Brazil vs Mexico: Latin America’s Fight For Big Oil’s Money

27 Oct 2017   Brazil, Mexico

Brazil and Mexico are competing for a diminishing resource: the investment dollars of oil majors. HOUSTON/RIO DE JANEIRO, Oct 26 (Reuters) – Brazil and Mexico are competing for a diminishing resource: the investment dollars of oil majors beating a retreat from the big-ticket offshore projects they once coveted. After two waves of resource nationalism that left few openings in Latin America for energy giants such as Exxon Mobil Corp, Royal Dutch Shell Plc and Total, the tables are turning. Governments throughout the continent are enacting reforms and changing contract terms to lure oil firms that have slashed spending as they adapt to lower crude prices. Global policy changes to address climate change have given an added sense of urgency to governments in the region and worldwide that are sitting on oil and gas reserves. They want to pump it before it becomes less valuable. The competition pits Brazil’s high-cost […]

Comments are closed.