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
11 April 2025
The Gulf state’s offer to supply electricity-starved Syria is an opportunity to support a key ally, but Doha’s ambitions to build broader pipeline networks to Turkey and Europe face challenges
11 April 2025
As the global economy grows, demand for materials is expected to increase. The way materials are made could incorporate new technologies in the future to ensure economic growth is more sustainable
10 April 2025
Technology, policy and narrative are the three biggest factors that could change the course of our 2050 outlook
10 April 2025
Latin America’s largest economy expects big uptick in crude this year with the imminent arrival of several FPSOs
