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Latin America has much potential for oil and gas production. Brazil is in the early stages of exploiting its pre-salt bonanza. There are other hydrocarbon riches throughout Latin America: heavy oil in Venezuela, shale gas in Argentina’s Neuquén basin and unexplored possibilities onshore and offshore Colombia. With each of these promises, there are pitfalls: declining production from mature fields in Brazil, political hurdles in Venezuela and Argentina and rebel activity in Colombia. Here’s a country-by-country explanation of recent oil and gas activity in Latin America.
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