The tiny impoverished Latin American country of Ecuador continues to struggle with its legacy of resource nationalism. Even a push by the current administration of President Lenin Moreno to implement business and investor friendly policies to attract offshore investment is failing to gain the desired traction. While Ecuador’s mining industry is bounding ahead, because of Moreno’s policies aimed at boosting international investment in the country’s vast resources, the same cannot be said of the petroleum industry. The previous administration of Rafael Correa gained a reputation for heavy handed regulation and resource nationalism. A combination of strict state controls on the allocation of lease and production contracts, investment, taxation and local content rules were a significant deterrent to investment. This negative perception was further magnified by the $18 billion 2012 judgement issued by an Ecuadorean court against global energy major Chevron. This was later reduced to $9.5 billion and found […]