The Latin American upstream oil & gas industry is facing increasing competition in global markets due to current geopolitical factors as well as the ongoing energy transition, where a growing emphasis on carbon emissions reduction and the implementation of climate policies are creating added pressures. Despite these challenges, Latin America remains an attractive upstream investment destination, offering a number of competitive advantages. Chief among them is the region’s diverse range of energy resources, which include some of the world’s most exciting hydrocarbon “advantaged-barrel” hotspots, not to mention massive gas discoveries awaiting extraction and development. In this context of increased global competition, what unique opportunities and challenges does Latin America offer upstream operators? What steps are companies taking to adapt to this new reality? How will exploration activity in the region be impacted?