Bolivia dispels fears of oil contracts' revision
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La Paz, Jan 7 - The Bolivian government has dispelled apprehension that the new constitution pushed by President Evo Morales will require a revision of the new petroleum contracts signed with 12 foreign oil firms, Spain's EFE news agency reported.'The new constitution does not generate uncertainty' in the sector, said Hydrocarbons Minister Carlos Villegas Sunday in an interview with state-run media outlet Patria Nueva, adding that the oil contracts are not going to be revised if the new charter comes into force.The 12 multinational firms that signed the new contracts and Bolivia's state-owned oil company will invest more than $1.35 billion this year in operations and administrative expenses in energy sector, according to the government.Spain's Repsol YPF and its affiliate Andina will invest $292 million, followed by Brazil's Petrobras and its subsidiary Pesa, who will pump in $263 million.Villegas said Saturday that Bolivia does not plan to reintroduce a plan to sell natural gas to the United States and Mexico. (c) Indo-Asian News Service
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Investment?
By:
Aaron Ortloff ,
Mon, 07 Jan 2008 22:00:04 GMT
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Investment is a dubious characterization for operations and administrative expenses. Investment would include funding for exploration and drilling to expand production. The petro companies have already defined their spending a "maintaining current production". President Morales' administration has already admitted that production will decline into next year.
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