MEXICO CITY— Venezuela is closed for business. Rumblings from Colombia suggest its president isn’t a fan of fossil fuels. Elsewhere in Latin America, Guyana has largely been overtaken by the omnipresence of Exxon Mobil’s offshore development in the Stabroek Block.
But for international oil companies (IOCs), that doesn’t mean there isn’t a place in Latin America for exploration and upstream success. Despite recent elections in Mexico throwing a wrench of uncertainty into the environment, five IOCs are seeing opportunities with one of the U.S.’ closest energy trading partners.
IOCs already active in Mexico’s upstream sector include Australia’s Woodside Energy Ltd., Germany’s Wintershall Dea, Italy’s Eni SpA, U.S.’ Talos Energy and the U.K.’s Harbour Energy.