A New Era in Latin American Energy

Latin America’s oil-producing nations, many of which have often shunned investment from foreign firms, have kept their vast reserves under the tight control of governments and state-run oil companies for decades. This year, with an unprecedented wave of free-market energy reforms gaining traction across the region, Latin America will host the most licensing rounds in its history, opening about 1,100 oil and gas blocks for foreign capital. The auctions are expected to set up a fierce competition and attract billions of dollars in investment from the likes of Exxon Mobil, BP and Royal Dutch Shell. The race for private investment reflects an acknowledgement by many countries that they have neither the cash nor the technology to fully explore and develop their reserves. – Reuters & Reuters