Latin America: 5 things to look for in 2025 Report

Insight 13 December 2024

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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below

Report summary

In 2025, the Latin America upstream sector will continue with its successful track record of expanding production but will also face challenges. The region is important as part of the non-OPEC world supply. Brazil and Guyana will continue to lead the growth in oil production. Argentina’s oil and gas sector must receive and influx of investment in 2025 to signal the sector is truly on track to ramp up Vaca Muerta’s development. Mexico and Trinidad & Tobago will continue struggling during 2025 to, respectively, maintain oil production levels and mitigate natural gas decline. If successful, Colombia’s additional exploration in the Caribbean Guajira basin during 2025 can accelerate the development of its offshore gas resources. Venezuela’s upstream sector could face further constraints if the new US government imposes tougher sanctions against the Maduro regime.

Executive summary
- 1. Upstream expansion still driven by a few countries
- 2. Exploration in LatAm - will a smaller number of big bets bear fruit?
- 3. Will Vaca Muerta keep its momentum? International financing is still to be secured
- 4. FID low point in 2025
- 5. How will a new US leadership will impact Venezuela's upstream sector?
- Things to look for in 2025 – a regional upstream series
- Global upstream insights:
- Regional upstream insights:

Tables and charts

This report includes the following images and tables:

Latin America countries net contribution to non-OPEC world oil supply in 2025
Key exploration wells to monitor in 2025
Vaca Muerta Sur planned pipeline
Capex of 2025 expected FIDs - Sergipe-Alagoas deepwater and Zama are the wild cards