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Petrobras says talks with Bolivia `Moving in right direction'
By Fred Pals
Bloomberg
Scheveningen, the Netherlands
Petroleumworld.com 09 22 06
Talks between Bolivia's government and Petroleo Brasileiro SA, or Petrobras, Brazil's state- controlled oil company, over oil assets are ``moving in the right direction,'' a top Petrobras executive said.``I think we will find a solution that is good for the company and the country,'' Milton Costa Filho, general manager of Petrobras Mexico, said today at an oil conference in Scheveningen, the Netherlands. ``I don't know when talks will be concluded but they are moving in the right direction,'' he added.
Bolivia is negotiating with Petrobras after taking over the company's refining and fuel operations in Bolivia. A Sept. 12 decree that stripped Petrobras of control over its refining assets was suspended specifically so their dispute could be resolved in talks, Bolivian President Evo Morales said Sept. 19.
Rio de Janeiro-based Petrobras plans to increase its presence in the Gulf of Mexico where it currently has interests in 287 blocks, Costa Filho added. The company plans to invest as much as $1.7 billion in offshore production in the Gulf of Mexico, targeting both deepwater projects and drilling for natural gas in shallow waters.
Bloomberg September 21, 2006 05:43 EDT
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