Bolivian, Venezuelan Joint Energy Venture Ups Investment to $883MM

Petroandina, a joint enterprise formed by the Bolivian and Venezuelan state energy companies, plans to invest $883 million to finance oil and natural gas exploration and production in Bolivia, a top official said. Energy Minister Carlos Villegas announced the figure Tuesday during a press conference to discuss Petroandina's operating contracts, which the Bolivian Congress is set to vote on shortly. According to Villegas, Petroandina will invest $242.2 million in the western Andean province of La Paz and another $646.1 million in central and southern Bolivia. Petroandina is 60 percent owned by Bolivia's YPFB and 40 percent owned by Venezuela's PdVSA, one of the world's 10 biggest oil and gas companies in terms of total reserves. In the southern part of the country, where probable reserves of gas and oil have been identified,... [read full story]