Latin America upstream in brief Report

Insight 15 May 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
- 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 98 images and tables including:

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