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Message: Bolivia Pulls Pan American Energy Contract In Caipipendi Gas Field

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Bolivia Pulls Pan American Energy Contract In Caipipendi Gas Field

posted on Jan 24, 12 04:06PM (Log in to use the IP Check tool) ^[?]

Bolivia Pulls Pan American Energy Contract In Caipipendi Gas Field

djones

BUENOS AIRES -(Dow Jones)- Bolivia's government on Tuesday revoked Pan
American Energy LLC's 25% stake in the Caipipendi natural gas field, saying the
company hadn't invested enough in the project.

Energy Minister Juan Jose Sosa said Spain's Repsol YPF SA (REPPY, REP.MC),
Britain's BG Group (BRGYY, BG.LN), and Pan American Energy had pledged to invest
about $1.6 billion to develop the field.

"What has happened is that Pan American Energy wasn't contributing its share,
and for that reason its contract is being rescinded," Sosa was quoted as saying
at a press conference by government news agency ABI.

Sosa said that Pan American Energy's stake has been transferred to state oil
and gas company Yacimientos Petroliferos Fiscales Bolivianos.

YPFB, as the firm is known, will take into account the investments that Pan
American Energy has made so far in the project with a view to negotiate a
settlement, the minister said.

A Pan American Energy spokesman declined to comment.

Pan American Energy, which is 60% owned by BP PLC (BP, BP.LN), is one of
Argentina's largest oil and gas producers.