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
Prudence in a changing climate
13 March 2017
Big oil is starting to invest in renewable energy before it is too late
Reaching net-zero carbon
13 March 2017
Are renewables up to the task set by the Paris Agreement?
No panacea
8 February 2017
Oil's alternatives still thrived as crude prices fell and Opec's deal is likelier to help than hinder them