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History and Transformation of the Oil and Gas Industry in . Latin America. ARPEL 40 Years 1965 -2005 . Rodolfo Segovia October 2005. FOUNDER COMPANIES. Next. STAGES OF THE INDUSTRY IN LATIN AMERICA. Oil: Natural Resource and Political Resource . DISCOVERY.

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slide1

History and Transformation of the Oil and Gas Industry in

Latin America

ARPEL 40 Years 1965 -2005

Rodolfo Segovia

October 2005

FOUNDER

COMPANIES

Next

slide2

STAGES OF THE INDUSTRY IN LATIN AMERICA

Oil: Natural Resource and Political Resource

  • DISCOVERY
  • CONCESSIONS
  • NATIONAL COMPANIES
  • RISK EXPLORATION AND SHARED PRODUCTION
  • OPENING
  • GLOBALIZATION

Next

slide3

ATTITUDES TOWARDS PETROLEUM RESOURCES

Oil: natural resource and political resource

  • SATISFACTION AT EXISTENCE
  • BETTER SHARE IN INCOME
  • SOVEREIGNTY AND OWNERSHIP
  • EFFECTIVENESS IN MONETIZATION
  • SWIFTNESS IN MONETIZATION
slide4

HYDROCARBON DISCOVERY

(AFTER TITUSVILLE , 1859)

DATES

DISCOVERING WELLS

ARGENTINA 1907 Comodoro Rivadavia

BOLIVIA 1924 Bermejo-2,Tarija

BRAZIL 1939 Candeis, Recôncavo

CHILE 1945 Springhill, Magallanes

COLOMBIA 1886 Las Perdices. Atlantic

1921 La Cira – Infantas, Sant.

PERÚ 1883 Zorrillos, Tumbes

URUGUAY ….

VENEZUELA 1914 Zumaque -1, Lago de Maracaibo

Next

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EXPLOITATION OF CONCESSIONS

COUNTRY

DATE

ARGENTINA Uninterrupted

BOLIVIA 1920- 1937, 1952-1969

BRASIL Until 1938

CHILE …..

COLOMBIA 1921 - 1951

PERÚ 1924 - 1969

URUGUAY …..

VENEZUELA 1914 - 1976

Next

slide6

NATIONAL OIL COMPANIES

ARPEL Founder Members

ARGENTINA

National Directorate of Oil Exploitation

Ministry of Agriculture (1907)

Hydrocarbon discovery

1922 YPF

slide7

NATIONAL OIL COMPANIES

ARPEL Founder Members

URUGUAY

1931 ANCAP

slide8

Porfirio Díaz and William Pearson, Lord Cowdray. 1900.

Mexican Eagle : discovery of Potrero Llano-4 in 1910.

1921: the 2nd largest producer in the world 65% is Shell which has bought control of Mexican Eagle. The remaining are U.S. companies

Revolution and nationalism. Constitution of 1917 recovers ownership of subsoild for the nation

Confrontation resulting from oil income and reserve ownership

Reducción de la inversión y caída de la producción (500.000 b/d en los 20’s a 100.000 b/d en los 30’s).

PETROLEUM AND NATION

Oil: Natural Resource and Political Resource

MEXICO, FORERUNNER AND PROTOTYPE

Continuar

slide9

Active trade union.

Nationalization by Lázaro Cárdenas in 1938.

First major Nation-Oil Industry global conflict.

Confronted conceptions of the world:

HERE THERE

Foreign exploitation Instability

Humiliation Disorder

Violation of sovereignty Banditry

Pressure Anarchy

Yankee imperialism Strategic danger

Unfair contracting No respect for contracts

PETROLEUM AND NATION

Oil: Natural Resource and Political Resource

Continuar

slide10

NATIONAL OIL COMPANIES

ARPEL Founder Members

BOLIVIA

NATIONALIZATION (1937)

1936 YPFB

slide11

NATIONAL OIL COMPANIES

ARPEL Founder Members

BRAZIL

Conselho Nacional do Petróleo (1938)

Oil discovery (1939)

“The oil is ours”

1953 PETROBRAS

slide12

NATIONAL OIL COMPANIES

ARPEL Founder Members

CHILE

CORPO (1945)

Oil discovery

1950 ENAP

slide13

NATIONAL OIL COMPANIES

ARPEL Founder Members

COLOMBIA

Reversion of De Mares concession

1951 ECOPETROL

slide14

NATIONAL OIL COMPANIES

ARPEL Founder Members

PERU

1934 EPF

Nationalization 1968

1969 PETROPERÚ

slide15

The Mexican revolution focuses investments mostly in Venezuela and also in Colombia, Peru and Bolivia.

  • Juan Vicente Gómez (1908-1935) offers stability.
  • The discovery of Barrosos-2 (Mene Grande, Zulia) in 1922 generated oil fever.
  • In 1929, Venezuela was the 2nd major world producer.
  • At the end of Gómez’ government, confrontation was not a matter of sovereignty, like in Mexico, but a matter of sharing oil revenues:
    • 1. The 50/50 share was adopted in 1943.
    • 2. The progressive control of operations by Venezuela began.
  • 3. Between 1942 and 1948, the participation of Venezuela in the revenues was multiplied by six.
  • Law of Reversion, 1971.
  • Creation of PDVSA, 1976. 96% of oil revenues were for Venezuela by then.

OIL AND NATION

Oil: Natural Resource and Political Resource

VENEZUELA, THE HEIRESS

slide16

NATIONAL OIL COMPANIES

ARPEL Founder Members

VENEZUELA

CPV (Compañía Venezolana de Petróleo)

1976 PDVSA

slide17

AT RISK EXPLORATION AND SHARED PRODUCTION

DATES AND EVENTS

ARGENTINA

BOLIVIA

1952-1969

Reopening in the 70s

Petrobras monopoly until 1997

BRAZIL

M

CHILE

Continue

slide18

AT RISK EXPLORATION AND SHARED PRODUCTION

DATES AND EVENTS

COLOMBIA 1969-2003 Association with Ecopetrol

PERU 1976-1993

VENEZUELA 1991 In association with PDVSA

URUGUAY …..

Continue

slide19

OPENING

DATES AND EVENTS

ARGENTINA 1985 Houston Plan

1992 Sale of YPF

BOLIVIA

1997 Sale of oil assets of YPYB

BRAZIL 1997 Private investment in Petrobras and assignment of blocks

CHILE 1974 Free exploration

Continue

slide20

OPENING

DATES AND EVENTS

COLOMBIA 1969 Association agreements with ECOPETROL

2003 Ente Nacional de Hidrocarburos (ENH) for block assignment

PERU 1997 Sale of oil assets of Petroperú

VENEZUELA 1991 Opening in association with PDVSA

URUGUAY …..

Continue

slide21

INTERNAL CONFLICTS ON RESOURCE SHARING

Petróleo: Recurso Natural y Recurso Político

Oil: Natural Resource and Political Resource

SHARING OIL REVENUES

  • WITH EXPLOTATION COMPANIES
  • WITH WORKFORCE
  • BETWEEN TECHNOCRATS AND POLITICIANS
  • WITH SOCIAL PRIORITIES
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