Latin America upstream in brief Report

Insight 02 December 2024

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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.

Recent insights and informs
- GeoPark acquires Repsol's Colombian assets for US$530 million deal
- ExxonMobil exits Suriname following Block 52 withdraw
- Petrobras unveils its 2025-2029+ strategy
- Petrobras kicks off a new 740-mmcfd-onshore processing plant
- The highly-anticipated exploratory well in Brazil, Morpho, is still unable to flight
- ExxonMobil set to exit Argentina with rumored Vaca Muerta asset sale to Pluspetrol
- TotalEnergies takes FID in first Suriname deepwater project
- MidOcean Increases Stake in Peru LNG: Implications for Camisea Gas
- The PPSA joins the growing group of gas traders in Brazil domestic market
- Ecuador starts Block 43 closure, but overall production decline will be slower than anticipated
- Could the Pau-Brasil discovery unlock Brazil pre-salt’s high CO2 area?
- Sloanea-2 confirms the potential for a Suriname LNG development
- Uchuva appraisal results keep hopes up for Colombia and Petrobras
- After disputed presidential elections in Venezuela, uncertainty on the oil and gas sector will persist
- A breath of fresh air for Bolivia? Government announces new gas discovery
- Golar inked a 20-year agreement for FLNG deployment in Argentina
- Shell takes FID on Trinidad and Tobago’s Manatee gas field
- Mexico’s offshore gas project Lakach revives with a new partnership for Pemex
- Yopaat discovery increases the possibility for a new ENI development in Mexico
- Suriname considers mandating oil companies to buy US$25/tonne offsets to cover their emissions
- Argerich-1 result disappoints, but hope for South Atlantic exploration remains
- New Mexican president supported by qualified majority in Congress, but uncertainty prevails over new energy reforms
- Trinidad’s SW bid round failed to attract major interest
- Petrobras awards US$8.15 billion Atapu and Sépia pre-salt FPSO contracts to Seatrium
- President Lula swaps Petrobras CEO
- Sanctions re-imposed in Venezuela will impact production outlook
- Jaguar leaps forward as Guyana's sixth sanctioned FPSO
- While awaiting Morpho’s flight, Petrobras makes its second discovery in the Potiguar Basin
- Dona Flor and Her Two Husbands: who’s 3R Petroleum going to choose?
- YPF initiates its divestment plan of mature assets in several provinces
- Bluefin discovery in the gassy southeast cluster of Stabroek block, Guyana
- Exploration activity in Latin America to continue after a challenging 2023
- The South Atlantic Margin
- The Pacific Margin
- Pemex turning back into deepwater exploration
- ExxonMobil and CNOOC assert pre-emption rights on Hess’ Guyana equity
- Ecopetrol's first deepwater operated discovery shows commitment in Colombia's offshore development
- Buzzwords from Guyana’s Energy Conference and Supply Chain Expo
- Navigating the depths: ranking oil EUR per well around the deepwater Atlantic
- Webinar- Latin America’s upstream market: 2023 in review and key outlooks for 2024
- United States will reinstate Venezuela sanctions
- Ecuador's fields are facing a steady decline
- After the 2017 peak, the fields' oil output continues to decline
- Investment peaked at US$829 million, mainly by PetroEcuador
- We do not anticipate major changes in the upstream sector with the new government
- Wave of violence rocks Ecuador
- Enauta enlarges its portfolio of projects in Brazil
- Parque das Conchas (BC-10)
- Urugua and Tambau (BS-500)
- Petrobras acquires three exploratory blocks in São Tomé and Príncipe
- Petronas, TotalEnergies, QatarEnergy and Shell consolidate their presence offshore Suriname
- What does Venezuela put at risk with a Guyana annexation attempt?
- Petrobras unveils its 2024-2028+ strategy
- Mexico’s FLNG Lakach development is cancelled due to capex increases
- Strategic pivot for Canacol: navigating challenges in Colombia and exploring new horizons in Bolivia
- Is Brazil oil output at risk? We outline a potential 0.6 million b/d downside in our peak forecast
- Petronas announces material oil discovery in Suriname’s Block 52 while next bid round gets clarity
- Guyana gets good news: offshore bid round making progress and a very successful outcome at the Lancetfish-2 well
- EUR/well dataset is now live in Lens! Fields with higher EUR/well will drive deepwater production growth in Latin America
- Chevron gains stake in coveted Guyana production
- Presidential elections in Ecuador
- New easing of sanctions for Venezuela’s oil and gas sector but fast output recovery still challenging
- Webinar – Fueling the Future: Latin America's Upstream Opportunities & Challenges
- Renewed shallow-water exploration opportunities in Trinidad and Tobago
- Could the permit to drill in Potiguar Basin unlock the Equatorial Margin potential?
- Guyana's first bid round closes with encouraging interest
- Colombia's dynamic year in review: a concise recap of key events
- Petrobras produces the first oil from Marlim’s second revitalisation FPSO
- Another gas show for Shell in Brazil with the Suçuarana well
- Argentina Primary Elections
- Brazilian pre-salt gas reinjection dilemma
- Colombia’s fiscal reform: following the money trail
- Venezuela’s respite after sanctions ease
- Latin American countries keep block acquisition active
- Brazilian Tax Reform
- Nohoch incident affects Pemex oil and gas production
- Visit to operators in Argentina
- End of export tax for crude oil - Brazil
- Woodside's first after-merger major investment decision is in Mexico
- Suriname receives multiple bids on three offshore blocks
- Petrobras kicks off Marlim revitalisation project in Brazil
- Environmental permit issues could hamper the future exploration of frontier areas in Brazil
- Equinor sanctions its second operated deepwater project in Brazil
- Upper Cretaceous opportunities in Uruguay, similar to Namibia discoveries, gain momentum
- Initial findings from the Wei-1 well in Guyana are encouraging
- Petrobras under new management
- Kan discovery in Mexico’s shallow water, another IOC success
- Guyana delays one of the most highly anticipated bid rounds in 2023
- Petrobras to honour signed contracts in Brazil – the remaining opportunities are under review
- Permitting issues might again postpone Brazil’s Foz do Amazonas Basin exploration
- Eni's Yatzil discovery kicks off drilling campaign in Mexico
- Vista Energy decides to narrow its focus to unconventional developments
- Energy security motivates an easing of sanctions on Venezuela, resuming an interest for a joint development with Trinidad & Tobago
- Gustavo Petro makes good on his word: Colombia to see restricted development and higher government share
- Successful onshore bid results in Trinidad & Tobago

