The era of the US$100 barrel is over - for now, at least - and 2015 will be a challenging year for upstream activity in Latin America.
This is certainly not the first, nor the worst, downturn experienced by the industry. However, it comes as several countries in the region carry out, or are about to launch, their most ambitious upstream development programs since they began to produce crude.
The bulk of the projects are concentrated in coastal waters. How the current market situation affects offshore activity is thus a question with broader implications for the regional oil industry. Can Latin America's biggest projects weather the volatility?