Gran Tierra Energy’s successful growth in South America has been driven by our ability to identify underdeveloped land in countries that provide a favorable environment for independent oil and gas exploration companies. While more than 20 proven petroleum basins exist in Brazil, many of the onshore and offshore shallow water regions remain relatively untested. With offices in Rio de Janeiro and Salvador, we are well positioned to expand access to exploration opportunities, and to leverage our operating capabilities in a country in which our senior management already has experience, and which has a stable legal system and attractive fiscal terms.
The Rio de Janeiro office coordinates business development activities targeted at capturing high quality exploration and production opportunities in the onshore and offshore areas of Brazil. These opportunities have included new bid round acreage, production enhancement on acreage that may be acquired with pre-existing operations, farm in opportunities, and M&A transactions. In December 2014, Gran Tierra Energy was producing approximately 1,300 barrels of oil per day or 1,100 barrels of oil per day NAR.
In addition to the teams in Rio de Janeiro and Salvador, Gran Tierra Energy has a Brazil technical team in Calgary that evaluates Brazil opportunities. This collaborative team reports up through Mr. Duncan Nightingale, Chief Operating Officer.