Tables and charts

This report includes 74 images and tables including:

ExxonMobil upstream portfolio: strategic fit of regions
Evolution of gas reinjection, sales gas and SIE capacity
Pluspetrol working interest production pre and post deal

Peru gas production per block
PPSA entitlement gas volumes
Ecuador production forecast
BP’s participation in the pre-salt of Campos and Santos basins
Trinidad and Tobago production by field
Grupo Carso existing participation in Mexico’s oil and gas assets – net remaining resources
Yopaat discovery location
Lens - Blocks 58 and 52
Forecasted carbon liability created in Suriname for Scope 1 and 2 emissions
Figure 1: Geological setting of Namibia's and Uruguay's main plays
Figure 2: Geological setting of CAN-100 block
Trinidad and Tobago SW bid round blocks
Location of Whiptail, Pinktail, Tilapia and Seabob fields tying into FPSO #6
Exploratory wells drilled in the Potiguar Basin in 2023-2024
Net production in March 2024
YPF concessions in divestment programme
Bluefin-1 well location
Drilled E&A wells in the Atlantic and Pacific Margin in 2002-23
Expected future offshore activity in Latam
Exploration plan blocks and well locations
Orca Norte-1 location
Breakeven for an offshore gas project in Colombia
PetroEcuador total production from 2021 strategic plan
Older stories
São Tomé and Príncipe’s blocks colored by operator
Suriname top acreage holders after the 2022 Demerara Round
Guyana and Suriname Blocks, including on offer and recently awarded ones
Territory claimed by Venezuela
Five-year corporate budget up 31%
Lakach, Piklis and Kunah offshore gas fields
Canacol's blocks in Bolivia
Jobo-Medellin pipeline project
Brazil’s oil production under different scenarios
FPSOs historical (installation date) and Woodmac’s forecast (first oil dates)
Shallow Offshore 2 Bid Round (SHO2)
Guyana's first offshore bid round awards eight new blocks
Average EUR per well for drilled and proposed deepwater and ultra-deepwater production wells by production start year, by basin and by project status
Lens screenshot showing average EUR per well and development wells per field
Top companies by average production during 2023 (excluding PDVSA)
Shallow water competitive bid round blocks
Brazilian Equatorial Margin map. Pitu and Morpho-1 wells location
Blocks receiving bids
Timeline of events in Colombia
Marlim's operational costs profile
Latest pre-salt exploration well results
Impacts on reserves and oil & gas revenues due to lower injection rates
Change in government revenue, US$MM
Venezuela short-term production forecast
Latam bid round review
Fiscal Terms
Cantarell, Kumaza and Ayatsil production
Argentina liquids production forecast
Argentina gas production forecast
Emission intensity by source, Scope 1 and 2 (average 2028-2045)
Suriname block operators with on offer blocks 63, 65 and 67 highlighted
Companies' presence in deep-water of Equatorial Margin
Equinor’s deepwater production outside Norway (historical and forecast)
Uruguay offshore blocks
Wei-1 well
Discovered volumes shallow-water 2009-2023
Kan-1 location
Guyana blocks available for bids highlighted in blue
Morpho well (Foz do Amazonas)
Dois Irmãos block and Aram's appraisal well
Yatzil-1 exp location
Assets acquired by Aconcagua in Neuquén and Rio Negro
Gas fields sharing a maritime border
Bid round results