Gerald Juliani

In Ecuador’s case, expropiating the assets from Oxy is a lose-lose situation. Not only does this administration limit future investment from serious oil field players, it is almost surely going to run the Oxy facilities into the ground in a short period of time. It is historically accurate to say that Petroecuador has never made the investment in assets to keep production facilitites in good shape but instead has been a source of income for corrupt politicians and bureaucrats. Ecuador DEPENDS on foreign investment, politicians seem to forget, and by forcing this technicality in the law, they will bring on a new era of heightened corruption and inefficiency in the oil industry.