Business is booming for Latin America’s upstream oil and gas segment, according to the world’s three leading oilfield services providers.

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The management teams of Halliburton Co., Baker Hughes Co. and Schlumberger Ltd. each reported strong year/year growth in the region during their respective first quarter earnings calls, and indicated they expect the trend to continue. 

Halliburton reported first-quarter revenue from Latin America of $653 million, up 22% versus the first quarter of 2021. Management attributed the growth to “improved activity across multiple product service lines in Brazil, Argentina and Mexico, increased well construction services in Colombia, higher completion tool sales in Guyana, improved project management activity in Ecuador and Colombia, increased...