The total crude oil and condensate production of South America increased by 15.38% in 2023 when compared with 2022. The largest oil producing countries are Brazil, Colombia, and Venezuela. Through 2030, South American annual crude oil and condensate production are forecasted to increase by a CAGR of 2.52%. GlobalData uses proprietary data and analytics to provide a complete picture of the global oil & gas fields segment. Buy the latest oil & gas fields profiles here.
In 2023, Brazil had the highest crude oil production, followed by Colombia and Venezuela. Here are the 10 largest crude oil fields by production in South America in 2023, according to GlobalData’s Oil & Gas, Upstream Fields Database.
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1. Mero (Libra Noroeste)
Mero (Libra Noroeste) is located in Rio de Janeiro, Brazil. This crude oil field is owned by China National Offshore Oil (9.65%), China National Petroleum (9.65%), Petroleo Brasileiro (38.60%), Pre-Sal Petroleo (3.50%), Shell (19.30%), TotalEnergies (19.30%) and operated by Petroleo Brasileiro SA. The field produced 0.39mmbpd in 2023 and recovered 5.69% of its total recoverable crude oil and condensate reserves, with peak production in 2026. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2056. The field currently accounts for approximately 6.07% of the total South America daily crude oil and condensate output. Buy the profile here.
2. Sepia
Sepia is located in Rio de Janeiro, Brazil. This crude oil field is owned by Petroleo Brasileiro (100.00%) and operated by Petroleo Brasileiro. The field produced 0.23mmbpd in 2023 and recovered 4.51% of its total recoverable crude oil and condensate reserves, with peak production in 2030. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2051. The field currently accounts for approximately 3.53% of the total South America daily crude oil and condensate output.
3. Atapu
Atapu is located in Rio de Janeiro, Brazil. This crude oil field is owned by Petroleo Brasileiro (52.50%), Shell (25.00%), TotalEnergies (22.50%) and operated by Petroleo Brasileiro. The field produced 0.24mmbpd in 2023 and recovered 9.91% of its total recoverable crude oil and condensate reserves, with peak production in 2030. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2052. The field currently accounts for approximately 3.64% of the total South America daily crude oil and condensate output. Buy the profile here.
4. Itapu (Florim)
Itapu (Florim) is located in Rio de Janeiro, Brazil. The field produced 0.1mmbpd in 2023 and recovered 2.69% of its total recoverable crude oil and condensate reserves, with peak production in 2025. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2067. The field currently accounts for approximately 1.59% of the total South America daily crude oil and condensate output. Buy the profile here.
5. Lula Norte
Lula Norte is located in Rio de Janeiro, Brazil. This crude oil field is owned by China Petrochemical (2.76%), Galp Energia SGPS (6.45%), Petroleo Brasileiro (67.22%), Pre-Sal Petroleo (0.55%), Shell (23.02%) and operated by Petroleo Brasileiro SA. The field produced 0.01mmbpd in 2023 and recovered 17.8% of its total recoverable crude oil and condensate reserves, with peak production in 2026. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2066. The field currently accounts for approximately 0.09% of the total South America daily crude oil and condensate output. Buy the profile here.
6. Payara
Payara is located in North Atlantic Ocean, Guyana. This crude oil field is owned by China National Offshore Oil (25.00%), Exxon Mobil (45.00%), Hess (30.00%) and operated by Esso Exploration and Production Guyana. The field produced 0.07mmbpd in 2023 and recovered 1.2% of its total recoverable crude oil and condensate reserves, with peak production in 2028. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2046. The field currently accounts for approximately 1.05% of the total South America daily crude oil and condensate output. Buy the profile here.
7. Lula Alto
Lula Alto is located in Rio de Janeiro, Brazil. The field produced 0.14mmbpd in 2023 and recovered 33.64% of its total recoverable crude oil and condensate reserves, with peak production in 2024. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2064. The field currently accounts for approximately 2.17% of the total South America daily crude oil and condensate output. Buy the profile here.
8. Buzios III (Franco)
Buzios III (Franco) is located in Rio de Janeiro, Brazil. The field produced 0.08mmbpd in 2023 and recovered 15.46% of its total recoverable crude oil and condensate reserves, with peak production in 2024. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2058. The field currently accounts for approximately 1.29% of the total South America daily crude oil and condensate output. Buy the profile here.
9. Buzios IV (Franco)
Buzios IV (Franco) is located in Rio de Janeiro, Brazil. The field produced 0.12mmbpd in 2023 and recovered 15.57% of its total recoverable crude oil and condensate reserves, with peak production in 2024. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2058. The field currently accounts for approximately 1.93% of the total South America daily crude oil and condensate output. Buy the profile here.
10. Buzios II (Franco)
Buzios II (Franco) is located in Rio de Janeiro, Brazil. The field produced 0.15mmbpd in 2023 and recovered 16.94% of its total recoverable crude oil and condensate reserves, with peak production in 2024. The peak production will be approximately at 0.15mmbpd of crude oil and condensate. Based on GlobalData estimates, production will continue until the field reaches its economic limit in 2058. The field currently accounts for approximately 2.27% of the total South America daily crude oil and condensate output. Buy the profile here.
For more details on the upstream fields, buy the profiles here.
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GlobalData, the leading provider of industry intelligence, provided the underlying research used to produce this article.
This information is drawn from GlobalData’s Oil & Gas Intelligence Center, which provides detailed profiles of 34,000+ oil and gas fields, 400,000+ exploration blocks, 1,100+ LNG terminals, 3,400+ gas processing plants, 5,000+ storage terminals, and 8,000+ pipelines, 1,400+ refineries and 13,000+ petrochemical plants worldwide.
