This multi-case study paper analyses the influence of both nationalisation and privatisation patterns on five major Latin American oil companies: Petrobras, PEMEX, PDVSA, Ecopetrol and YPF. The paper uses case study methodology in which each case was studied individually to identify unique case features, and to eventually conduct a cross-case analysis in which patterns are studied. Data was collected from publicly available secondary sources. After a careful examination and analysis of the selected cases, it can be concluded that semi-privatised Latin American oil companies directly compete with private companies in terms of revenues, growth and international presence. Based on analysis and comparisons, this study concludes that private participation might have had a positive effect in Latin American oil companies internationally.