Latin American Upstream Oil, Gas Activity Emerging from Coronavirus Slump

Latin America’s oil and gas producing countries are returning to pre-coronavirus levels of activity after a year of uncertainty and disruption.

Last February, just before the coronavirus reached the region, 184 oil and gas rigs were active across Latin America, according to information from oilfield services provider Baker Hughes Co. Drilling activity dipped, then plunged, hitting 169 in March, 89 in April, and 62 in May.

Even as the virus continues to ravage the region, the Latin American rig count has inched up each month since then, reaching 125 in February. Argentina, Guyana and Mexico are back to pre-coronavirus levels, while Brazil and Colombia are still slightly off.

Venezuela had 25 rigs running in February 2020 and last month had zero. However, the region’s only...