Bolivia forecasts $ 1.05 bn in oil industry investment

Jun 03, 2009 02:00 AM

State and private investment in hydrocarbons exploration and production will total around $ 1.05 bn this year, state-owned Yacimientos Petroliferos Fiscales Bolivianos, or YPFB, said.
The investment will come from YPFB and about a dozen private companies, including Brazil's Petrobras, Spain's Repsol-YPF, Britain's BG Group and France's Total, among others, a spokesman for the state-owned energy company told.

Part of the funding will come from a partnership formed by YPFB and the foreign companies under the nationalization policy implemented by Bolivia.
Under the oil industry nationalization ordered by President Evo Morales in May 2006, YPFB, which owns Bolivia's estimated 48 tcf of natural gas and much smaller reserves of crude oil, has authority to participate in every phase of the oil industry.

Petrobras plans $ 174.5 mm in investment, while the figure for Repsol-YPF is $ 109 mm, with BG Group planning $ 88 mm in investment, Total setting a target of $ 48 mm and Argentina's Pluspetrol looking to put $ 26 mm into the Andean nation's energy industry, a YPFB report said. YPFB-Andina, a nationalized company, plans to invest $ 89 mm and YPFB-Chaco is projecting some $ 55 mm in investment.
The private oil companies and YPFB are negotiating the 2010-2015 investment plan, the report said.

Bolivia exports gas to Brazil and Argentina, and it is looking at projects that would make it possible to expand sales to Uruguay and Paraguay in the next few years.

Source / EFE
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