Latin America plays catch-up

The pandemic wreaked havoc on NOC balance sheets in 2020, but the region still has some competitive advantages

Latin America has some of the best subsurface upstream opportunities globally, but NOCs must foster greater resilience to fully capitalise on the region’s resource potential, according to panellists at CeraWeek by IHS Markit.  “Resilience is determined by being vertically integrated,” says Juan Manuel Rojas, corporate vice president, strategy and business development, at Colombian NOC Ecopetrol. “Our midstream does a great job in countering a drop in revenues from the upstream, and similarly the downstream is resilient when refineries are affected.” “We are going to deliver a very competitive barrel of oil, a barrel that costs the lowest in the supply curve” Santos, Petrobras For Bra