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Governments in Ecuador and Bolivia revived their NOCs by capturing assets from private operators and by increasing their government take. Ideological sympathies with the Chávez administration led, with varying degrees of success, to efforts to develop joint projects. However, pragmatism and a survival instinct in the face of declining reserves and production seemed to emerge in these two countries. Both governments are modestly improving terms for private investment in E&P activities. Following its privatization, Petroperu struggled to remain relevant. The company, lacking the political support to return to upstream activities, was forced to compete for low margins in downstream business. Under President Ollanta Humala, the company has received sufficient political support to return to its upstream activities. The model the Humala administration seems to favor is Petrobras. To date there have been no heavy-handed expropriation or nationalizations. However, the possibility of returning assets to Petroperu exists, particularly if private companies reduce exploration as their concessions come to an end. This would boost Petroperu’s ability to expand its exploration activity but erode oil companies’ confidence about expanding investment in the country. The second model can be described as the entrepreneurial NOC. In this case, the company secures a higher degree of financial independence from the government, its investment decisions are based on profitability, and there is a high level of transparency regarding the company’s operations. Traditional examples of the Latin American entrepreneurial NOCs are Petrobras and Ecopetrol. The challenge for these two companies is to find the right balance between their profit-maximization interests and those of the government, which often include hard-to-quantify social development objectives. An extreme case of a corporate NOC that disregarded the political priorities of its shareholder was the old PDVSA, which was accused of caring more about long-term expansion than the country’s social needs. The recent history of Venezuela and PDVSA shows that too much misalignment of government and company objectives can lead to dramatic corrections. 21PDF Image | Infrastructure and Environment Department
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