In Latin America, deepwater oil and gas expenditure is dominated by Brazil, Guyana, and Mexico

In 2022, deepwater capex is projected to exceed US$72 billion globally. This represents substantial growth from last year when spending bottomed out at US$58 billion, a level not since 2006 and not even half of 2014’s peak of US$154 billion.

While onshore investments stabilized at around US$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 US$25 billion by 2025, nearing 2013’s historical high of US$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 exploration from legacy shelf regions to deeper . . .

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