South America oil and gas production was 7.58mmboed in 2022, an increase of 3.60% in 2021. The largest oil and gas-producing countries are Brazil, Argentina, and Colombia. Through 2030, annual global oil and gas production is forecasted to decrease by a CAGR of 4.98% to reach 4.79mmboed. GlobalData uses proprietary data and analytics to provide a complete picture of the global oil & gas fields segment. Buy the latest oil & gas fields profiles here.
Here are the 10 largest upcoming oil and fields by reserves in South America, according to GlobalData’s Upstream Fields database.
1. Lula Oeste
Lula Oeste is located in Rio de Janeiro, Brazil. This field is owned by China Petrochemical (2.76%), Galp Energia SGPS (6.45%), Petroleo Brasileiro (67.22%), Pre-Sal Petroleo (0.55%), Shell (23.02%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2023 and is forecasted to peak in 2024 at approximately 0.14mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2061. The project is expected to have recoverable reserves of 919.65mmboe of crude oil and natural gas. Buy the profile here.
2. Uaru
Uaru is located in North Atlantic Ocean, Guyana. This field is owned by China National Offshore Oil (25.00%), Exxon Mobil (45.00%), Hess (30.00%), and operated by Esso Exploration and Production Guyana. Production from this field is expected to begin in 2026 and is forecasted to peak in 2028 at approximately 0.25mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2056. The project is expected to have recoverable reserves of 890.65mmboe of crude oil and natural gas. Buy the profile here.
3. Buzios VII (Franco)
Buzios VII (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2024 and is forecasted to peak in 2026 at approximately 0.22mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2054. The project is expected to have recoverable reserves of 885.66mmboe of crude oil and natural gas. Buy the profile here.
4. Buzios XI (Franco)
Buzios XI (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2027 and is forecasted to peak in 2029 at approximately 0.22mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2057. The project is expected to have recoverable reserves of 885.66mmboe of crude oil and natural gas. Buy the profile here.
5.Buzios X (Franco)
Buzios X (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2026 and is forecasted to peak in 2028 at approximately 0.22mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2056. The project is expected to have recoverable reserves of 885.66mmboe of crude oil and natural gas. Buy the profile here.
6. Buzios XII (Franco)
Buzios XII (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2029 and is forecasted to peak in 2031 at approximately 0.22mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2059. The project is expected to have recoverable reserves of 885.66mmboe of crude oil and natural gas. Buy the profile here.
7. Buzios IX (Franco)
Buzios IX (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2026 and is forecasted to peak in 2028 at approximately 0.22mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2056. The project is expected to have recoverable reserves of 885.66mmboe of crude oil and natural gas. Buy the profile here.
8. Buzios V (Franco)
Buzios V (Franco) is located in Rio de Janeiro, Brazil. This field is owned by China National Offshore Oil (7.34%), China National Petroleum (3.67%), Petroleo Brasileiro (88.99%), and operated by Petroleo Brasileiro. Production from this field is expected to begin in 2023 and is forecasted to peak in 2026 at approximately 0.15mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2048. The project is expected to have recoverable reserves of 882.33mmboe of crude oil and natural gas. Buy the profile here.
9. Yellowtail
Yellowtail is located in North Atlantic Ocean, Guyana. This field is owned by China National Offshore Oil (25.00%), Exxon Mobil (45.00%), Hess (30.00%), and operated by Esso Exploration and Production Guyana. Production from this field is expected to begin in 2025 and is forecasted to peak in 2027 at approximately 0.24mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2055. The project is expected to have recoverable reserves of 867.59mmboe of crude oil and natural gas. Buy the profile here.
10. Bacalhau
Bacalhau is located in South Atlantic Ocean, Brazil. This field is owned by China Petrochemical (6.00%), Equinor (40.00%), Exxon Mobil (40.00%), Galp Energia SGPS (14.00%), and operated by Equinor Brasil Energia. Production from this field is expected to begin in 2025 and is forecasted to peak in 2026 at approximately 0.23mmboed of crude oil and natural gas. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2051. The project is expected to have recoverable reserves of 852.5mmboe of crude oil and natural gas. Buy the profile here.
For more details on the upstream fields, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.
