The funds should help to ensure energy provision and expand production from renewable sources which currently represent less than 25% of the region’s supply, said Fernando Sanchez-Albavera head of Cepal Natural Resources Division.

Brazil is forecasted to absorb a third of those funds while in Bolivia, Colombia, Peru, Venezuela and Ecuador (all of them with significant energy reserves) much will depend on current government and private sector exploration investment decisions.

Regarding Argentina, according to Cepal, the situation depends on a prices “signal”, which today discourage prospective gas exploration investments added Sanchez-Albavera.

The report also indicates that in Bolivia and Venezuela the nationalization process did not trigger a scare of long term investment as was predicted, because “prices continue to be most attractive”, and oil is still below its record real price of 1980.