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
Table of contents
-
Recent insights and informs
- 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
- PetroReconcavo expands its presence in the Reconcavo basin
- What's the future of Bolivia upstream?
- Caution in the first Brazil's pre-salt PSC bid round under permanent offer regime
- Suriname's optimistic about upcoming deep-water bid round
- Guyana tightens terms for upcoming bid round
- Could Petrobras’ Aram discovery bring a new breath to the Brazilian oil industry?
- Wintershall farms into Hokchi
- The rise of independent operators in Brazil: will these companies perform?
- Yarrow-1 and Sailfin-1 make it nine 2022 discoveries for Guyana's Stabroek
- Higher rig rates are here to stay – Petrobras set to sign multi-year contracts worth US$3.1BN
- Ecuador launched Intracampos II round kicking off Latin America upcoming auction agenda
- Easing sanctions on Venezuela can have a limited impact on domestic oil production
- Rota 3 pipeline startup is postponed again: will that affect giant pre-salt fields like Buzios?
- Petrobras divestment program taking a u-turn?
- Brazil's "open acreage" pre-salt round: who is in, who is not
- FPSO cost inflation impacts Búzios economics
- APA makes its first operated discovery in Suriname with Baja-1
- Colombia’s Caribbean hits the jackpot again
- Could Alto de Cabo Frio Central discovery end the 10-year pre-salt commercial discovery drought?
- New deepwater discovery puts Colombia’s exploration in the spotlight
- Seven discoveries so far in 2022 on Guyana’s Stabroek block
- Ecuador’s oil production loss contrasts with plans to increase output
- Recent discoveries in Namibia’s Orange Basin are already impacting Latin America’s licensing rounds
- BW Energy snatches two clusters from Petrobras divestment plan
- Colombia's election of new president generates uncertainty to oil and gas industry
- New breath for deepwater exploration in Trinidad and Tobago
- Pemex to drill exploration well Popoca-1EXP nearby Eni’s Amoca-Mitzon-Tecoalli fields
- CGX and Frontera confirm Kawa-1 well results; de-risking inboard play potential
- Petrobras sells its Albacora Leste stake to PetroRio for US$2.2 billion
- Navitas Petroleum steps up as operator of Sea Lion development
- Brazil’s third open acreage round closes above expectations
- ExxonMobil and partners take the final investment decision (FID) for Yellowtail’s FPSO
- Talos announces Zama unitisation process finalization
- Brazil’s Atlanta field to progress to full development
- Seacrest buys Norte Capixaba Cluster and debuts as an operator in Brazil
- Guyana has a strong 2022 start
- Petrobras sells Potiguar cluster for US$1.38 billion
- New discoveries in the Andean Region
- Wintershall maintains its Mexican portfolio
- Wintershall Dea departing from Brazil signals more delays in the Potiguar Basin
- Vista grows its footprint in the liquids windows of Vaca Muerta
- Pemex intends to revive Lakach deepwater gas project
- Equinor gets environmental green light to explore Argentina’s offshore
Tables and charts
This report includes 106 images and tables including:
- 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
- Maha Energy's portfolio and nearby fields operated by PetroReconcavo
- Bolivia production (historical and forecast)
- Brazil’s first PSC open acreage: four awards out of 11 offered
- Available blocks for the Suriname 2022 to 2023 deep-water bid round
- Aram Block: wildcat well location
- Lens valuation NPV10 and production profile 2022-30
- Benchmarking company production forecasts
- Net pay for major discoveries in Stabroek block
- Table 1: Qualifiers for new Petrobras tender
- Chart 1: Ultra-deepwater rig rates - Golden Triangle regions
- Ecuador blocks prospective resources and area
- Upgrader projects capex vs Venezuela total capex in 2012-32
- Top 10 countries heavy oil resource theme
- Santos basin gas infrastructure utilisation
- ANP estimates of oil in place and chance of success
- Pre-salt blocks in Brazil's "open acreage" round
- NPV10 post-tax and breakeven prices pre and post update
- Baja-1 Discovery
- Deepwater gas fields with remaining commercial reserves
- Lead time for fields discovered
- Alto de Cabo Frio Central block: wildcat well location
- Net pay for major discoveries in Stabroek block
- Ecuador's daily oil production May-June 2022
- Top companies by production
- Golfinho and Camarupim clusters location
- Natural gas production and potential volumes from additional sources
- Licensing round results
- Popoca-1 location
- Guyana and Suriname discoveries split by product type
- Navitas' working interest capital
- Brazil’s third open acreage: 59 awards across six basins
- Stabroek block oil production by FPSO
- Petrobras: lifting cost evolution by resource theme
- Wintershall Mexico net annual capex
- Production outlook
- Vista’s operated blocks in the Neuquén basin
- M&A deals in the oil windows of Vaca Muerta (not exhaustive)
- Lakach location
- Location of CAN 100, CAN 108 and CAN 114
What's included
This report contains:
Other reports you may be interested in
Brazil's pre-salt coverage overview
Brazil's pre-salt is one of the most relevant deepwater plays with a huge resource base and impressive well productivity.
$1,350Sub-Saharan Africa upstream in brief
The latest stories and trends in the Sub-Saharan Africa upstream sector combined with our expert opinion and analysis.
$1,350MENA upstream in brief
The latest stories and trends in the Middle East and North Africa upstream sector combined with our expert opinion and analysis.
$1,350