CERAWEEK: Latin America Takes Oil Spotlight Despite Troubles

BP, Total and BG won blocks in 2012 to explore offshore Uruguay, while Chevron is expected to be the largest private investor in Argentina's biggest unconventional reservoir, Vaca Muerta, working along with state-run YPF .

Mexico, which has under-invested in exploration for years, is widely expected to become a key destination for foreign firms once its government implements an extensive energy reform package.

Emilio Lozoya, the CEO of Mexico's state-owned oil company Pemex, said at CERAWeek that Mexico will need $1 trillion to boost oil output to 3 million barrels per day by 2018, increase production of gas and petrochemicals and build new energy infrastructure.

"Pemex will be working hard to find the right partners. Conservatively, we can see results (of the reform) in a couple of years," he said.


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