The Current State of Argentina's Oil Industry

An oil wealthy country, Argentina has repeatedly tried and failed to capitalize on its potential. The unfortunate energy policies of subsequent Argentinean government and a lack of investment capital have been two of the main reasons that have significantly limited the production of export oil in the recent past. Yet, with recent discoveries and changes to the country’s hydrocarbon laws, there may be a new dawn for Argentina’s oil industry. Since 1999 when Argentina’s oil production peaked at approximately 800,000 barrels per day, there has been a 24 percent decrease in its oil output. The country’s oil reserves have also been in steady decline. Yet, the recently enacted reforms by Argentina’s government to incentivize foreign investment in the oil industry seem to be working, allowing investors to negotiate the terms of exploration directly with local governments. As a result, foreign investment is increasing, as well as new willingness to finance exploration of untapped reserves. Also, the discovery of shale oil in Argentina may provide the potential to become a key exporter in the region. Nonetheless, there are challenges that need to be overcome and it may be years before the various oil projects underway become profitable. The success of current oil projects, coupled with the potential of shale oil, new discoveries and the sustainability of the current energy policy reforms will likely determine if Argentina is finally able to fulfill its potential and exert itself as an oil exporter country in Latin America.

Integrated Performance Assessment of Engineering Projects at the Interface of Emergent Properties and Uncertainty

Investigation of the performance of engineering project organizations is critical for understanding and eliminating inefficiencies in today’s dynamic global markets. The existing theoretical frameworks consider project organizations as monolithic systems and attribute the performance of project organizations to the characteristics of the constituents. However, project organizations consist of complex interdependent networks of agents, information, and resources whose interactions give rise to emergent properties that affect the overall performance of project organizations. Yet, our understanding of the emergent properties in project organizations and their impact on project performance is rather limited. This limitation is one of the major barriers towards creation of integrated theories of performance assessment in project organizations. The objective of this paper is to investigate the emergent properties that affect the ability of project organization to cope with uncertainty. Based on the theories of complex systems, we propose and test a novel framework in which the likelihood of performance variations in project organizations could be investigated based on the environment of uncertainty (i.e., static complexity, dynamic complexity, and external source of disruption) as well as the emergent properties (i.e., absorptive capacity, adaptive capacity, and restorative capacity) of project organizations. The existence and significance of different dimensions of the environment of uncertainty and emergent properties in the proposed framework are tested based on the analysis of the information collected from interviews with senior project managers in the construction industry. The outcomes of this study provide a novel theoretical lens for proactive bottom-up investigation of performance in project organizations at the interface of emergent properties and uncertainty