SANTIAGO, Chile, Oct. 23 (UPI) -- Latin America is gradually positioning itself as a key player in the global energy landscape. Investments in oil and gas are revealing a different side of the region, driven by growing worldwide demand for petroleum.
According to the World Energy Investment 2025 report, global investment in fossil fuels is expected to fall 2% this year, the first decline since 2020. However, Latin America is moving in the opposite direction.
"Given the geopolitical events involving countries with large oil and gas reserves, such as Russia and Iran, and Latin America's distance from active conflict zones, the region has been attracting significant inflows of investment," Manuel Fernández, KPMG's energy leader for South America, told UPI.
In Brazil, investment plans for 2025 alone total about $26 billion to increase production to 4.28 million barrels of oil and 221 million cubic meters of natural gas, according to the National Agency of Petroleum, Natural Gas and Biofuels.
State-owned Petrobras, specifically, is carrying out an investment plan worth $111 billion, mostly directed toward exploration and production of hydrocarbon projects. The goal is to reach production of 3.2 million barrels per day by 2029, 2.5 million of which would be crude oil.
