Latin America Oil and Gas Sector Report 2025-2026

The Latin American oil and gas sector continued its recovery in 2024, completing its fourth consecutive year of crude oil production growth. Despite this positive development, progress slowed in the region, with crude oil output growing by only 0.1% y/y, to 8.2 mmbbl/d in 2024, according to the United States Energy Information Administration (EIA). Production had grown at an average of 6.5% y/y during 2022 and 2023, supported by the rapid increase in hydrocarbons prices on international markets in the wake of geopolitical tensions in Eastern Europe and the Middle East. In line with more stable prices of crude oil and natural gas during 2024, the number of active rigs across the region fell strongly from 178 in 2023 to 158 in 2024.

This report provides a complete and detailed analysis of the "Oil exploration" sector for South America. EMIS Insights presents in-depth business intelligence in a standard format across countries and regions, providing a balanced mix between analysis and data.

What this report allows you to do:

• Understand the key elements at play in the "Oil exploration" sector in South America
• Crystallise the forces both driving and restraining this sector in South America
• Ascertain South America’s position in the global sector
• Build a complete perspective on sector trade, investment and employment
• Understand the competitive landscape and who the major players are
• View M&A activity and major deals
• Gain an understanding of the regulatory environment for the sector in South America.
• Build a clear picture of trends, output and consumption for specific sub-sectors