For the 25 countries described in the region, exploration activity continued to be centered in proven petroleum provinces in 1984. Exploration activity increased in Brazil, Colombia, and Venezuela. Important, successful exploration efforts continued in areas around Cano Limon field in Colombia, and Guafita and La Victoria fields in Venezuela. Notable discoveries in South America included the 42-46-IX San Martin Cretaceous discovery by Shell in the Ucayali basin in Peru, the significant oil and gas discovery at Palmar Largo ES-1 by YPF in Argentina, and the first offshore gas discovery, the Pecten 1-SPS-20 wildcat in the Santo basin in Brazil.

Oil production increased in Barbados, Brazil, Colombia, Ecuador, Mexico, Peru, Trinidad and Tobago, and Venezuela. A notable increase (40%) in oil production occurred in Brazil. Gas production increased in Argentina, Barbados, Colombia, Peru, and Trinidad and Tobago.