Insight
Latin America upstream: 2022 in review
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Report summary
2022 was a solid year for the upstream sector in Latin America. After a long period of continuous decline, production has rebounded and is expected to keep growing during the next years. Investment has returned to pre-pandemic levels with a 16% increase compared to 2021. M&A spend totalled US$4.6 billion, with Brazil capturing most of the value. Deepwater exploration activities in Brazil, Guyana, Suriname and Mexico are responsible for the largest discoveries - more than six billion barrels equivalent. Our review of 2022 highlights main themes and trends for Latin America, including investment, production, M&A, exploration, project FIDs and emissions. This report is part of a series of regional Insights reviewing key events and themes in 2022. The report slides are available from the downloads section.
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