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Viewing cable 06LAPAZ3361, HYDROCARBONS REGULATIONS NEEDED TO STIMULATE

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Reference ID Created Released Classification Origin
06LAPAZ3361 2006-12-13 12:47 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy La Paz
VZCZCXYZ0001
PP RUEHWEB

DE RUEHLP #3361/01 3471247
ZNR UUUUU ZZH
P 131247Z DEC 06
FM AMEMBASSY LA PAZ
TO RUEHC/SECSTATE WASHDC PRIORITY 1640
INFO RUEHAC/AMEMBASSY ASUNCION 6387
RUEHBO/AMEMBASSY BOGOTA 3711
RUEHBR/AMEMBASSY BRASILIA 7581
RUEHBU/AMEMBASSY BUENOS AIRES 4831
RUEHCV/AMEMBASSY CARACAS 2083
RUEHPE/AMEMBASSY LIMA 2156
RUEHLO/AMEMBASSY LONDON 0099
RUEHMD/AMEMBASSY MADRID 3224
RUEHME/AMEMBASSY MEXICO 1975
RUEHMN/AMEMBASSY MONTEVIDEO 4279
RUEHFR/AMEMBASSY PARIS 0104
RUEHQT/AMEMBASSY QUITO 4720
RUEHSG/AMEMBASSY SANTIAGO 9305
RUEHSO/AMCONSUL SAO PAULO 2099
RUEHBS/USEU BRUSSELS
RHEHNSC/NSC WASHINGTON DC
RHEBAAA/DEPT OF ENERGY WASHINGTON DC
RUCPDOC/DEPT OF COMMERCE WASHINGTON DC
RUEATRS/DEPT OF TREASURY WASHINGTON DC
UNCLAS LA PAZ 003361 
 
SIPDIS 
 
SENSITIVE 
SIPDIS 
 
STATE FOR WHA/AND 
TREASURY FOR SGOOCH 
ENERGY FOR CDAY AND SLADISLAW 
 
E.O. 12958: N/A 
TAGS: ECON EINV ENRG EPET BL
SUBJECT: HYDROCARBONS REGULATIONS NEEDED TO STIMULATE 
INVESTMENT 
 
REF: A. LA PAZ 2943 
 
     B. LA PAZ 1157 
     C. LA PAZ 2880 
 
------- 
Summary 
------- 
 
1. (SBU) British Gas (BG) Bolivia President Jose Magela told 
Emboffs on December 11 that he thinks the operating contract 
BG signed with Bolivia's state oil company YPFB at the end of 
October is reasonable.  He argued that the contracts provide 
necessary, but not sufficient, conditions for investment.  He 
explained that regulations implementing the 2005 law, which 
the GOB has yet to issue, and the development of YPFB's 
operating capacity are essential for future investment. 
However, he was optimistic that the production companies 
would go forward with significant investments beginning in 
mid-2008 to supply the Argentine market.  End summary. 
 
-------------------------------- 
Operating Contract is Reasonable 
-------------------------------- 
 
2. (SBU) British Gas (BG) Bolivia President Jose Magela told 
Emboffs on December 11 that he thinks the operating contract 
BG signed with Bolivia's state oil company, YPFB, at the end 
of October is reasonable (ref A).  He said that the majority 
of the contracts are reasonable and "win-win," although they 
contain significant differences in the percentages of the 
profits going to YPFB for its operations.  Magela argued that 
the companies that were the most proactive in negotiations 
with the government received better contract terms, meaning 
essentially a higher take for those companies/lower take for 
YPFB.  He acknowledged that negotiations are still ongoing 
between YPFB and the five companies destined by decree for 
government take-over (ref B).  He predicted that the 
government would purchase the shares needed to have majority 
ownership of those five companies and would sign 
administration contracts with the companies, leaving them 
with operating control. 
 
---------------------------------------- 
Regulations Needed to Promote Investment 
---------------------------------------- 
 
3. (SBU) Magela argued that the contracts provide necessary, 
but not sufficient, conditions for investment.  He explained 
that the government still needs to issue important 
regulations to implement the 2005 law, including on 
transportation and on incentives for producers with marginal 
fields.  These regulations, along with the development of 
YPFB's capacity, are essential for future investment, Magela 
said.  Under the new contracts, YPFB took over transportation 
and commercialization responsibilities that formerly fell on 
the companies, who are now only responsible for production. 
YPFB's capacity to handle these new obligations will 
influence the success of the sector.  Magela said that 
investors have lost confidence in Bolivia, and that the 
regulations must not impose additional fiscal obligations on 
the companies if investment is to flourish. 
 
------------------------------------------ 
Argentine Carrot Makes Investment Probable 
------------------------------------------ 
 
4. (SBU) Magela explained that the natural gas supply 
 
agreement signed by Bolivia and Argentina in October (ref C), 
which is similar to the agreement between Bolivia and Brazil, 
provided the companies an incentive to sign new contracts. 
He was optimistic that the Argentine government would finance 
the construction of the pipeline necessary to transport the 
Bolivian gas exports, because Argentina needs the gas. 
Despite the loss of investor confidence, Magela was 
optimistic that Bolivia could meet its supply obligations to 
Argentina through increased investment in the sector if the 
government created the right conditions.  He explained that 
the companies, in agreement with their operating contracts, 
would only commit to investing and producing additional gas 
if the Argentine pipeline was built, the companies determined 
that their investments would be profitable, and YPFB approved 
the companies' development plans.  He predicted that 
significant increases in investments would not occur before 
mid-2008 due to technical and procedural requirements. 
 
 
------- 
Comment 
------- 
 
5. (SBU) The manner in which the contracts were negotiated -- 
under threat of expulsion if agreements were not reached -- 
and the two-year period of uncertainty leading up to the 
signing of new contracts caused investors to lose confidence 
in Bolivia.  However, if technocrats like YPFB President Juan 
Carlos Ortiz are able to prevail on regulatory matters, and 
if YPFB receives the political backing necessary to become an 
effective organization, the Bolivian hydrocarbons sector 
could see a revival in the coming years.  End comment. 
GOLDBERG