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Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
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Hydrocarbon Processing Refining Databook 2025: Americas
The US and Canada are boosting capacity builds for renewable diesel and biofuels, while Central and South American countries are investing heavily to upgrade and expand their domestic refining sectors
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New supply from Argentina, Brazil and Guyana is rich in middle distillates, but optimism in terms of volume growth remains tempered by regulatory and technical risks as well as price volatility
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Latin America feels the heat
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Colombian O&G starts to feel investment squeeze
Decarbonisation strategy is already hurting upstream appetite and threatening near-term energy security
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Opportunities have opened up for smaller E&P firms
Argentina Brazil Colombia Ecopetrol Petrobras YPF
Charles Waine
25 May 2021
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Latin American divestment drive opens door to buyers

Portfolio rebalancing is helping boost M&A activity across the continent

Latin American NOCs were looking to move their portfolios down the cost curve even before the pandemic hit. But extreme market volatility over the past year—combined with the threat posed by the energy transition—has accelerated this trend, creating investment opportunities for many smaller E&P firms.  Brazilian state oil company Petrobras is leading divestment activity in the region. The NOC has offloaded around 150 oil and gas fields over the past three years. And the company hopes to sell down its stakes in another 118. Petrobras’ upstream focus is on deepwater pre-salt production, boosted by falling lifting costs. In Q1, the Brazilian operator agreed to offload the Miranga cluster of

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