Offshore exploration in South America is a key economic driver, and 2026 is poised for significant drilling activity focused on unlocking major hydrocarbon discoveries, primarily in Brazil, Guyana, and Suriname.

Brazil

Exploration investments revived in 2025, led by Petrobras. The company is currently drilling the Morpho well in the Foz do Amazonas basin and plans continued work in the northern equatorial margin throughout 2026. Following Morpho, Petrobras intends to drill the Mae de Ouro wildcat in the Potiguar basin. Further drilling in Foz do Amazonas may occur in the second half of 2026, contingent on Morpho's results. Appraisal of the Curacao discovery in the Santos basin and potential drilling in deep-water Campos basin tracts are also planned. International companies are active: BP aims to drill a prospect in the Tupinamba pre-salt area and may appraise a giant find in Bumerangue, while Shell is considering more wells off the southeast coast.

Suriname

Exploration is expected to continue at a steady pace. Petronas, after completing Caiman-1, is drilling a second well in Block 52, with the campaign extending into 2026 to include the Kiskadee-1 exploration well and Roystonea-2 appraisal well. This work supports a potential final investment decision for gas production by decade's end. Petronas may also drill the Ironman-1 prospect in Block 63, likely in 2027. Other companies with shallow-water acreage, including TotalEnergies, Chevron, and PetroChina, could consider exploration work in their blocks in late 2026.

Guyana

Operators awarded contracts from a recent bid round are unlikely to begin exploration in 2026. Instead, drilling activity will again be led by ExxonMobil in the prolific Stabroek block, where it is delineating past discoveries to identify the next development project.

Argentina, Uruguay, and Other Regions

Offshore work in Argentina will be minimal as operators focus resources on the onshore Vaca Muerta shale formation. In Uruguay, activity will likely center on 3D seismic acquisition, though APA Corporation may drill a deep-water well in Block OFF-6 in the second half of 2026. In Colombia, Petrobras and Ecopetrol will focus on appraising the giant Sirius gas find in the Guajira Offshore basin, planning two more wells after concluding Papayuela-1. Ecopetrol is also evaluating the Orca gas discovery and assessing blocks relinquished by Shell. Elsewhere, YPFB in Bolivia aims for onshore discoveries to counter declining production, Peru's Perupetro is promoting investment, and Ecuador's Petroecuador is searching for new deposits while shutting down wells in Block 43 following a referendum banning operations in a protected Amazon area.