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