INTERACTIVE: US & Latin America: Development trends

By Georgia Cooper, Siddhartha Sen, Angel Gutierrez and Rebecca Gorring

In 2025, nine High Impact Wells (HIWs) were planned across Latin America, a decrease from twelve in 2024, indicating potential shifts in exploration strategies or challenges in the oil sector.

The lack of planned HIWs in Mexico for 2025 marks a significant shift in its exploration landscape, especially in contrast to the rising activity in neighboring countries.

Key prospects include Brazil's Morpho-1 in the Foz do Amazonas Basin, awaiting a drilling permit, and Guyana's Lanternfish-1 and Blackfin-1 wells, which are bolstering the country's reputation in offshore oil exploration.

Latin America regional production has potential to exceed 14 million boe/d by 2030. Key production growth drivers to 2030 include offshore Brazil and Guyana, and onshore Argentina unconventional.

Upstream development capital investment in Latin America is estimated to reach US$360 billion from 2025-30. Over 80% of development capex is expected to target Brazil, Mexico, Guyana, Argentina.

The US Gulf and Brazil, part of the golden triangle, are expected to maintain steady offshore rig demand, particularly for floaters, while Mexico's market remains relatively stable for jackups despite recent contract suspensions and uncertainty surrounding Pemex. Meanwhile, smaller countries such as Trinidad and Tobago, Guyana, and Suriname are developing their offshore markets, whereas Peru, Bolivia, and Argentina have historically shown minimal demand for offshore rigs.

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