LatAm's top oil and gas exploration projects and timelines
Bnamericas
Published: Tuesday, August 12, 2025
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Argentina: Los Toldos II Este
One of the most encouraging projects at Argentina's prolific Vaca Muerta formation is Los Toldos II, where Tecpetrol plans to invest US$2bn.
Initial production of 35,000b/d is scheduled to come on stream in early 2027, rising to 70,000b/d later in the year. Tecpetrol acquired the 78km2 area from Canada's Americas Petrogas in 2016.
Bolivia: Lliquimuni block
The Mayaya field in the Lliquimuni area of La Paz, estimated to hold 1.7Tf3 (trillion cubic feet) of natural gas and ranked by S&P Global among the world's 10 largest hydrocarbon discoveries of 2024, is at the center of Bolivia's drive to replace declining reserves.
State company YPFB plans to invest US$400mn in the project, with output targeted at up to 50Mf3/d in the first phase, slated for 2026 or 2027. Production is expected to rise to 100Mf3/d in the second phase and 200Mf3/d in subsequent stages.
Development will include early production facilities, a central processing plant, compression stations, 215km of pipelines to supply western Bolivia and a 140MW power plant.
Brazil: Foz do Amazonas (Equatorial Margin)
The highlight of Brazil's exploration project pipeline is the Foz do Amazonas basin, seen as the country's main hope to avert a potential oil supply shortfall in the next decade.
State-run firm Petrobras is seeking authorization from environmental regulator Ibama to drill a well in the FZA-M-59 block, which is estimated to hold 10Bb (billion barrels) of oil. Foz do Amazonas is one of five basins in the Equatorial Margin, alongside Pará-Maranhão, Barreirinhas, Potiguar and Ceará, where Petrobras plans to invest US$3bn by 2029.
Other operators active in the northern region include Shell, Murphy, Brava Energia and PRIO, although half of the contracts remain suspended due to environmental licensing hurdles.
Colombia: Sirius
Among the most notable projects is the gas-rich Sirius offshore area, where state oil company Ecopetrol and partner Petrobras hope to begin production by 2029 or 2030. The companies have said Sirius – formerly known as Uchuva – holds potential gas reserves of 6.1Tf3.
Production is expected to reach 13.3Mm3/d within a decade. Ecopetrol estimates that overall investment will total US$5bn, of which around US$820mn has already been spent.
According to the Colombian petroleum engineers' association Acipet, Sirius, which forms part of the Gua-Off-0 block off the Caribbean coast, is the country's most important upstream venture.
"It is the largest discovery in the country's history and would restore natural gas self-sufficiency, according to data presented by Petrobras and Ecopetrol," Acipet executive director Óscar Ferney Rincón told BNamericas, adding that obstacles still need to be overcome for production to become a reality.
Ecuador: Pacific offshore acreage
Much of Ecuador's exploration opportunities are offshore, where production currently comes only from the Amistad field – 3,300boe/d (barrels of oil equivalent) – at block 6 in the Gulf of Guayaquil.
Acreage off the coasts of Esmeraldas and Manabí provinces – including blocks 9, 13, 19, 23, 24 and 25 – is estimated to hold 112Tf3 of gas, according to the energy and mines ministry.
The ministry is looking to offer 24-year contracts for 11 offshore blocks with estimated investment needs of US$12bn to reach 330,000boe/d, up from 3,300boe/d.
Guyana: Orinduik
Guyana's vice president Bharrat Jagdeo has said the government plans to continue attracting investment in new projects.
Acreage currently in the exploration phase includes offshore blocks Canje, Corentyne, Kaieteur and Orinduik.
Orinduik is perhaps the most promising in terms of planned activities, particularly as it is located 11km and 6km up-dip from Stabroek's Liza and Hammerhead discoveries, respectively.
Eco (Atlantic) Oil & Gas holds a 100% working interest in the acreage, which covers 1,354km2 at water depths of 70-1,400m. Two previous wells encountered high-quality reservoirs containing mobile heavy crude.
The current Orinduik program includes geological and geophysical work in preparation for drilling an exploration well.
Peru: Trujillo and Salaverry basins
The offshore Trujillo and Salaverry basins have emerged as the most promising areas for deepwater hydrocarbon exploration in Peru.
Anadarko has led a resurgence of offshore exploration, targeting prospective resources in blocks Z-61 (680,519ha), Z-62 (656,356ha) and Z-63 (548,050ha) off La Libertad region.
The company is currently processing and interpreting 3D seismic acquired in 2024 and is awaiting results before deciding whether to proceed with further exploration.
The bulk of the near-US$2mn invested in exploration in Peru in the first quarter went to the three blocks.
Anadarko plans to cede 35% and 30% stakes in the acreage to Chevron Peru Exploration and Westlawn Peru, respectively.
Mexico: Trion
The Trion field is set to deliver Mexico's first deepwater oil and marks the most significant upstream contribution by a private operator. Operated by Australia's Woodside with a 60% stake following a 2016 farmout, the remaining 40% is held by state company Pemex.
Drilling is planned for 2026 and first oil for 2028, with peak output of 100,000b/d expected. Development is expected to cost US$7.2bn, with Woodside carrying Pemex's share until its own capex reaches US$1.9bn, likely in late 2025.
Suriname: Block 58
Exploration in Suriname has accelerated following a final investment decision for block 58, which is poised to be the country's first offshore crude producer in 2028.
Driven by the urgency to monetize hydrocarbons amid a closing window, international companies are pressing ahead with environmental filings for acreage awarded in recent licensing rounds.
TotalEnergies, operator of block 58, has near-term plans to drill the Macaw exploration well at deepwater block 64 and carry out geophysical surveys at shallow water blocks 6 and 8.
Trinidad and Tobago: Aphrodite
A series of final investment decisions have sparked hopes in Trinidad and Tobago of a rebound in natural gas production.
One of the most significant announcements was Shell's decision to move forward with the Aphrodite project, an undeveloped gas field in the east coast marine area, which is home to the current gas-producing fields Dolphin, Starfish, Bounty and Endeavour.
Production at Aphrodite is expected to start in 2027, pending regulatory approvals. The area is projected to reach peak production of around 18,400boe/d (107Mf3/d).
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