The Only Venue Where Oil Majors Will Still Spend Big

Oil majors may be slashing spending and deferring development plans across the globe, but they remain committed to developing the newest offshore oil finds in the heart of Latin America.   The oil price collapse has forced the world’s oil companies to slash spending and curb production at many projects that are uneconomical at the current prices. From Russia and Nigeria to the Permian basin in the United States, companies are scaling back output, either because of the new OPEC+ pact or because of economics.  While production in the…