The Associated Press, July 15, 2008
Bolivia's oil minister says Venezuela will spend US$883 million to boost Bolivian oil and natural gas output by 2013 — nearly 50 percent more than it originally promised its Andean ally.
Minister Carlos Villegas on Tuesday said about three-quarters of the Venezuelan money will finance exploration and production at southern Bolivian fields run by Petroandina, a joint enterprise between Bolivia's and Venezuela's state oil companies.
Bolivia has sought new sources of capital since President Evo Morales nationalized its oil and gas sector in 2006, slowing investment. Venezuela promised US$600 million to Petroandina early this year.
Bolivia produces about 41 million cubic meters of natural gas a day, sending 73 percent to Brazil.
Republished from IHT
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