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The Future Of Energy In Latin America
Washington DC (SPX) Oct 08, 2008 Peak oil in Latin America is less than 10 years away; energy integration, nuclear power plants, and large-scale renewable power generation are necessities to ensure sufficient energy supplies in the future; the region's governments should play a stronger role in their respective energy sectors; and Latin America and the Caribbean are ripe for business. These are the significant findings of Bracewell and Giuliani and Business News Americas' Energy Outlook 2008, which surveyed energy company executives from various countries throughout Latin America. Making this survey unique was that it distinguished findings between the countries surveyed. Respondents from Brazil, Colombia, Chile, Peru, Argentina, Mexico, Central America, Uruguay, Paraguay, Venezuela, Bolivia, and Ecuador were posed a variety of questions concerning the prospects of the energy market in Latin America. "With this survey, the energy community, for the first time, is able to explore a wealth of information by country and better determine individual needs and business growth objectives," said Bracewell Partner Amauri G. Costa who helped spear-head the survey. Some of the survey's key findings are: + 62% of all respondents expect oil to have peaked in Latin America within 10 years. (Despite the following reasons: a string of promising oil finds off the shores of Brazil and the likelihood of more to come as Petrobras and partners perfect their techniques for working in this new oil frontier; new exploratory work within existing oil areas; and massive reserves of heavy crude.) + 29% of respondents believe nuclear power will definitely be necessary to meet the region's power demands in the next 20 years. + Only 6% of participants think that hydroelectric and thermoelectric generation sources alone will be sufficient to meet power demand over the next 20 years. The fact that 40% think that renewable power should constitute over 10% of total power generation stands at odds with the more modest government targets set in the few countries to have even declared renewable generation goals. + The message to governments was strong: investors want policy stability and evidence of clear and consistent visions. Over three quarters of respondents think governments in Latin America and the Caribbean lack coherent, constant, and appropriate policies regarding their energy sector development, and 61% agreed that investment protection agreements and mechanisms could be improved. + 77% of respondents said Latin America's energy supply problems result from sector planning and performance. + 75% of respondents agreed that in 2008, Latin America and the Caribbean are great places to do energy sector business. Community Email This Article Comment On This Article Share This Article With Planet Earth
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