While changes to the regulatory regime have made the licencing process easier, overall it has remained laborious. More recently, however, the outlook has been lifted by a more risk/return based outlook from regulators
April 18, 2021
Americas - South
The POMB's development is related to that of the tectonic history of the western margin of South America. The back-arc extension in the Permian and Early Triassic formed rift basins with synrift deposits that include organic-rich shales of the Permian Ene Formation. In the Triassic and Jurassic, back-arc marine conditions led to the deposition of organic-rich, carbonate-based marine shales of the Pucara Formation. In the Late Cretaceous, a passive margin existed along a large portion of the central and north-western margin of South America, where organic-rich shales of the La Luna Formation and equivalents such as the Villeta Shale and Napo Shale were deposited.
The POMB has been extensively explored, but not widely due to the terrain. New discoveries continue to be made as modern exploration techniques are applied to the basin.
Source: ESRI, BGS, USGS & OGA data
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