Exploration activity in Latin America was very subdued in 2015 with exploration wells down over 60% year on year. Despite the lower well count discovered resources were up compared to the dismal results of 2014. Large discoveries were made in five countries. The largest global oil discovery Liza was a frontier find in Guyana. More oil was found in Latin America than in any other region. Exploration in 2016 will be very limited but a high risk high potential wildcat will finally be drilled in Uruguay. In addition we expect offshore drilling to continue in Colombia and the Falkland Islands/Malvinas.