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Pemex scrambles to plug the gap
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations
Brazil rides a production wave
Latin America’s largest economy expects big uptick in crude this year with the imminent arrival of several FPSOs
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
Latin America’s evolving crude outlook
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
Mexico’s energy ambitions weigh heavily on Pemex
The government’s resource nationalism is aggravating the NOC’s debt position and could yet worsen if also tasked with the decarbonisation shift
Mexico’s new president faces fiscal crunch
While greater focus on decarbonisation is likely, economic pressures and huge debt burden could squeeze energy policy ambitions
Brazil awaits contentious Equatorial Margin call
Political rancour is rising as politicians appeal for environmental licence to explore the mouth of the Amazon
Mexico’s election could evolve oil nationalism
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
Brazil seeks greater oil market influence
Despite environmental criticism, President Lula sees opportunity to build bridges with OPEC+ allies
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While developers are making progress, infrastructure, regulatory and political uncertainties risk stunting opportunities
Brazil Mexico Petrobras ExxonMobil
Craig Guthrie
6 April 2018
Follow @PetroleumEcon
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Brazil reaps reforms rewards

Efforts to recalibrate oil concession rules to be more market-friendly and open to foreign investment are starting to bear fruit

A record-breaking offshore auction in Brazil last week that attracted $2.4bn in pledges underlined progress the country's oil sector has made since a regulatory overhaul was launched to repair its international image. The bidding round on 29 March drew in the largest revenues in the country's history, with 13 companies from 11 countries taking part in the offshore round alone. ExxonMobil, along with Petrobras and Qatar Petroleum, spent $844m on a single block in the Campos basin, while Chevron, Repsol, Shell, BP and Statoil (soon to become Equinor) all spent big on others. "The auction surpassed all expectations. We had diversity of operators, geographical diversity and extraordinary bonuses

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