Petrobras to start evaluating major new investments in Bolivia

Nov 07, 2007 01:00 AM

Brazil's federal energy company Petrobras will start evaluating "major" new investments in Bolivia, Petrobras president José Sergio Gabrielli was quoted as saying.
Gabrielli made the announcement after meeting with Bolivia's hydrocarbons minister Carlos Villegas and Guillermo Aruquipa, president of the Andean country's state hydrocarbons company YPFB.

Petrobras has a legal framework in Bolivia as it has signed E&P deals under the government's nationalization program, Gabrielli said.
"In this new scenario, we can start evaluating new investments to boost gas production in Bolivia," Petrobras' top executive said. "A new relationship is starting."
"We are a gas-consuming country, while Bolivia is a producer. The complementary nature of our interests is very clear," Gabrielli added. Bolivia exports more than 30 mm cmpd of gas to Brazil.

A new meeting is planned to define Petrobras' role in Bolivia's hydrocarbons sector in the lead-up to Brazilian President Luiz Inacio Lula Da Silva's December visit. Bolivia has given companies operating in the company until April 25, 2008, to submit updated development plans to YPFB.
Some industry analysts have expressed concern companies are not willing to increase investments in Bolivia given terms of the nationalization model and a history of unrest in the country.

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