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Age of the independents for Latin America's energy sector

Brazilian firm OGX's collapse into bankruptcy highlights the risks smaller companies face in Latin America's energy sector. But, as Justin Jacobs finds out, independent players can thrive in the region

Latin America's oil business revolves around the region's huge state-owned companies - Petrobras in Brazil, PdV in Venezuela, Pemex in Mexico, YPF in Argentina and Ecopetrol in Colombia. They are the unquestionable rulers of their fiefdoms, a reflection of the statist energy policies that have reigned across much of the region for decades. While those companies' domination largely persists, smaller domestic and international independents, such as Pacific Rubiales in Colombia, are playing an increasingly important role in driving growth at a time in which state-run companies have struggled to deliver on the region's huge resource potential. Independents, most of which are valued in the hund

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