The outlook for oil and gas exploration and production (E&P) in Latin America is improving as demand and prices strengthen, according to the first quarter earnings reports by the top three oilfield services (OFS) titans.

LatAm rig count

Schlumberger Ltd, Halliburton Co. and Baker Hughes Co. each reported sequential revenue increases from the region, with management teams forecasting a continued uptick in activity this year.

The upbeat projections by the OFS operators are sure to be welcome news for the region’s national oil companies (NOC), as governments seek to balance their budgets and provide needed economic stimulus in response to the still-raging coronavirus pandemic.

Schlumberger Up

Schlumberger posted a 7% sequential increase in Latin America revenue to $1 billion during the...