Gas-focused drilling slumped in Latin America in February 2017 despite showing signs of life in January. There were 19 rigs drilling for gas in the region in February, according to Baker Hughes data. This is down from 24 in January and 21 in December 2016. Argentina, Colombia, Peru, Venezuela and Guyana all lost one rig in February. Companies invested $334.6 million in exploration and production in Peru in 2016, according to data from state hydrocarbons agency PeruPetro. This compares with nearly $775 million in 2015.
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