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Major upstream decline threatens Mexico’s energy security
Dire crude projections and heavy debt burden are weighing heavily on NOC Pemex
Argentina makes progress on LNG dream
Eni is joining the first phase of the 30mt/yr ARGLNG, while consortium behind the smaller Southern Energy LNG has reached FID
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
Colombian O&G starts to feel investment squeeze
Decarbonisation strategy is already hurting upstream appetite and threatening near-term energy security
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
Argentina opens up to international investors
The controversial trimmed down version of the ‘omnibus bill’ promises to attract more foreign investment to sectors including oil and gas, but critics raise concern it still goes too far
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
Argentina Brazil Colombia Mexico Ecopetrol Pemex Petrobras
Charles Waine
4 March 2021
Follow @PetroleumEcon
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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

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