ExxonMobil estimates the recoverable hydrocarbon reserves within the Stabroek block at 11 billion barrels of oil equivalent. Commercial development at the Stabroek block began in December 2019, when the first FPSO, Liza Destiny with a capacity of 140,000 bpd, came on stream. The second FPSO, Liza Unity with a capacity of 220,000 bpd, was put into operation in February 2022, and the third one, FPSO Prosperity with a capacity of 220,000 bpd, was launched in November 2023. Today, the supply volume at the Stabroek block totals 620,000 bpd, making Guyana a world leader in terms of oil production per capita.
Floating units also play a key role in the development of pre-salt fields offshore Brazil. According to Petrobras, a total of 12 floating units with an aggregate capacity of 1.74 million bpd were brought into operation between 2019 and 2023, including two units for the Marlim field in the Campos Basin and ten units for fields in the Santos Basin (Atapu, Berbigão, Búzios, Sépia and Tupi). As a result, Brazil’s oil production (taking into account the reduction in supply from onshore fields) rose by more than 20% between 2019 and 2023 (from 2.89 million bpd to 3.50 million bpd).
Petrobras’ current plans envision an additional 14 floating units with an aggregate capacity of 2.31 million bpd to be launched offshore Brazil in the period until 2028. This could make Brazil the fourth largest oil producer in the world (after the United States, Saudi Arabia and Russia).
Another fast-growing regional producer is Argentina, whose oil production reached 738,000 bpd in September 2024, exceeding the level of September 2023 by 15%. Nearly 60% of the supply comes from the Vaca Muerta shale formation, whose recoverable oil reserves are estimated at 16 billion barrels. Among the growth drivers is the bringing in of horizontal directional wells. The number of such wells brought on stream monthly at Vaca Muerta went from 33 in the first quarter of 2024 to 34 in the second quarter to 40 in the third quarter. Rystad Energy expects oil production at Vaca Muerta, which currently amounts to just over 400,000 bpd, to reach 1 million bpd by 2030 (excluding all other oil fields in Argentina).
As a result, despite industry stagnation in Venezuela, South America is fast becoming one of the world’s leading regions in terms of oil production growth rates.
