Insight
Latin America upstream in brief
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The Latin America upstream in brief provides Wood Mackenzie's view on key industry events in Mexico and the Caribbean, Central and South America as they unfold. Declining legacy onshore production has been met with a highly active offshore sector. Discoveries in Guyana, Brazil, Colombia and Mexico are reshaping the upstream landscape south of the border. Argentina also stands out through its burgeoning shale developments, one of the few bright spots for unconventionals outside the United States. Strong licensing activity, led by Brazil and Mexico, has drawn a diverse landscape of players exploring new opportunities in the region. We cover these issues, and more, in the Latin America upstream in brief.
Table of contents
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Recent insights and informs
- Neuquén launches auction for 15 areas in Vaca Muerta play
- Petrobras anticipates Búzios P-79 FPSO start-up amid revived Brazil's 12% crude export levy
- Petrobras consolidates ownership of Jubarte shared pre-salt reservoir
- Ecopetrol targets Brava Energia control in Brazil expansion push
- Repsol targets Venezuela production growth under revised framework
- Chevron deepens Orinoco exposure through Venezuela asset swap
- Petrobras confirms pre-salt hydrocarbon discovery at the Ruba Prospect, Campos Basin
- Giant potential, giant complexity: BP’s Bumerangue discovery
- 184 more item(s)...
Tables and charts
This report includes the following images and tables:
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Petrobras and other large companies in Brazil: increase in 2026 upstream free cash flow at WoodMac base price (US$85/bbl average Brent for 2026) relative to WoodMac pre-conflict price (US$63/bbl for 2026), and new export tax impact (excl. fiscal displacement effects)Jubarte and nearby blocks in the Campos BasinEcopetrol’s WI production forecast
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Repsol assets in Maracaibo basinNew Chevron assigned area Ayacucho-8 in the Orinoco beltChevron's relinquished participation in offshore blocksRuba (1-BRSA-1404DC-RJS) well location map3D-seismic showing the Ruba prospect's discovery geological contextSummary of sensitivity scenariosBlocks offered in the Santos and Campos basinsTrinidad and Tobago 2025 DW bid round awarded blocks
- 159 more item(s)...
What's included
This report contains:
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