Latin America upstream: 2023 in review Report

Insight 24 January 2024

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Report summary

In this review, we highlight the significant upstream events and trends of 2023 across Latin America. Production continues to grow, but this is concentrated in deepwater oil projects in Brazil and Guyana. Gas output was held flat a Argentina unconventional growth offset mature declines at countries like Bolivia. 2023 was a significant year for project sanctions, with US$20 billion in capex projects moving ahead. But there were also several key cancellations and deferrals with cost pressures the common reason. M&A was somewhat quiet outside of the large Chevron/Hess deal. Emissions performance and responses remain variable across countries. We also delve into the key trends in investment, revenue, production, M&A and decarbonisation.