Latin America suffered from continued reductions to upstream capital budgets in 2016 as low oil prices forced companies to emphasise balance sheet protection over growth. E&P companies focused spending on their most strategic assets, while the region's NOCs sought to divest the tails of their portfolios. At the beginning of 2016, we outlined seven predictions of significant upstream milestones for the year. Six of those came true. In our Insight we review our predictions and explain where we forecast correctly and why we missed the mark on other events.