Insight

Latin America upstream: 2015 in review

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Report summary

E&P companies across the globe tightened budgets and amended exploration and development plans in 2015 due to the fall in oil prices. In Latin America, corruption scandals, regulatory changes and unexpected discoveries, among other factors, also brought big changes. At the beginning of 2015, we outlined seven predictions of significant upstream milestones. Four of our seven forecasts came true. In our Insight we review our predictions and explain where we forecast correctly and why we missed the mark on other events.

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    Latin America upstream: 2015 in review

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Table of contents

  • IOCs and Asian NOCs will dominate Mexico's Round One
  • Uruguay and Colombia will lead otherwise depressed exploration in the region
  • Drilling activity in Argentina's Vaca Muerta will remain flat in 2015
  • Petrobras greenfield developments will face delays
  • E&Ps will see increased flexibility from a cash-strapped Venezuela.
  • Colombia will deliver the world's first cargo from an FLNG plant.
  • Licensing will be delayed for Peru's Block 192.

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