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Andean upstream feels the heat
Financial problems, lack of exploration success and political dogma cause uncertainty across much of the region
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
Argentina poised to surpass record oil production
Imminent midstream additions in the Vaca Muerta set the stage for sharp jump in upstream growth
Colombian E&Ps face bleak upstream outlook
Political backbiting and slumping drilling activity point to further declines ahead of next year’s election
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
The changing face of Argentina’s upstream
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
Latin America feels the heat
Extreme weather conditions are compounding upstream challenges and pressuring governments across the region
Brazil Argentina Mexico Colombia
Ruaraidh Montgomery
24 March 2020
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Downturn hits Latin America’s upstream hard

Worsening economic conditions set to slash oil production growth in the region

The Opec+ collapse is leading to an unprecedented wave of crude hitting the market just as demand plunges due to the Covid-19 pandemic. Latin American government revenues will take a big hit because of the outsized role that oil and gas plays in regional economies. As elsewhere, companies active in the region have reacted quickly, making deep cuts to their capital spend plans for this year, with discretionary spend being pulled back wherever possible. Current oil prices may not be sustainable beyond the short-term, but the focus for companies is to minimise cash burn and protect their balance sheets. Production will be hit, and short-term shut-ins have already begun. Longer-term growth will

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