Latin American production - premium Barrels?

The rapid increase in acceptability of various potential exploration and production venture opportunities throughout most of Latin America has created yet another watershed in our ever changing industry. Who would have believed a very short while ago that ventures in Latin America would compete successfully for risk funds against well established opportunities in such areas as the North Sea or Asia Pacific and even with the heady prospects continuing to appear in the CIS? Is this competition real, or is it another industry myth which sets sights too high and where we chase each others pot of gold before reality sets in? Let us try and examine some of the reasons why the current enthusiasms may be justified, particularly so in the case of North American investment