Parex "bias" for 2011 capex up on this year - Colombia, Trinidad & Tobago

Calgary-based Parex Resources (TSX-V: PXT) could increase 2011 capex plans following a successful drilling campaign in Colombia and Trinidad this year, according to company CEO Wayne Foo.
Parex this year plans to drill eight wells in Colombia and three in Trinidad.
"We're obviously pleased by what we've seen to date and if we were going to go either up or down, I think our bias would be towards up in order to incorporate development capital," said Foo, when asked about next year's capex plans.

Cepsa to kick off block 131 seismic campaign - Peru

Spanish company Cepsa will in coming days begin seismic acquisition on Peruvian block 131 in the Ucayali basin.
The energy and mines ministry approved the EIS for the work last month, state news agency Andina quoted Cepsa Peru general manager Antonio Masias as saying.
The work will entail the acquisition of 564km of 2D seismic, BNamericas reported previously.
The company will invest around US$10mn on the 4-5 month campaign, said Masias, adding that drilling could begin in 2012 following approval of a separate EIS.
The project would be developed if reserves of 20M-30Mb are found, according to the executive.
Masias also announced that Cepsa is considering participating in the E&P round for 25blocks.

Authorities allow BPZ to re-open Albacora well - Peru

US oil firm BPZ Resources (NYSE:BPZ) has reopened the A-14XD well on its Albacora field in Peru after receiving permits for extended well testing (EWT) and gas flaring from authorities, the company said in a statement.
The A-14XD well was closed earlier this month after averaging production of around 1,510b/d during 2Q10.
The permits are valid for the next six months and are subject to gas flaring limits. The firm believes that production will remain around current levels.
BPZ is awaiting further EWT and flaring permits for an additional six wells on the Covina field. The firm announced the discovery of 75f (22m) of net oil and gas pay at the CX11-22D well on Corvina earlier this month.
Both the Corvina and Albacora fields are located on the offshore BZ-1 license. Second quarter production from the BZ-1 license fell 46% from the previous quarter due to the closure of wells lacking permits.

Alange spuds Topoyaco-1 well - Colombia

Toronto-based Alange Energy (TSX-V: ALE) has spudded the Topoyaco-1 exploration well in Colombia's Putumayo basin, the company said in a statement.
Topoyaco-1 is the first well drilled as part of a Cdn$17mn (US$16.4mn), three-well campaign. The firm estimates that drilling will take 40 days to complete.
Alange Energy operates the Topoyaco block with a 50% working interest. Fellow Canadian firm Pacific Rubiales (TSX: PRE) holds the balance.
Engineering consultants Petrotech estimated gross reserves of around 45Mb for the Topoyaco field in a report produced last year.
Alange is currently producing around 4,700b/d across its 12 Colombian concessions and targeting a production rate of 8,000b/d by end-2010, the firm's CEO Luis Guisti told BNamericas earlier this month.

M&P finds oil at Sabanero-1 - Colombia

Paris-based Maurel & Prom (M&P) has encountered hydrocarbons at its Sabanero-1 well on the Sabanero license in Colombia's Llanos basin.
Around 40f (12m) of net pay has been identified with potential flow rates yet to be confirmed, the firm said in a statement.
M&P will now drill the Sabanero-SE1 well in order to judge potential reserves and commerciality levels on the block.
The firm also plans to announce drilling results for its Cascabel-1 and Bachue-1 wells next month.
M&P holds four licenses across Colombia and was awarded the COR 15 concession by the country's national hydrocarbons agency (ANH) in last month's open round 2010 tender.

LPG stocks sufficient to meet winter demand - Enargas - Argentina, Uruguay

The head of Argentina's natural gas regulator Enargas, Antonio Pronsato, denied that there is a shortage of LPG in the country and insisted that production levels are sufficient to satisfy national demand, state news agency Telam reported.
Pronsato blamed any supply shortfalls on local distributers. He also rejected recent reports in the Argentine press that the country is planning to import LPG.
"Our country is a net exporter of LPG and does not import one ton at any time of the year," Telam quoted Pronsato as saying.
Record low temperatures across the Southern Cone have caused stress on regional gas supplies.
As well as reports of LPG shortages, industrial and residential customers across Argentina have complained of service disruptions on the national gas distribution network.
Press in neighboring Uruguay, meanwhile, reported that LPG supplies have returned to normal in Montevideo. The resumption of service followed strikes at a plant that caused supply problems.

