APLA '13: LatAm interest in shale gas, oil extraction awakens

18 November 2013 17:51  [Source: ICIS news]

CARTAGENA, Colombia (ICIS)--Unconventional shale gas extraction and production in the US has awakened interest in Latin America, an industry executive said on Monday.

"Despite challenges, countries like Argentina, Mexico, Venezuela and Brazil, whose reserves are among the largest in the world, should take advantage of shale gas and shale oil opportunities, so it can be a viable and competitive option to satisfy growing energy demand," said Jose Luis Uriegas, general director of Mexico-based producer Grupo Idesa.

Uriegas made his comments during the general session of the Latin American Petrochemical Association (APLA) annual meeting.

The shale boom in the US has moved the country closer to energy independence and has helped revive manufacturing and the industrial sector.

Latin America has large shale gas and oil reserves, and the US Energy Information Administration (EIA) estimates that Mexico has the world’s sixth-largest shale gas reserves, with 555 trillion cubic feet (tcf) of recoverable reserves and an additional further 13bn barrels of recoverable shale oil reserves.

The APLA conference ends on Tuesday.

By: Leela Landress
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