Exploration activity in South America, Central America, the Caribbean area, and Mexico in 1987 showed significant increases in seismic acquisition in Belize, Bolivia, Brazil, Costa Rica, Guatemala, Mexico, Paraguay, and Peru, and a decrease in Chile and Venezuela. Exploratory drilling increased in most major producing countries but was accompanied by a decline in development drilling. Most of the increase could be attributed to private companies fulfilling obligations under risk contracts; however, state oil companies in Bolivia, Chile, and Colombia showed significant increased activity, with only Mexico showing a decrease. Colombia again had a dramatic increase in production (29% from 1986). Noteworthy discoveries were made in Bolivia (Villamontes-1); Brazil, in the Soli oes basin (1-RUC-1-AM); Chile (Rio Honda-1); Colombia, in the Llanos basin (Austral-1, La Reforma-1, Libertad Norte-1, Cravo Este-1, and Cano Yarumal-1), in the Upper Magdalena basin (Toldado-1 and Los Mangos-1); Ecuador (Frontera-1, a joint-exploration venture with Colombia); Mexico, in the Chiapas-Tabasco region (Guacho-1 and Iridi-1), in the Frontera Norte area (Huatempo-1); Peru, in the Madre de Dios basin (Armihuari-4X); Trinidad (West East Queen's Beach-1); and Venezuela (Musipan-1X).

Brazil's upper Amazon (Solimoes basin) discovery, Colombia's Upper Magdalena basin discoveries Toldado-1 and Los Mangos-1, Mexico's Chiapas-Tabasco discoveries, Peru's confirmation of the giant Cashiriari discovery of 1986, and Venezuela's success in Monagas state were the highlights of 1987.