Latin America exploration: 2015 in review and what to look for in 2016

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Report summary

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.

What's included

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    Latin America exploration: 2015 in review and what to look for in 2016

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Table of contents

    • Discovered resources remain low in 2015
      • Guyana's Liza stands out as the largest global oil discovery
      • Deepwater Sinu basin in Colombia opened by Kronos
      • Two discoveries made in Falklands/Malvinas
      • Smaller Brazil discoveries still noteworthy
      • Conventional Argentina discovery merits attention
      • Bolivia finds oil after a long dry spell
    • Licensing in 2015 and opportunities in 2016
    • Exploration activity to watch in 2016

Tables and charts

This report includes 7 images and tables including:


  • Discovered resources by region in 2015
  • Exploration wells completed in Latin America 2006-2015
  • Discovered resources by country 2006-2015
  • Exploration acreage awarded in 2015
  • Latin America exploration: 2015 in review and what to look for in 2016: Image 5


  • Upcoming bid rounds in 2016
  • Top ten discoveries of 2015

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