Related Articles
Forward article link
Share PDF with colleagues

Latin America’s NOCs fall from grace

The state’s heavy hand will slow recovery for the region’s state firms, hurting production and new exploration for years to come

NOT LONG ago, national oil companies (NOCs) were seen as the future of the industry. Powerful state companies were gatekeepers to much of the world's remaining oil trove and international investors had little choice but to work with them. Nowhere was this truer than in Latin America. The region's state energy champions rose in prominence through the 2000s. Petrobras was the standard bearer - its $70bn public offering was the largest in history and its market value at one point surpassed Shell and Chevron. Others also thrived. Ecopetrol rode Colombia's oil wave to regional prominence. Mexico's Pemex and Venezuela's PdV have long showed signs of stress, but high oil prices made them vital cas

Also in this section
Good winds ahead
13 July 2017
World Energy Focus talks to Michael Hannibal, chief executive of Offshore operations Siemens Gamesa, the company's renewables division, about what has driven its development and how the industry plans to continue to drive down the cost of renewable energy
Green light for Egypt’s renewables
3 July 2017
After several quiet years, the sector is expanding to help meet power needs
Oil firms need to come clean on climate threat
26 June 2017
The sector must step up its investments in clean energy and efforts to mitigate climate change or risk being left with expensive, stranded assets, says a new report