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
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
