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 SOUTH
AMERICA
South American oil production is increasing after small
declines between 1998 and 2003 as Venezuela struggled to maintain
output.
 The increases are coming from the deep waters off Brazil
and from NGLs associated with new gas developments onshore. Total oil
production is forecast to peak in 2013.
Gas production is rising rapidly from new onshore regions
and will continue to rise as new offshore regions in Brazil and
Venezuela are added. Gas consumption is increasing faster than oil
consumption as new sources allow countries to enhance their gas
infrastructure.
Regional oil exports are rising rapidly but will flatten
off after 2012. Gas exports will begin soon and will increase every year
once new LNG plants start delivering to the USA.
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