The Year Of The Left Leaves IOCs Reeling

The victory of Rafael Correa in the Ecuadorian Presidential elections has rounded off a triumphant year for the South American left, marking a political shift that has profound implications for the oil and gas industry. The headlines were grabbed by Venezuela's continuing policy of resource nationalism, but other countries began to follow suit, most notably Bolivia under President Evo Morales. This process involves a re-centralisation of control over the energy industry, taking ownership and profit potential away from international oil companies (IOCs) and giving national oil companies (NOCs) majority interests in most concessions. It has not been all bad news,

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