Comparing Petrobras with Pemex, what would you say some of the similarities are between the two?
They are very different organizations, perhaps because of the nature and history of the companies themselves and also the laws they are governed by in each country. Pemex openly expresses the limitations they face in operations and contracting under the Mexico Public Works Law, which may not be built with the global oil and gas industry in mind. On the other hand, Petrobras is open to international investment and partnering and can source and develop leading edge technologies. How would you factor in ECOPETROL out of Colombia and the Andes region? Ecopetrol is, in our opinion, going in a positive business direction, following a similar model to Petrobras. They have privatized a portion of the company, which is a large differentiator in terms of how you can manage the company, meaning the ability to behave more like a private enterprise. Furthermore, they are looking outside Colombia, investing in Brazil, Peru, Ecuador and the Gulf of Mexico. Today, I would say it’s a new Ecopetrol. The
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