Latin America has rich oil reserves，which have greater contributions to the global oil production. The priority in the agenda of resource countries is to stabilize and increase the crude oil production，and to make more investment in exploration，development and refinery sectors. The national companies in the region play dominant roles in external cooperation，but they also need to cooperate with international oil companies for attracting foreign investments and technology services. The majority of international oil companies are optimistic to cooperate with the resource rich countries. The oil policy frameworks in Latin American resource countries maintain stable，but the investment environment in the region is still complicated with some volatile factors in view of political and social risks caused by the slowdown economic growth.