigs to operate on its areas". The link is below:
Furthermore, President Energy is operator and owns a 59% stake in the Pirity block, where it partners PetroVictory, and 60% in the Demattei block, where it partners US-based Crescent Global Oil.
A very interesting link about Paraguay is this one too:
CHILE
1) Chilean state oil company ENAP said it used fracking techniques to release what could be commercially viable quantities of natural gas and condensates in the country's southern Magallanes region. ENAP, an E&P company, is investing $100 million this year in the Magallanes region.
This is about ENAP's imminent drilling plans too:
2) Methanex, a Canadian E&P company from Vancouver, wants to increase its production in Chile.
3) GeoPark, another E&P company, has significant ongoing activities in Chile too: