2013 Forecast: Latin America aims for increased production ///

According to Barclays Global E&P report, Latin American companies are expected to lead the way in 2013. Capital spending is forecast to increase by 15% in the region (compared to a 17% growth in 2012), driven by a significant increase in activity by Pemex in Mexico, an aggressive post-election capital investment program in PDVSA in Venezuela and Petrobras’s continued capital investment in its pre-salt development plan in Brazil. Spending gains are expected to be led by significant pickups in activity in Mexico (Pemex up 21%), Venezuala (PDVSA up 46%), and Brazil (Petrobras up by 8%).

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