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Viewing cable 07LAPAZ189, HYDROCARBONS INVESTORS STILL CAUTIOUS

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Reference ID Created Released Classification Origin
07LAPAZ189 2007-01-25 17:34 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy La Paz
VZCZCXYZ0008
PP RUEHWEB

DE RUEHLP #0189/01 0251734
ZNR UUUUU ZZH
P 251734Z JAN 07
FM AMEMBASSY LA PAZ
TO RUEHC/SECSTATE WASHDC PRIORITY 2227
INFO RUEHAC/AMEMBASSY ASUNCION 6491
RUEHBO/AMEMBASSY BOGOTA 3813
RUEHBR/AMEMBASSY BRASILIA 7693
RUEHBU/AMEMBASSY BUENOS AIRES 4939
RUEHCV/AMEMBASSY CARACAS 2182
RUEHPE/AMEMBASSY LIMA 2271
RUEHMD/AMEMBASSY MADRID 3285
RUEHMN/AMEMBASSY MONTEVIDEO 4370
RUEHQT/AMEMBASSY QUITO 4822
RUEHSG/AMEMBASSY SANTIAGO 9413
RHMFIUU/HQ USSOUTHCOM MIAMI FL
RUMIAAA/USCINCSO MIAMI FL
RUEHUB/USINT HAVANA 0110
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 000189 
 
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 INVESTORS STILL CAUTIOUS 
 
REF: A. 2006 LA PAZ 2880 
     B. 2006 LA PAZ 1248 
     C. 2006 LA PAZ 2943 
 
------- 
Summary 
------- 
 
1. (SBU) According to Bolivian state oil company YPFB's 
Presidential Adviser Evert Villena, four natural gas 
production companies, including two with U.S. investment, 
were awarded Argentine market share in a mid-January bidding 
process held to drum up company commitments to fulfill the 
gas supply contract signed with Argentina in October 2006 
(ref A).  YPFB will hold a second bid in six months, in hopes 
of obtaining the additional commitments needed to meet its 
obligations to Argentina.  The four companies that made 
supply offers agreed to minimal additional investments.  YPFB 
is being restructured, and the company hopes to launch its 
new, improved image in March.  A government committee will 
choose an international investment bank by the end of January 
to evaluate the worth of the shares of the five companies 
destined by the May 1, 2006 nationalization decree for GOB 
majority ownership (ref B).  YPFB expects to make the 
companies purchase offers in May 2007, to coincide with the 
one-year anniversary of the nationalization decree.  End 
summary. 
 
--------------------------- 
Bidding to Supply Argentina 
--------------------------- 
 
2. (SBU) Yacimientos Petroliferos Fiscales Bolivianos' (YPFB, 
Bolivia's state-owned oil company) Presidential Adviser Evert 
Villena told Econoffs on January 23 that four natural gas 
production companies -- U.S.-owned Vintage, partially 
U.S.-owned Chaco, Pluspetrol, and Dong Won -- had been 
assigned Argentine market share through a mid-January bidding 
procedure.  YPFB orchestrated the process in order to receive 
company commitments to fulfill the gas supply contract signed 
with Argentina in October 2006 to supply an additional 20 
million cubic meters of gas per day by 2010 (ref A).  The 
four companies agreed to supply 10.4 million cubic meters in 
2010, increasing to a maximum of 11.1 million in 2011, and 
then declining gradually until the end of the Argentine 
contract in 2026.  YPFB will hold a second bid in six months, 
in hopes of obtaining the additional commitments needed to 
meet its obligations to Argentina.  The fulfillment of the 
contract depends on the construction of a new pipeline 
between the two countries -- a large uncertainty in the 
equation -- which Villena said he would discuss in a January 
25 meeting in Santa Cruz. 
 
3. (SBU) According to Villena, the four companies that made 
supply offers agreed to minimal additional investments.  He 
indicated that the companies which had received market share 
were companies that did not need to make substantial 
investments to increase their production and were looking for 
markets.  The four largest players in Bolivia -- Petrobras, 
Repsol, British Gas, and Total -- would need to invest 
significant sums to increase production to supply Argentina 
and were apparently not ready to make such commitments given 
uncertainties about the sector's future and the construction 
of the pipeline. 
 
-------------------- 
YPFB's Restructuring 
-------------------- 
 
4. (SBU) Villena said that YPFB is in "intensive care" and is 
being restructured into an efficient corporation.  The 
company hopes to launch the new, improved YPFB in March. 
Villena explained that YPFB is now receiving tax revenue 
directly from the companies based on the May decree and the 
new operating contracts (ref C), but that YPFB's lack of 
accountants and lack of legal provisions regarding how to 
distribute the money (other tax funds pass through the 
national treasury and distribution is regulated) are 
hindering YPFB's ability to use the funds.  A new YPFB 
website is under construction, which will contain detailed 
information about company operations and a platform for the 
public to ask YPFB staff questions. 
 
---------------------- 
Five Company Take-Over 
---------------------- 
 
5. (SBU) Villena said that a government committee will choose 
an international investment bank within ten days to evaluate 
the worth of the shares of the five companies destined by the 
May 1, 2006 decree for GOB majority ownership -- Transredes 
(partially U.S.-owned pipeline operator), Chaco (partially 
U.S.-owned production company), Andina (Spanish/Argentine 
production company), Petrobras Bolivia Refining (Brazilian 
refineries), and the Bolivian Hydrocarbons Logistics Company 
(German/Peruvian storage company) (ref B).  YPFB anticipates 
making the companies purchase offers in May 2007, to coincide 
with the one-year anniversary of the government's 
nationalization decree.  Villena noted that YPFB's position 
regarding operating control of the companies is flexible, but 
that YPFB wants to brand the companies as its own. 
 
------- 
Comment 
------- 
 
6. (SBU) The future of the Bolivian hydrocarbons sector 
remains unclear.  With the signing of new operating contracts 
last October and the first round of bidding for rights to 
sell gas to Argentina, companies have thus far made few 
investment commitments.  The next round of bidding in six 
months should be more telling of the large players' -- 
Petrobras', British Gas', and Repsol's -- investment 
intentions.  The long-term future of the sector, and 
Bolivia's ability to meet its export commitments, will depend 
on these companies' decisions.  End comment. 
URS