Talk of the energy transition dominated this week’s CERAWeek by IHS Markit, with Latin America’s national oil companies (NOC), which have long served as key sources of revenue for their governments, part of the discussion.

LatAm rig count

The consensus is oil and gas will remain relevant for decades as energy use intensifies across rapidly developing economies. However, investment will only flow to the best assets. 

As such, the state-owned NOCs are looking to maximize existing hydrocarbon assets while also looking to technology and natural gas in decarbonization efforts. 

“We want to make gas more important in our portfolio,” said Ecopetrol SA’s Juan Mauel Rojas, vice president of Business Development. Speaking in a panel discussion Tuesday, he said the goal is to make natural gas...