In the coming years, upstream capex in Latin America will shift into deeper and deeper water with Brazil, Guyana, and Mexico likely to lead the charge for new spending. In the coming years, upstream capex in Latin America will shift into deeper and deeper water with Brazil, Guyana, and Mexico likely to lead the charge for new spending, Rystad Energy said. While onshore investments stabilized at around $14 billion and shallow water spending continues to decline, deepwater expenditure is projected to grow at a compound annual growth rate (CAGR) of 15 percent from 2021 to 2025. Rystad estimates that deepwater investment in seismic, drilling, and facilities will exceed $25 billion by 2025, nearing 2013’s historical high of $28 billion driven by Brazil’s pre-salt fields. Three countries will lead upcoming growth – Brazil will retain its dominant position with Guyana growing on the back of recent discoveries and Mexico extending […]