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South American INTERNATIONAL ENERGY AGENCY South American Gas SOUTH AMERICAN GAS Daring to Tap the Bounty In the last few years, South America has emerged as one of the most attractive regions for investment in natural gas exploration and production, pipelines, LNG facilities and gas-fired power generation. The continent boasts abundant and growing natural gas reserves. The need to diversify away from hydropower and oil is driving many countries to promote natural gas, especially in power generation. Several cross-border gas pipelines now link gas-rich countries with large energy-hungry markets in neighbouring countries. Many more are on the drawing board. Daring to Tap the Bounty Daring to Tap South Most South American countries have carried out substantial reforms of their gas sectors, often as part of wider economic and institutional reforms. Privatisation of state-controlled utilities and assets, and American efforts to increase competition, have successfully attracted many private companies. Steps towards regional co-operation and integration have not only facilitated cross-border energy trade, Gas but have fostered stability and growth throughout the region, bolstering energy demand growth. This study reviews current trends in South America's gas sector and identifies the challenges ahead for the region to take full advantage of its gas resources. Daring to Tap the Bounty -:HSTCQE=V^[[X[: (61 03 01 1 P) Û100 ISBN 92-64-19663-3 2003 INTERNATIONAL ENERGY AGENCY South American Gas Daring to Tap the Bounty INTERNATIONAL ENERGY AGENCY ORGANISATION FOR 9, rue de la Fédération, ECONOMIC CO-OPERATION 75739 Paris Cedex 15, France AND DEVELOPMENT The International Energy Agency (IEA) is an Pursuant to Article 1 of the Convention signed in autonomous body which was established in Paris on 14th December 1960, and which came November 1974 within the framework of the into force on 30th September 1961, the Organisation Organisation for Economic Co-operation and for Economic Co-operation and Development Development (OECD) to implement an inter- (OECD) shall promote policies designed: national energy programme. • to achieve the highest sustainable economic It carries out a comprehensive programme of growth and employment and a rising standard energy co-operation among twenty-six* of the of living in Member countries, while maintaining OECD’s thirty Member countries.The basic aims financial stability, and thus to contribute to the of the IEA are: development of the world economy; • to maintain and improve systems for coping • to contribute to sound economic expansion in with oil supply disruptions; Member as well as non-member countries in the • to promote rational energy policies in a global process of economic development; and context through co-operative relations with • to contribute to the expansion of world trade non-member countries, industry and inter- on a multilateral, non-discriminatory basis in national organisations; accordance with international obligations. • to operate a permanent information system on the international oil market; The original Member countries of the OECD are Austria, Belgium, Canada, Denmark, France, • to improve the world’s energy supply and Germany, Greece, Iceland, Ireland, Italy, demand structure by developing alternative Luxembourg, the Netherlands, Norway, Portugal, energy sources and increasing the efficiency of Spain, Sweden, Switzerland, Turkey, the United energy use; Kingdom and the United States. The following •to assist in the integration of environmental and countries became Members subsequently through energy policies. accession at the dates indicated hereafter: Japan (28th April 1964), Finland (28th January 1969), * IEA Member countries: Australia, Austria, Belgium, Australia (7th June 1971), New Zealand (29th May Canada, the Czech Republic, Denmark, Finland, 1973), Mexico (18th May 1994), the Czech Republic France, Germany, Greece, Hungary, Ireland, Italy, (21st December 1995), Hungary (7th May 1996), Japan, the Republic of Korea, Luxembourg, Poland (22nd November 1996), the Republic of the Netherlands, New Zealand, Norway, Portugal, Korea (12th December 1996) and Slovakia Spain, Sweden, Switzerland, Turkey, the United (28th September 2000). The Commission of the Kingdom, the United States. The European European Communities takes part in the work of Commission also takes part in the work of the IEA. the OECD (Article 13 of the OECD Convention). © OECD/IEA, 2003 Applications for permission to reproduce or translate all or part of this publication should be made to: Head of Publications Service, OECD/IEA 2, rue André-Pascal, 75775 Paris Cedex 16, France or 9, rue de la Fédération, 75739 Paris Cedex 15, France. FOREWORD - 3 FOREWORD South America has emerged in recent years as one of the most dynamic regions for natural gas. The continent boasts abundant gas reserves and high-growth energy markets. The need to diversify away from hydropower