YPFB reports record LPG demand - Argentina, Bolivia

Bolivia's state hydrocarbons company YPFB is dispatching record levels of up to 123,000 canisters a day of LPG in response to the current spell of lower than average temperatures affecting the country.
Around 77% of the deliveries are going to the urban centers of La Paz, Cochabamba and Santa Cruz, YPFB said in a statement.
On average 38,000-40,000 canisters a day are being dispatched to Santa Cruz alone, according to the firm, with demand up 16% on the same period last year. Demand is also up in the western mountainous regions of Potosi and Oruro.
The firm guaranteed that LPG supplies are sufficient across the country to cope with recent demand increases. Diesel and gasoline supplies will also not be affected, YPFB's commercial director Guillermo Acha said in the statement.

Regional reserves in peril if access continues to be restricted

Latin America's significant 3P reserves of up to 430Bboe might not be unearthed if national oil companies (NOCs) do not act within the next five years, according to Arnold Volkenborn, VP for Schlumberger Business Consulting.
"Latin American reserves can take decades to develop," Volkenborn said in a presentation. "The reserves in Latin America are often heavy crude, capital intensive and have longer development cycles."
Moreover, access to reserves is restricted in the Americas by NOCs that control the rights to the resource, according to Volkenborn.
"The net effect of restricting access to reserves by NOCs is the deferral of development over many decades," he said.
"The underlying assumption is oil will be more valuable in 50-100 years," he continued. "If this is not the case, the vast majority of Latin American reserves will never be developed."
By Christopher Lenton

Capex still testing RN-X-1001 well in Rio Negro - Argentina

Argentine oil firm Capex is continuing to test its RN-X-1001 well on the Loma de Kauffmann concession in Rio Negro province despite local press reports stating that production had begun.
"We are exploring the well and testing it, but it is not yet operational. That is incorrect information that we didn't release," a company spokesperson told BNamericas.
Earlier this week, local press in Argentina reported that the RN-X-1001 well had tested positively for oil and that the firm was set to begin production.
The news followed information released by the government of Rio Negro province stating that production rates of 50m3/d of crude oil had been produced by the firm.
"We still do not have any information about the potential of the well. The information we have so far is not accurate," the spokesperson said."The province is making a lot of fuss out of this."
Capex reported natural gas discoveries on the Loma de Kauffman block in June 2008. However, RN-X-1001, which is the seventh well drilled on the block, would be the first oil discovery.
Meanwhile, the government of Rio Negro province announced that over US$20mn has been invested in hydrocarbons E&P work in 2010.
The government expects a further 14 wells to be drilled across six licenses in the province over the rest of the year. The wells will be drilled by firms including Capex, CGC, Petrolera Entre Lomas and Petrolifera, the provincial government said in a statement.
By James Fowler

Petrobras aims to start Tupi pilot production three months ahead of schedule - Brazil

Brazilian state-run energy major Petrobras (NYSE: PBR) is working to launch pilot production at the pre-salt Tupi oil field three months ahead of schedule in order to book revenues earlier, a spokesperson for the company told BNamericas.
Tupi field production will start at 100,000b/d, the spokesperson added.
An extended well test is currently being carried out on the well. Pilot production had been originally expected to begin in December.
Commerciality for the Tupi field is also expected to be declared by the end of 2010.
Petrobras has a 65% stake in the BM-S-11 block where Tupi is located. British major BG Group holds 25% and Portugal's Galp 10%.
According to Petrobras, Tupi reserves could reach 5B-8Bboe. The field is located in Brazil's Santos basin.
By João Carvalho