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US consulting firm denies Bolivia charges
By Fiona Smith
AP
LA PAZ, Bolivia
Petroleumworld.com 05 28 06An American petroleum consulting firm on Thursday denied accusations by Bolivia's government that it had provided false data on Bolivian natural gas and oil reserves to the state energy company.
The president of Bolivia's state energy company said Tuesday it had terminated its contract with Dallas-based DeGolyer & MacNaughton, contending they had overestimated the nation's natural gas reserves and given "false data."
But DeGolyer & MacNaughton said in a statement Thursday that it made its estimates of Bolivia's gas reserves based on information provided by YPFB itself as well as foreign energy companies.
"We categorically deny that DeGolyer & MacNaughton provided 'false data' ... any reference to our reports having been false clearly fails to take into account that they were materially accurate based on the information available at the time of publication," said Gary McGilvray, DeGolyer & MacNaughton's CEO and president, in a statement.
The Bolivian move came just days before Venezuelan President Hugo Chavez's announcement Wednesday that Venezuela's state energy firm PDVSA would help YPFB certify its reserves. Chavez will be in Bolivia Friday to seal that deal as well as sign several other energy cooperation agreements.
Bolivia has the continent's second-largest natural gas reserves after Venezuela, but its proven reserves are now less than the estimated 48.7 trillion cubic feet, said Jorge Alvarado, president of Yacimientos Petroliferos Fiscales Bolivianos (YPFB) on Tuesday.
Alvarado couldn't say by how much the estimate may be off and did not give details as to why he believed the consultant's data incorrect.
During 2005, DeGolyer & MacNaughton obtained new information that cast some doubt on the amount of Bolivia's proven reserves, but said this did not change the overall total of Bolivia's proven and probable gas reserves, the statement said.
President Evo Morales nationalized Bolivia's natural gas industry May 1, sending troops to guard gas installations and vowing to give YPFB majority control over all energy operations in the country.
AP 26 05 06
Copyright ©2006 AP. All Rights Reserved.
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