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
Also in this section
10 March 2026
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
10 March 2026
Eni’s director for global gas and LNG portfolio, Cristian Signoretto, discusses how demand will respond to rising LNG supply, and how the company is expanding its own gas and LNG operations through disciplined, capital-efficient investments
9 March 2026
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
9 March 2026
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
