Latin America upstream: 5 things to look for in 2023

Latin America is a large, diverse and resource rich area. The expectation is that 2023 will be another busy and challenging year for the upstream industry. The region managed to reverse the production decline trend but this is linked to only a few countries. Exploration activities in frontier areas will play a key role in keeping the future growth. Local NOCs are major players and, as such, are subject to to political changes. The future of the energy transition will depend on government guidance and the investment capacity of these companies. Read this insight for our take on: 1. Production growth forecast 2. Key project sanctioning decisions and potential inflation impacts 3. Exploration activities, specially deepwater and frontier areas 4. Energy transition and the role of local NOCs 5. Political aspects that impact the upstream industry