Latin America: 5 things to look for in 2026

Adrian Lara Garcia, Juliana Teixeira, Luiz Hayum, Glauce Santos, Pietro Ferreira and Amanda Bandeira

Latin America's upstream sector enters 2026 with robust operational fundamentals driven by production powerhouses with competitive economics and committed project pipelines. Operators also continue to pursue frontier opportunities across the region. 

However, the region faces increasing geopolitical complexity and regulatory volatility, grappling with political uncertainties that could reshape investment flows and operational frameworks.

Drawing on unique insight from Lens Upstream we share our take on the five key themes to watch in 2026. This includes: 

• Production powerhouses: the country concentration trend intensifies around Brazil, Guyana, and Argentina. 
• 2026 FIDs: mixed picture despite strong fundamentals. Key FIDs face systematic delays from above-ground issues.
• Political volatility and US engagement challenge Latin America energy investments: Regulatory volatility driven by political changes remains constant across Latin America, now occurring within a context of intesified US government involvement in regional politics – notably in Venezuela.  
• And more. 

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