South America will sustain strong final investment decision (FID) momentum through 2030, leading to a cumulative US$197 billion in conventional greenfield spending across oilfields between 2020 and 2030.
The projection comes from a new report by Norway-based Rystad Energy, which highlights that most of these investments are concentrated in offshore deepwater projects.
According to Rystad Energy, “Brazil and Guyana will dominate the region’s oilfield development, while Suriname is positioning itself as the next offshore producer.” The country’s GranMorgu field, formerly known as Sapakara South and Krabdagu, is expected to start up by 2028.
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The report shows that total upstream investment in South America’s oilfields reached over US$46 billion last year, the highest level since 2015. Spending is forecast to grow by 10% this year before easing slightly in the coming years, remaining close to US$50 billion annually throughout the next decade.
The Norwegian market intelligence firm notes that greenfield developments in Brazil and Guyana’s yet-to-produce assets will lead investment activity, while producing fields in Argentina, Brazil, and Colombia will continue to drive brownfield spending.
In Guyana, ExxonMobil operates the Stabroek Block, the nation’s only producing offshore asset. Since the first discovery in 2015, around 11 billion barrels of recoverable resources have been identified. Exxon recently reached FID on its seventh project, Hammerhead, and is expected to sanction another, the Longtail development, in 2026.
