Latin America’s crude oil production profile will get a much needed boost from two countries on opposite ends of the energy sector development spectrum: Brazil and Guyana.
Brazil — home to the largest economy in Latin America — will continue to see growth in its production profile thanks to ongoing efforts by state-owned Petrobras, as well as a number of IOCs from Chevron Corp. to TotalEnergies focused on opportunities in the pre-salt and beyond. Approximately 21 FPSO units are expected to come online between 2023-2027, according to Petrobras, and add 2.8 MMbbl/d of new production.
Guyana — home of the region’s newest petro-state — continues to see production ramp up offshore in its prolific Stabroek Block. Two FPSO units are already online in the block and three more are currently envisioned between 2023-2027, according to Exxon Mobil and Hess Corp. The new FPSO units will add 720,000 bbl/d of new production. The small English-speaking country is on track to potentially produce over 1 MMbbl/d gross in 2027, according to estimates from the two U.S.-based companies.
Related: LatAm Outlook 2023: Brazil, Guyana Anchor Production Growth
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