Where’s the Next Frontier for Global Oil & Gas Investment? The Answer Lies in Latin America.

The latest IEA report reveals a key trend. Non-OPEC + oil producers are emerging as the main drivers of output growth, with three Latin American nations—Brazil, Guyana, and Argentina, leading the region to become the new global oil and gas hotspot with impressive data.

As Latin America’s largest oil producer, Brazil’s oil and gas output reached 4.9 million barrels of oil equivalent per day (boe/d) in June, surging 60% from a decade ago. Its production capacity ranks between OPEC members Kuwait and Iraq. Petrobras plans to invest $77 billion in pre-salt oilfield development from 2025 to 2029. With a breakeven cost as low as $28 per barrel, it can maintain profitability and steady upstream investment even in low oil price cycles, with output expected to hit 5 million barrels per day (bpd) by 2030.

Argentina has achieved a turnaround driven by the Vaca Muerta shale play. In July, its oil output exceeded 800,000 bpd and natural gas output reached 161 million cubic meters per day, up 19% and 6% year-on-year respectively. Shale oil and gas account for nearly two-thirds of its total output, making it Latin America’s third-largest oil producer. YPF plans to invest $26.5 billion in upstream operations from 2025 to 2030, targeting 1 million bpd by 2030, with the country’s total output expected to surpass 1.2 million bpd.

The most surprising dark horse is Guyana. The ExxonMobil-developed Stabroek Block has proven recoverable reserves of 11 billion barrels, with July output hitting 670,000 bpd—ranking it fifth in Latin America. With four new projects under development, output is projected to reach 2.2 million boe/d by 2030, potentially entering the region’s top three and reshaping the regional energy landscape.

For energy professionals, Latin America is no longer a "potential market" but a tangible "growth engine." Has your business layout kept pace with this hotspot?