Fast Facts: Latin American Oil & Gas (2026 Outlook)
* Argentina (The Shale Leader): Argentina has hit a historic high of 882,000 barrels per day (bpd). Vaca Muerta now accounts for 68% of the country's oil, transforming Argentina into a net exporter with a $7.8 billion energy surplus.
* Brazil (The Regional Titan): Still the largest producer, pumping over 3.5 million bpd. Its Pre-salt fields remain the gold standard for deepwater efficiency, with Petrobras focusing on massive FPSO (Floating Production Storage and Offloading) expansions.
* Guyana (The Growth Phenomenon): The world’s fastest-growing oil economy. Production is nearing 1 million bpd from the Stabroek Block (ExxonMobil), with breakeven costs among the lowest globally at $25–$35 per barrel.
* Mexico (The Established Giant): Holding steady at 1.6 million bpd, though Pemex faces high debt and declining mature fields. The focus has shifted to maintaining refining capacity and stabilizing output through strategic partnerships.
* Venezuela (The Recovery Effort): Production has stabilized around 850,000 – 900,000 bpd due to eased sanctions and joint ventures (notably Chevron), though infrastructure remains a significant bottleneck.
* Suriname (The New Frontier): Following the "Guyana model," Suriname is moving toward its first major offshore production (Block 58), with TotalEnergies projecting 200,000+ bpd by 2028.