South America (0)
Historically, Latin America represents a small share of global production - less than 5% - with Venezuela and Mexico being the players with global representation. However, factors such as the discovery of a world-class oil province in Brazil, the expectation of developing unconventional gas in Argentina and the opening of the oil and gas industry in Mexico, after more than seventy years of monopoly by the state-owned company have attracted the interest of global players to the region. Five countries in Latin America stand out in terms of oil and natural gas production in the region: Brazil, Argentina, Venezuela, Mexico and Colombia.
Traditionally, only Mexico and Venezuela composed the first tier of large local producers. However, over the past ten years they have consistently shown a decrease in production, while Brazil has since the 2000s changed its production level, reaching the range of 2.5 million barrels per day and joining the aforementioned first echelon of producers.