Bolivia Nationalizes the Oil and Gas Sector

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Bolivia, officially known as the Republica de Bolivia (Republic of Bolivia) in Spanish, is a landlocked South American country (Refer to Exhibit I (a) for map of Bolivia and Exhibit I (b) for a brief profile of Bolivia). The country is rich in natural resources like silver, gas, iron, magnesium, etc. As of 2005, Energy Information Administration (EIA), a US Government energy agency estimated that Bolivia has the second largest gas reserves in South America...

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According to the Oil and Gas Journal (OGJ), Bolivia had proven resources of 440 million oil barrels as of 2005, a huge rise when compared to the estimated figure of 116 million barrels in 1997. Analysts attributed this rise to the greater exploration and investment by foreign oil companies in Bolivia..........

OGJ estimated that the proven natural gas reserves of Bolivia were 24.0 trillion cubic feet (TCF) as of 2005. However, YPFB estimated the proven natural reserves at 26.7 TCF.In the mid-1990s, Bolivia privatized its natural gas sector along with oil and that enabled investment by foreign companies (Refer to Exhibit V for the history of natural gas in Bolivia)...........

When Morales became President on January 22, 2006, he became the first indigenous native to govern Bolivia after 450 years. He belonged to the 'Aymara' indigenous group. He was actively involved in the Bolivian gas war and used the nationalization of the oil and gas sector as one of the principal planks to contest the December 2005 polls.....

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