Argentina's Vaca Muerta shale formation propels the nation to have the third-largest proven natural gas reserves in South America.
Venezuela, despite its economic woes, holds South America's largest proven natural gas reserves and is making moves to enter the export market.South America is fast emerging, once again, as one of the world’s hottest drilling locations, with the continent believed to contain considerable volumes of commercially extractable natural gas.
For these reasons, there is growing uncertainty regarding the future of Bolivia’s hydrocarbon sector, which was once responsible for keeping the lights on in neighboring Argentina. Indeed, Bolivia’s natural gas production has been steadily declining since 2015 and is expected to plunge well below one billion cubic feet per day in coming years due to aging mature gas fields, a lack of discoveries and a dearth of industry investment.