Latin America: 5 things to look for in 2025

Adrian Lara, Mark Oberstoetter, Juliana Teixeira, Luiz Hayum, Glauce Santos and Vinicius Moraes

The Latin America upstream sector will continue with its successful track record of expanding production, but will also face challenges in 2025. The region is an important part of non-OPEC supply, but there are at present clearly two groups of countries in the region, one with a forecast for growth in hydrocarbon production and another that is declining.

So what are the key themes to watch in 2025? Drawing on insight from Lens Upstream, in this report we examine five key themes that we believe will shape 2025, including:

• Upstream expansion is split. Who's driving growth? 
• Upcoming exploration catalysts: will there be a boost or just minor improvements on an overall slow trend?
• Will Vaca Muerta keep its momentum? 
• And more. 

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