Latin America’s crude oil production to soar in 2024

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Guyana and Brazil continue to drive supply in Latin America higher, with new analysis from S&P Global Commodity Insights projecting that the duo will lead a production boost by 400,000 barrels a day in 2024. 

New numbers issued by the Organisation of Petroleum Exporting States (OPEC) in its September report say that supply from non-members will jump to 1.6 million barrels a day (mb/d) up from 1.4 mb/d this year alone. 

Following Guyana and Brazil are Norway, China, Kazakhstan and the U.S. For 2024, non-OPEC liquids production is expected to grow by 1.4 mb/d, unchanged from August’s assessment. 

Guyana, Brazilian crude set to be in head-to-head competition says S&P Global analyst | OilNOW 

Several developments are expected offshore Guyana in coming years which will further boost crude oil production. A new project called Payara is also expected to achieve first oil this year. 

The Liza Phases 1 and 2 developments started the year with production at 150,000 bpd and 220,000 bpd respectively. The Liza Destiny and Unity had a combined production average of 297,000 bpd for 2022. Exxon plans to optimise Phase 2 to about 250,000 bpd.

Over in Brazil, Petrobras said that its average oil, natural gas liquids (NGL), and natural gas production reached 2.68 million barrels of oil equivalent per day (MMboed) in the first quarter of 2023. This represents a 1.1% increase from the previous quarter, mainly due to production ramp-up of the P-71 vessel in Itapu field and the start-up of eight new wells in Campos Basin and higher production efficiencies in the platforms. And this is only expected to increase as Petrobras executes its plan to add 18 production vessels in its pre-salt fields.


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