Guyana and Argentina compete for South American oil dominance

Guyana and Argentina are positioned as key competitors in the South American petroleum market. Guyana is approaching a milestone of one million barrels of oil production per day, with an economy projected to grow by approximately 25% this year. To support this growth, Guyana’s High Commissioner to the UK, Dr. Rajendra Singh, recently met with businesses in Aberdeenshire, Scotland, to discuss opportunities in sectors including energy, logistics, agriculture, and renewables.

Simultaneously, Argentina is accelerating its oil production through the development of the Vaca Muerta shale formation. Driven by significant investment interests, including a proposed US$13.8 billion, 30-year program by Chevron at its El Trapial block, Argentina could potentially become the region’s third-largest liquids producer by 2028. Wood Mackenzie estimates suggest Argentina could average 910,000 barrels of oil equivalent per day by 2026, representing a 42% increase from 2023 levels.