State oil companies will invite more private investment, say panellists

Many Latin American national oil companies are increasingly willing to relinquish control of exploration and production efforts to private corporations, heard delegates at Latin Lawyer Live 10th Annual Oil & Gas, which took place in May at the Park Hyatt in Buenos Aires.

State oil companies will invite more private investment, say panellists José Martínez de Hoz, Enrique González Calvillo, Andrés Donoso and Paulo Pires Valois

Ecuador, until recently a bastion of state-led economics, is a prime example of how government attitudes toward private investment in Latin America’s hydrocarbons sector are changing. The recent merger between Petroamazonas and Petroecuador, Ecuador’s state-owned oil producers, will create new opportunities for private companies when it is finalised at the end of next year, said Andrés Donoso of Ferrere (Ecuador). “This will form one big national oil company (NOC), and the lack of capital expenditure available for the NOCs should force the return of some private investors,” he said.



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