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History and Transformation of the Oil and Gas Industry in

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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History and Transformation of the Oil and Gas Industry in

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  1. History and Transformation of the Oil and Gas Industry in Latin America ARPEL 40 Years 1965 -2005 Rodolfo Segovia October 2005 FOUNDER COMPANIES Next

  2. 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

  3. 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

  4. 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

  5. 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

  6. NATIONAL OIL COMPANIES ARPEL Founder Members ARGENTINA National Directorate of Oil Exploitation Ministry of Agriculture (1907) Hydrocarbon discovery 1922 YPF

  7. NATIONAL OIL COMPANIES ARPEL Founder Members URUGUAY 1931 ANCAP

  8. 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

  9. 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

  10. NATIONAL OIL COMPANIES ARPEL Founder Members BOLIVIA NATIONALIZATION (1937) 1936 YPFB

  11. NATIONAL OIL COMPANIES ARPEL Founder Members BRAZIL Conselho Nacional do Petróleo (1938) Oil discovery (1939) “The oil is ours” 1953 PETROBRAS

  12. NATIONAL OIL COMPANIES ARPEL Founder Members CHILE CORPO (1945) Oil discovery 1950 ENAP

  13. NATIONAL OIL COMPANIES ARPEL Founder Members COLOMBIA Reversion of De Mares concession 1951 ECOPETROL

  14. NATIONAL OIL COMPANIES ARPEL Founder Members PERU 1934 EPF Nationalization 1968 1969 PETROPERÚ

  15. 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

  16. NATIONAL OIL COMPANIES ARPEL Founder Members VENEZUELA CPV (Compañía Venezolana de Petróleo) 1976 PDVSA

  17. 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

  18. 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

  19. 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

  20. 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

  21. 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

  22. …Thank you. End

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