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Petroleum developments in the region in 1982 had a more varied pattern than in 1981 when all aspects were upbeat with varying degrees of increases. In 1982, Brazil, Mexico, and Guatemala had striking increases in oil production; Bolivia, Chile, and Colombia had moderate increases; and Argentina, Trinidad, and Venezuela reported declines.
In exploration, Argentina reported several additional offshore Tierra del Fuego discoveries in the Cretaceous Springhill and 2 more encouraging gas discoveries in the Noroeste basin. Bolivia reported an oil discovery from Silurian rocks more generally considered a gas objective. Brazil extended and confirmed the Western Amazonas gas area with 2 discoveries. Colombia added 2 more spectacular oil discoveries in the Llanos basin to follow up 2 similar finds in 1981. Several countries reported that discoveries have increased the national reserves of hydrocarbons.
Considering the social, political, and economic problems in several countries, along with the worldwide depression and petroleum surplus, developments in the region have been on the whole favorable.
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