Latin America averaged 27 active offshore drilling rigs during the first five months of 2026, according to a July 2 report by the Energy Chamber of Trinidad and Tobago, which noted that the region continues to experience a slowdown.
The report found that Latin America is following a global trend as the number of active offshore rigs continues to decline.
“The latest data shows that global offshore rig activity declined from approximately 300 active rigs in 2024 to 251 in 2025. During the period from January to May 2026, offshore activity averaged around 250 active rigs, suggesting that the market has stabilized but remains below 2024 levels,” the Chamber said.
“The region [Latin America] remains below the levels seen a decade ago, when offshore rig activity exceeded 60 rigs in 2015,” it added.
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While oil prices have generally remained supportive of upstream investment, the report said oil companies have become more selective in allocating capital to exploration and development projects.
The Energy Chamber noted that the offshore rig count remains an important measure of industry activity because it signals future production, investment confidence, and demand for drilling-related services.
“Offshore drilling projects also continue to face higher costs than in previous cycles. Deepwater developments in areas such as Brazil’s pre-salt province and offshore Guyana require specialized floating production systems and high-specification drilling rigs, both of which remain in strong demand,” it said.
The Chamber went on to state that “supply chain constraints, equipment availability, inflationary pressures, and longer project lead times have all affected investment decisions. Tightness in the market for offshore vessels, drilling equipment, and specialized services has increased project costs and delayed development schedules in several regions.”.
Guyana remains one of the world’s busiest offshore exploration and development markets, with four producing floating production, storage and offloading (FPSO) vessels operating in the Stabroek Block and additional projects under development. ExxonMobil and its co-venturers continue an active drilling campaign that includes development wells, exploration targets, and appraisal drilling to evaluate new discoveries and support future production. Guyana has also seen a modest reduction in offshore drilling capacity.
ExxonMobil’s Stabroek Block drilling campaign was supported by six contracted drillships until early 2025, when the Stena DrillMAX completed its work and departed, reducing the fleet to five. ExxonMobil continues to operate four Noble drillships and one vessel offshore Guyana in support of its exploration, appraisal and development program
The country’s offshore activity is expected to remain strong as work advances on the Whiptail and Hammerhead projects.
ExxonMobil operates the Stabroek Block with a 45% interest. Hess, owned by Chevron, holds 30%, while CNOOC holds 25%.
