Latin America upstream in brief

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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.

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Table of contents

  • Total enters the Guyana Basin
  • Colombia's Sinu-San Jacinto round delayed
  • Brazil offers two highly anticipated licensing rounds 
  • Mexico's Round Two finishes on a high note
  • Mexico charges ahead with latest onshore bid round: 3.2
  • Newly-formed Vista Oil & Gas splashes into Argentina
  • Peru: Tullow's next exploration play
  • ExxonMobil's Ranger proves new play in Guyana
  • Statoil acquires 25% interest in Roncador
  • Investment pledges for the second phase of Incahuasi and exploration drilling in Azero
  • New Vaca Muerta commitments pile on at the end of a strong year
  • Management shake-up puts further pressure on Venezuela's oil and gas sector

Tables and charts

This report includes 4 images and tables including:


  • Blocks on offer across Burgos, Tampico-Misantla, and Veracruz
  • Blocks sold to Vista Oil & Gas by Pampa Energía
  • Recovery factors increase with greater density of wells
  • Vaca Muerta investment commitments

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