and oil is driving many countries to promote natural gas use, especially for power generation. Thanks to widespread democratisation and economic reforms that have opened to private investment a number of sectors previously reserved to the state, the region has been able to attract significant investment in exploration and production, gas processing plants, pipelines, LNG facilities and gas-fired power generation. Several large cross-border gas pipelines now link the countries of the Southern Cone. Many more are on the drawing board. In the north, Trinidad and Tobago is poised to become one of the largest LNG exporters in the Atlantic market. This report reviews current trends in South America’s natural gas supply, demand and emerging trade, with a particular focus on four major countries – Argentina, Bolivia, Brazil and Venezuela – that are, or are poised to become, major exporters or importers of natural gas. The report also analyses recent reforms in the structure and organisation of the region’s gas industry and, in the light of the experience of other gas markets around the world, identifies the challenges ahead in order for the region to take full advantage of its gas resources. The report raises some of the key policy issues that South American countries might need to address in order to foster gas-market development. The main message is that the development of natural gas markets is a long and challenging process, which requires sound energy and gas policies, credible institutions and a transparent and stable fiscal and regulatory framework. South American governments need to pursue efforts, both domestically and in co-ordination with their neighbours and trade partners, to identify and reduce barriers, and create the right incentives and guarantees that will mobilise domestic private resources and attract foreign investment. The book is published under my authority as Executive Director of the International Energy Agency. Robert Priddle Executive Director ACKNOWLEDGEMENTS - 5 ACKNOWLEDGEMENTS The main author of this book is Sylvie D’Apote, of the IEA’s Office of Non-Member Countries. Ralf Dickel, Head of the Energy Diversification Division, provided invaluable input and advice. Comments and suggestions from several key South American and gas experts are gratefully acknowledged. In particular, the book benefited from the solid knowledge and through review of José Luis Aburto, Helder Pinto Junior and Gerardo Rabinovich. Special thanks to other IEA colleagues who provided comments and support; in particular to Sylvie Cornot-Gandolphe for her detailed comments on gas markets, Anouk Honoré for assisting with the research and drafting; Pierpaolo Cazzola and Yukimi Shimura for helping with the statistical data, and Bertrand Sadin for the maps and graphics. Christiane West and Miriam Oriolo provided useful input in the early stage of research. Assistance with editing and preparation of the manuscript was provided by Christopher Henze, Christine Wallace and Scott Sullivan. Production assistance was provided by Loretta Ravera and Muriel Custodio. TABLE OF CONTENTS - 7 TABLE OF CONTENTS EXECUTIVE SUMMARY . 13 INTRODUCTION . 23 PART I OVERVIEW OF NATURAL GAS MARKETS IN SOUTH AMERICA . 25 1. NATURAL GAS SUPPLY . 27 Natural gas reserves . 27 Natural gas production . 29 The North-South dichotomy . 31 Future prospects . 34 2. NATURAL GAS DEMAND . 37 Economic and energy context. 37 Natural gas demand . 40 Future trends . 49 3. NATURAL GAS TRADE . 53 The slow path to energy integration . 53 Gas exporters and importers. 56 Cross-border pipeline trade . 58 LNG trade . 62 Future prospects . 63 4. GAS-SECTOR POLICY AND REFORMS . 65 A global move towards gas-sector reforms. 65 The role of the state in gas markets . 69 The legal framework . 70 Pricing and taxation . 73 The regulatory framework . 80 Critical policy issues for South America . 91 PART II COUNTRY PROFILES . 95 5. ARGENTINA. 97 Background . 98 Overview of the Argentine energy sector. 100 Natural gas reserves and production . 102 Natural gas demand . 106 8 - TABLE OF CONTENTS Natural gas trade . 111 Gas-sector reform and privatisation . 116 The consequences of the economic and financial crisis on the gas sector. 122 Challenges and uncertainties . 123 6. BOLIVIA . 125 Background . 125 Overview of the Bolivian energy sector . 128 Natural gas reserves and production . 130 Natural gas demand . 134 Natural gas exports . 135 Gas-sector reform and privatisation . 138 Challenges and uncertainties . 139 7. BRAZIL. 141 Background . 141 Overview of the Brazilian energy sector . 144 Natural gas reserves and production . 152 Natural gas imports . 156 Natural gas demand . 161 Prospects and challenges for gas-fired power generation . 170 Gas-sector reform . 176 Challenges and uncertainties . 179 8. VENEZUELA . 181 Background . 181 Overview of the Venezuelan energy sector. 183 Natural gas reserves and production . 187 Natural gas demand . ..
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