November 24, 2025[ Bnamericas ]- Financing conditions for oil and gas firms operating in Latin America and the Caribbean are likely to improve next year despite trade tensions and inflationary pressures, according to BNamericas’ 2025 Oil and Gas Survey.

Some 37% of respondents forecast a brighter outlook for the sector over the next 12 months, compared with 32% in last year’s survey and 29% in 2023. Forty-four percent expect no change, while 20% forecast a worsening outlook.

Less than one in five participants (17%) said their organizations were looking to raise capital in the coming year, down from 23% in 2024 and 28% in 2023.

Just under a third (32%) were unsure whether their companies would tap debt or equity markets over the next 12 months, compared with 37% in the 2024 survey. The remaining 51% said they had no intention of raising capital, up from 10% a year earlier.

Some respondents stressed the importance of strategic partnerships and innovation rather than outright capital expansion.

“I do not think that [our] capital will increase significantly, but rather [there will be a focus on] alliances with strategic players and visibility,” said an engineer with an upstream operator.

Others pointed to the need for balanced policy measures to maintain financial stability.

“It is something that must always be sought, reviewing policies to avoid falling into an imbalance that harms the country,” said a project manager with a major producer.

Concerns about the cost of financing also surfaced, with several respondents warning that higher expenses could dampen investment.

“The cost of investment will cause necessary projects in all sectors to be halted,” said a manager at an oilfield operator.

For some participants, the bigger challenge lies in the design of financial instruments rather than access to capital .