Slow-paced development of resources in Latin America has led to increased dependence on gas imports

Slow-paced development of resources in Latin America has led to increased dependence on gas imports

Background

Latin America is well endowed with natural gas resources and has a potential to produce enough gas to fulfil the regions burgeoning demand. According to the US Energy Information Administration (EIA), Latin America holds technically recoverable shale gas resources of around 1,978 trillion cubic feet (TCF). As seen in Figure 1, Argentina, Mexico, and Brazil hold huge amounts of shale gas resources. However, due to lower exploration activity in Latin America, domestic gas production has not been able to reach its full potential. With improved economic and financial support from the government and investors, Latin America is likely to become self-sufficient in terms of its energy requirements by 2030.

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