“The first lesson in doing business in Latin America”, says SNC Lavelin VP., David Parker, “is to understand the region and its people are not uniformed and homogeneous. The countries have different risks and rewards.”
Latin America is rich in petroleum reserves with some of the largest deposits in the world. To extract the riches, Parker told the World Heavy Oil Congress delegates while “there are challenges with language, culture, government stability and industry compliance. Many of these risks are manageable and should not deter those looking to create new opportunities.” Parker added, “it’s best to look for a local partner and then be located in the region.”
Nigel Bosworth works for Century Petroleum Ltd (Peru) S.A. From his experience the “mother of all problems” is two pronged, “social inequality and a legal framework that often insists industry only comply with minimum standards.” Still he says “there is plenty of opportunity to be realized and there is a broad range of talent to be utilized.”
Calfrac Well Services VP., Umberto Marseglia who works in Mexico concluded his remarks by saying it’s important to remember “the Latin American reality is often much better than the perception.”
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