The Western Hemisphere has long been home to some of the world’s largest and most abundant energy resources. More recently, the region’s important renewable potential and critical minerals have also emerged as part of the energy equation for the hemisphere and beyond.
In early March, the Atlantic Council, in collaboration with the United States Department of Energy, released a report that set forth a series of steps to create a revised approach to inform the energy outlook for the hemisphere. Indeed, as Secretary of Energy Dan Brouillette wrote in the foreword to the report he has “a strong appreciation for the strategic importance of the Western Hemisphere to US prosperity, energy, and national security. As our closest neighbors and strongest trading partners, the energy and economic security of the hemisphere is critically linked to our own.”
The report sets forth a wide range of tools and steps to enact a new strategy; one that is long on cooperation and uniting the region’s policymakers. Perhaps most important are recommendations that seek to enhance energy policy cooperation across four major areas: 1) Energy Governance; 2) Supporting Access to Diverse Fuel Sources; 3) Modernization and Advanced Technologies; 4) Finance and Private Sector Engagement.
The recent announcement by BP CEO Bernard Looney for the company to attain net zero emissions by 2050 is the latest news to ripple across the global oil industry with a direct link to confronting the climate challenge. Development of international agreements targeting emissions reduction, national policies and corporate goals are all placing increasing focus on the role of oil in a post-2050 world. This is particularly true for the large-scale, highly complex and capital-intensive projects in the sector that often take a decade or more to bring online. Layered on top of the foregoing is polarizing climate change activism and demands on oil and gas companies and the sector writ large. This begs the question of whether we are reaching the moment when it may already be too late for major new offshore oil development?
Join us for a webinar with Jed Bailey, Managing Director of Energy Narrative and long-time Latin American energy analyst. Bailey will share his insights on the intersection of climate activism and the oil and gas sector with insights for the region, particularly the possible implications for deepwater projects in Brazil and Mexico and the nascent oil sector in Guyana and Suriname.
The webinar will be held Tuesday, March 10 at 10:00am San Diego (12:00 pm Houston; 1:00 pm New York; GMT/UTC – 8 hours). The webinar will include a live Q&A session with the audience.
Welcome to the February edition of Energy Panorama.
We concluded February with our annual Mexico Energy Roundtable. Across several panels we convened frank and open discussion that underscored the challenges in Mexico today, but also highlighted possibilities and the outlook for the sector in 2020. We also replicated our successful model from Bogota last year and convened executive roundtables focused on energy transition issues and the social license to operate. Stay tuned for our event report, but in the meantime check out photos from the events below.
We continued our analysis of renewables in the region and our non-resident fellow, Leonardo Beltran, expanded upon last month’s podcast examining the “Samba” auction model and Brazil’s evolving power market in his essay published in FuturEnergy’s February edition.
We are also pleased to share the always-unique analysis of IOA board member Chris Sladen and his monthly essay written for ANZMEX.
Our webinar series in March will delve into how the oil sector is confronting the climate challenge and implications for Latin America, particularly the region’s offshore developments.
If you missed last month’s Energy Panorama, be sure to check out our report Baja California Energy Outlook 2020-2025. The Spanish version of the report is forthcoming.
We head to Buenos Aires on March 17-18 for our annual Argentina Energy Roundtable and discussions of the potential for leveraging the country’s energy potential for economic development and plugging into the global LNG market.