Latin American national oil companies (NOCs) have made important advances in slashing emissions from their operations through techniques such as reducing flaring, improving energy efficiency, and injecting CO2 for enhanced oil recovery, according to a new report by the Inter-American Dialogue and the Inter-American Development Bank. Yet, progress in producing lower carbon energy sources for consumers has been sluggish, no Latin American NOC has committed to net zero emissions, and for some companies emissions are on the rise, the report finds.
Lisa Viscidi, Sarah Phillips, Paola Carvajal, Carlos Sucre
Political changes are shaping the outlook in many of South America’s smaller and emerging oil and gas producers, including Guyana, Suriname, Ecuador, Peru and Bolivia. At a webinar co-hosted by the Inter-American Dialogue and the National Capital Area Chapter of the United States Association for Energy Economics (NCAC-USAEE), panelists discussed how political developments and the oil price decline are likely to impact producers in the region.
Once a major OPEC producer, Venezuela has witnessed a spectacular fall in oil production over the last 20 years under Hugo Chávez and Nicolás Maduro. In 2019, U.S. sanctions hastened this decline. Will Venezuela ever reclaim its place as a top oil producer?
Lisa Viscidi and Nate Graham spoke with S&P Global Platts about the findings of a new report which argues that Western oil companies will be needed to revive Venezuela’s oil sector. They discuss the obstacles that could affect whether these firms increase production in the country under a new government, including US sanctions uncertainty, high taxes, and a shortage of workers and working infrastructure.
Lisa Viscidi, Nate Graham, Brian Scheid, Meghan Gordon
With Venezuela’s state oil company in disarray, international oil companies will be the key to tapping the country’s oil resources. The Inter-American Dialogue interviewed eight large Western oil companies about the conditions that will determine how rapidly, and to what degree, they start or ramp up operations in Venezuela following a political transition.
Argentina’s economic crisis and the fiscal belt-tightening it demands have led to gradual cuts to wholesale electricity and natural gas subsidies for consumers and a liberalization of energy prices over the course of Mauricio Macri’s administration. This has helped make Argentina more attractive as a destination for energy investment despite its economic tumult, said Argentine Secretary of Energy Gustavo Lopetegui at an event organized by the Inter-American Dialogue on March 14.
Until this year, resource nationalism—when a government asserts its control over a country’s natural resources—seemed to be on the wane in Latin America. But its potential return could set back Latin America’s two largest economies.
The Brazilian oil & gas industry is going through its “largest transformation ever,” said Décio Oddone, Director-General for the Brazilian National Petroleum, Natural Gas and Biofuels Agency (ANP) at an event organized by the Inter-American Dialogue on June 28th.
Latin America faces many challenges in developing its energy resources and providing clean, affordable and reliable energy. With presidential elections in Brazil, Mexico and Colombia next year, there is considerable uncertainty about future energy policy, as potential candidates in these countries have presented widely varying energy and economic policy platforms.
While the Trump administration’s “America first” policies are aimed primarily at giving higher priority to national security and economic growth for the United States, the White House’s approach will have impacts on energy relations with the rest of the hemisphere that should also be considered.