Charts are updated to January 2017.
ROWRig 1 The near-term top in S American rigs was 329 in August 2014. By June 2016 this had crashed to 158 and it remained at about that level for the remainder of the year. Note how drilling in Ecuador, Brazil and Columbia has collapsed completely. However, this has not yet shown up in the production data for these countries. In comparison, drilling in Venezuela and Argentina has been maintained at slightly reduced levels. Note that Argentina produces about 0.6 Mbpd compared with Venezuela’s 2.1 Mbpd. There is not yet any sign of a drilling recovery in S America.
ROWRig 2 Drilling in S America is heavily dominated by oil.