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close the door to foreign investments. However, it guaranteed PDVSA’s role as the operator and majority shareholder of all oil projects in the country. Since then Venezuela’s oil production has steadily declined. Figure 14: Venezuela's Oil Production 3500 3000 2500 2000 1500 1000 500 0 2000 2002 2004 2006 2008 2010 Source: Argus Latam Energy Resource nationalism in Ecuador and Bolivia also focused on rent extraction from foreign companies rather than closure of the sector to foreign investors. Both countries achieved higher rents but at the cost of declining investments, production, and reserves. Confrontations in Ecuador led several foreign companies to cancel contracts and withdraw their exploration and production activities from the country. While private companies’ output declined, output from the two state-owned companies, PetroEcuador and PetroAmazonas,8 increased. Overall, Ecuador’s production has stagnated around 500,000 b/d. PetroEcuador’s 2012 budget of US$3.7 billion includes US$528 million for exploration and production (E&P) activities. To shore up E&P, the government recently added to its service contract a flat fee of US$35 to US$58 per barrel of oil produced. Although some companies have responded to the government invitation, the production outlook remains uncertain. 8 PetroEcuador’s E&P division was eventually transformed into a separate oil company to focus exclusively on the operation of assets taken from international oil companies (IOCs). 14 thousand b/dPDF Image | Infrastructure and Environment Department
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