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Budgets across the globe have been slashed, companies are offloading bulky projects, and drilling is falling everywhere. Given the belt-tightening, it would seem an odd time to talk about Latin American offshore oil. These plays generally have high lifting costs and most are many years and many more billions of dollars away from first oil. But because of the recources in place, and the time frame of the investment involved, interest in offshore in the region remains, surprisingly perhaps, high.

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