Latin America Oil and Gas Sector Report 2024-2025

Latin America completed its third consecutive year of recovery in terms of crude oil production during 2023. The region had been on a long decaying trend since the end of the commodities boom cycle in 2014, which, aggravated by the COVID-19 pandemic, resulted in historic low levels of production in 2020. Since then, however, Latin America has seen a continued recovery, already surpassing its pre-pandemic crude oil output in 2022. This came as the high price environment sparked by the Russian invasion of Ukraine in February 2022, underpinned the sector's recovery started after the end of the Coronavirus pandemic. According to the United States Energy Information Administration (EIA), the region's combined output averaged 8.1 mmbbl/d in 2023, a 6.9% y/y increase to its highest mark since 2017. In line with this, the total number of active rigs across Latin America, as reported by the US-based company Baker Hughes, reached an average of 178 in 2023, its third consecutive year of increase, although still below the region's pre-pandemic levels.

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