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Petrobras CEO: Doubts on Bolivian gas nationalization
Sergio Gabrielli, Petrobras CEOBy Elio Ohep
Petroleumworld
CARACAS
Petroleumworld.com 03 3106
Sergio Gabrielli, chief executive officer of Brazil's oil company PETROBRAS said to O Estado de S.Paulo he has doubts on Petrobras participation on what the government of Bolivia's call the nationalization on oil and gas, but pledged that his company won't leave the Andean country, O Estado de S. Paulo published Thursday."No one knows. Not even they (Bolivia's government) have a clear definition of this ( nationalization) ."
A Petrobras press official confirmed his comments to Dow Jones News Wires, according to a DJ news story on Thursday.
Bolivia's new President Evo Morales said last week he would nationalize Bolivia's oil and gas industry by July 12. Hydrocarbons Minister Soliz Rada confirmed, the new production contracts will only be negotiated after the industry's nationalization.
In an interview with the Agence do Estado Wednesday, Gabrielli said that dialog with Bolivia's government is on hold and added that Petrobras won't accept unilateral decisions, but he said that the company will try to find a negotiated solution.
"Leave (Bolivia)? We won't do that. We need Bolivia, we will try to negotiate to reach the best possible result," Gabrielli said, Dow Jones quoted.
Petrobras has offer to Bolivia's oil company YPFB,a pledge to invest billions of dollars in the areas of refining, oil and gas exploration and production, alternative fuels, and gas distribution in Bolivia.
An MOU was to be sign but since february, but the signing was postponed, without Bolivia's government giving a reason.
Gabrielli told the newspaper, Petrobras needed to invest in Bolivia, while Bolivia needed the company's investment, and added that Petrobras was not interested in becoming a mere service provider in Bolivia.
Petrobras has invested about $1.5 billion in the Andean country since 1996.
Petrobras is the top provider of gas for Bolivia, providing a quarter of the country's gas output or about 42 million cubic meters a day. Petrobras owns two refineries in Bolivia, a wide pipeline network, and 25% of Bolivia's gasoline stations.
Bolivia has an estimated 48 trillion cubic feet of natural gas, the second-biggest reserves of that resource in South America after Venezuela.
Currently, concessions to extract the gas are held by multinationals, including Petrobras, French major Total, Spain's Repsol YPF, Britain's BG Group and BP, and U.S.-based Exxon Mobil.
- Elio Ohep, editor@petroleumworld.com, 58 412 996 3730, Caracas.
Petroleumworld News 30 03 06
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