Argentina, Guyana, and Brazil are expected to continue leading oil production growth in South America over the coming years, according to Rystad Energy. These countries have been identified as the primary drivers of regional oil expansion due to ongoing developments in their respective exploration and extraction sectors.
Despite increased efforts by the United States to encourage investment in Venezuela’s oil industry, Rystad Energy suggests that Venezuela may not significantly impact the regional growth trajectory in the near term. Venezuela’s oil sector continues to face challenges, including political and economic hurdles, which have hindered substantial production increases.
Brazil remains a major player in the region’s oil landscape, with its pre-salt fields and offshore projects contributing to its growth prospects. Argentina and Guyana have also gained attention for their offshore discoveries, which are expected to bolster their production capacities over the next few years.
Overall, while US efforts to promote investment in Venezuela highlight the country’s potential, South America’s oil output is expected to remain predominantly driven by Argentina, Guyana, and Brazil, maintaining their roles as key growth contributors in the region’s energy sector.