Changing Oil & Gas Fiscal and Regulatory Regimes in Latin America
Article from: OGEL 3 (2008), in Taxation
At the beginning of the 90s all producing countries in Latin America permitted a limited participation of the private sector in the industry. The general rule was that the participation was through some form of association with the state-owned oil company and bearing all exploration risk. The fiscal regime was either service fees and taxes or profit oil and taxes. As the decade began to roll, all those countries embarked, to varying degrees, on an opening to allow more private sector participation in the industry. Privatization and deregulation were in vogue. Some countries went as far ...