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Bolivia: New 2009 Hydrocarbon Law
LA PAZ
Petroleumworld.com, November 21, 2008The Bolivian government ratified Thursday that if the new Constitution is approved on January 25, the country would renew the Hydrocarbon Law to boost exploration and exploitation of energy.
According to the sector's Minister Saul Avalos, the regulation was being elaborated by his ministry and would be put for the Executive´s consideration within two months.
Avalos also said that with creation of the new Constitution, the State would play a leading role in the management of natural resources.
In the case of hydrocarbons, state-run Bolivian Tax Oilfields (YPFB) will decide on production, transportation, exploration, exploitation and exportation, and importation of fuel.
Finance Minister Luis Arce denied that the $1 billion credit granted to boost YPFB in 2009 came from international reserves of the Bolivian Central Bank.
Reports from the state oil company, accessed by Prensa Latina, stated that investments included a first program to recover wells, consisting of activation of abandoned fields, in which the country will invest $120 million.
Story from Prensa Latina
Prensa Latina 20 11 08
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