Main Oil Producing Countries of North and South America: Factors of Successes and Failures

The article investigates key success factors and reasons for failures of the oil sectors in countries of North and South America: Argentina, Brazil, Venezuela, Guyana, Canada, Colombia, and Mexico. It gives a brief overview of resource potential and dynamics of hydrocarbon production in these countries. The authors analyze such parameters of the oil sector development as technological progress, sector structure, efficient institutions, government energy policy, including fiscal system, energy reforms, i.e. promotion of competition, partial privatization of national oil companies, attraction of international oil corporations, ensuring a stable regulatory climate, and reasonable localization policy. Conclusion is made that a sustainable development of the oil sector and oil production growth that meets the strategic goals of the government depends not only on resource potential, but also on energy policy, sensible and timely reforms, viable institutions and favorable investment climate.

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