ExxonMobil Still Evaluating Bolivian Nationalisation
Tuesday May 2, 2006
www.TodayOnline.com
ExxonMobil Corp., the world's biggest energy company, said it was too early to say what the impact will be of Bolivia's decision to nationalise its oil and gas industry.
"It is too premature to make a statement. We are monitoring the situation and we'll see what the developments are," company spokesman Bob Davis said.
ExxonMobil has a stake of 34 percent in Bolivia's Itau natural-gas reserves, a non-producing field operated by Total of France in which Britain's BG Group is also a partner.
Chevron Corp. and ConocoPhillips, the next two biggest US energy giants after ExxonMobil, are not present in Bolivia. ExxonMobil has no upstream activities in the country.
Bolivia's left-wing President Evo Morales issued a formal decree Monday to nationalise the country's crude and natural gas resources.
Bolivia has the second-highest natural gas reserves in Latin America, behind Venezuela, with an estimated 54 trillion cubic feet of natural gas reserves. But it is a relatively minor player in crude oil.
The measure is expected to affect about 20 foreign energy companies, including Spain's Repsol, Petrobras of Brazil, Britain's BP and Total. -
AFP