Choppier waters in Latin America
A beacon for the offshore industry in recent years, the region is now suffering through the downturn
THE REGION’s offshore drilling has crashed with the oil price. Financial woes at Petrobras and Brazil’s broader political malaise have taken its toll on the country’s vaunted pre-salt industry. Mexico’s offshore may be on the cusp of a renaissance with its first deep-water bid round on the horizon, but for now Pemex is paring back as the company’s finances sink into the morass. Colombia’s offshore ambitions sank before they had a chance to take off. The rig count tells the story. The number working off Latin America’s 50,000km of coastline has fallen to just 40, the lowest level since 2000, according to Baker Hughes, a service firm. Brazil has borne the brunt of the decline. In mid-March
Also in this section
24 March 2026
It is an unusual story of out with the new and in with the old, as America First Refining shows the US going back to trusted energy security developments
23 March 2026
A complex and sometimes contradictory web of factors that include unpredictable oil prices, the globalisation of LNG markets, the expansion of Middle Eastern sovereign capital and the growth of datacentre demand will shape the energy landscape beyond 2026
23 March 2026
The Strait of Hormuz crisis highlights how key waterways can become global chokepoints
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
