Latin America upstream: 2024 in review Report

Insight 27 January 2025

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Report summary

Our Latin America review looks back to the key upstream events and trends. During 2024, LatAm production grew 4% but this was driven by a few countries. As in previous years, NOCs are still the dominant player in terms of investment. Exploratory activity has remained low during 2024 with 19 wells drilled with only one well declared commercially viable. Portfolio optimisation drove Latin America’s upstream M&A deals in 2024. During 2024, we monitored ten key projects close to reaching FID. Six of these projects amounting to a total US$35 billion in investment were approved. During 2024 some key gas projects in the region moved forward. In Trinidad and Tobago. Ecopetrol and Petrobras have finally made progress in developing Sirius (Uchuva) field, located in the offshore Guajira basin in Colombia. Guyana and Suriname, Petronas and ExxonMobil successfully appraised the Sloanea and Haimara cluster.