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Latin America upstream: what to watch in 2017

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Report summary

This will be an exciting year for Latin America's upstream sector. Overall spending is set to rebound, with the exception of Mexico. We believe that exploration is poised to achieve success with at least one giant play opener. Argentina's Vaca Muerta is set to ramp up activity and we expect Brazil's Round 14 to be a success given regulatory improvements. By contrast, Venezuela's tough economic and political situation will lead to a continued freefall in oil production. Finally, we believe the Mexican government will speed up the offering of JVs with Pemex given the sharp reduction of the NOC's E&P budget. Below, we elaborate on our 2017 predictions for Latin America's upstream sector.

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Table of contents

  • Spend to fall in Mexico, but rest of region will stay flat or grow
  • Exploration – large frontier play-opener in the cards
  • Developments in Argentina will speed up but will be limited by infrastructure
  • Pemex struggles and political urgency will lead to more Mexico JVs

Tables and charts

This report includes 6 images and tables including:

Images

  • Besides Mexico, investment across Latin America will hold steady or go up
  • Colombia's main players will come roaring back in 2017
  • Activity is pressing ahead in Vaca Muerta
  • Government's expectations for Round 14 are realistic
  • Venezuela's production outlook is dire
  • Pemex will rely on JVs in order to return investment levels to 2015 levels

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