Although Latin America has abundant proven hydrocarbon reserves, its average annual production of oil and gas is relatively small due to the lack of access to capital to grow those reserves, according to a recent Moody's Investors Service report. With 137 billion barrels of oil and condensates, and more than 280 trillion cubic feet of natural gas, the question isn't where are the reserves, but how to get the capital to grow them, with limited local capital markets, low internal saving rates and political risks in Latin America. To date, few Latin American countries with substantial reserves have been open to relinquishing state control of these assets. According to Moody's, it is this reluctance to encourage foreign investment that has contributed to the lack of growth in oil and gas production. -Heather H. Read