Contents

Recovery Continues

The oil and gas industry in Latin America will continue its slow recovery next year. Large oil companies controlled by the state, such as Petrobras and YPF, have begun to show a willingness to spend more, the result of company reforms implemented in recent years. Meanwhile, global oil companies operating in the region face the need to improve their portfolios by incorporating oil and gas reserves, after a wide-ranging reduction in activity in recent years.

Invesmtent is set to take a leap in 2018. Acreage that derives from auctions carried out in the last two years will be added to development investments, especially in Brazil. We see a dynamic auction schedule in the first half of 2018, particularly in Brazil and Mexico.

Pre-salt fields in Brazil, shallow and deep waters in Mexico, shale deposits in Argentina, and offshore areas in Guyana and Suriname promise to capture growing interest from oil majors in 2018. Political uncertainty in some  countries and oil prices that, while higher than a few years ago, have been slow to budge, are factors inhibiting any greater acceleration.

In this report we analyze the different realities that the main hydrocarbon producing countries in Latin America will face in 2018. We also look at the main trends in offshore, shale and natural gas for next year.

Figure: Oil Prices

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