Where is there oil in Latin America, the world leader in reserves discovered in recent years?

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Find out which Latin countries have large oil reserves and where they are located. Brazil, Bolivia, Colombia, Mexico and Guyana have recently discovered new oil reserves. Getty Images via BBC The dispute over the Essequibo region intensified again after Venezuela’s president, Nicolás Maduro, promulgated a law approved by the country’s National Assembly which, in practice, created a Venezuelan state in the region that is now part of Guyana. In response, Guyanese authorities then warned that they “will not tolerate the annexation, seizure or occupation of any part” of their sovereign territory. The region is rich in oil and other minerals, and the most recent moment in the dispute – which has lasted more than a century – saw Brazil reinforce its military contingent on the border with Venezuela and Guyana. The crisis has worsened in recent years, after important oil and gas reserves were discovered in the area and the Guyanese government granted exploration licenses to the American company ExxonMobil. There are more than a thousand oil and gas exploration fields in the region – around 980 have production greater than 1 million barrels per year or reserves greater than 25 million barrels. Of these large fields, 40 have been discovered recently. It was Latin America, in fact, that had the highest percentage of new oil discoveries in the world in 2022 and 2023, according to the most recent report from researchers at Global Energy Monitor. There were 37.3% of new oil reserves in the world, in Guyana, Colombia, Cuba and Suriname. Guyana’s new oil reserves have at least 11 billion barrels and are being explored by oil companies from the United States and China. The activity caused the country to have the highest economic growth in recent years, according to data from the World Bank. According to the Global Energy Monitor, Guyana was the country in the world where the most oil and gas reserves were discovered in the last two years. In terms of sanctioned reserves, that is, those that have already received approval to begin exploration, Guyana was second only to the United States. Thus, the small country joins the large oil producers in Latin America, which already includes Mexico, Venezuela, Colombia, Brazil, Ecuador, Peru, Bolivia and Argentina. Brazil is the largest producer, with a peak of 5.4 million barrels per day, and intends to double its production by 2029.

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