Major offshore discoveries in countries like Guyana, Brazil, and Suriname, alongside substantial shale oil development in Argentina, are transforming Latin America into a key player in the global energy market. Production is surging, driven by a wave of new projects and major foreign investment.
Guyana
Stabroek Block: This massive offshore oil field, discovered by ExxonMobil in 2015, is driving the country’s rise as a major oil producer.
Rapid production growth: Guyana’s production reached 600,000 barrels per day (bpd) by the end of Q1 2024, with forecasts to exceed 800,000 bpd in 2025.
Whiptail development: In April 2024, ExxonMobil approved its sixth project in the Stabroek Block, a $10.6 billion development that will use the Jaguar floating production, storage, and offloading (FPSO) vessel.
Yellowtail development: The fourth oil development in the Stabroek block, started production in 2025, bringing total installed capacity to over 900,000 bpd.