A report released recently by GlobalData highlights Colombia’s recovering oil and gas industry, which has made more than 135 discoveries in the past five years following years of declining exploration activity.
With the nationalization of YPF, Argentina moved away from privatization in an effort to boost oil and gas reserves, and get international oil companies to invest.
Fourteen years ago, Petrobras lost its upstream monopoly due to constitutional changes. Even though there are around 70 private companies, mostly foreign, operating in Brazil, Petrobras still maintains nearly absolute dominance over the sector.
Technical challenges, high production costs and regulatory requirements affect the attractiveness of subsalt development for international oil companies.