Brazil's Largest Oil Company Has Accounts Frozen In Bolivia Over Dispute Regarding Gas Field Area

Brazil’s Largest Oil Company Has Accounts Frozen In Bolivia Over Dispute Regarding Gas Field Area

Written by Flavia Marinho

Published on 28/05/2021 at 12:02

Petroleiro em refinaria Wood Group / Fonte: Reprodução – Via Google

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The Action Occurs Simultaneously as Petrobras Reduced Its Demand for Bolivian Gas and Seeks a Buyer for Its Stake in the Bolivia-Brazil Pipeline Transporter (TBG)

The Bolivian judiciary blocks accounts of Petrobras’ subsidiary in Bolivia, due to a legal dispute regarding a property in the San Alberto field, which is home to one of its main gas fields in the country. According to information from Reuters, the case is in the second instance at the Agro-Environmental Court of Sucre, after the state-owned company appealed the decision.

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The judicial decision, in the first instance, issued in April, reportedly defined the payment of US$ 61.14 million to the family of Maria del Rosario Vacaflor Lahore, who claims ownership of part of the area where the field is located, by the state-owned company and its partners in the area.

Petrobras’ activities in Bolivia are focused on the exploration and production of oil and natural gas. The company operates the San Alberto, Sábalo, Itaú fields and the San Telmo Norte exploration area in the Tarija department, as well as the Colpa and Caranda Fields area located in the Santa Cruz department.

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The Process Occurs While Petrobras Seeks a Buyer for Its Stake in the Bolivia-Brazil Pipeline Transporter (TBG)

The action takes place at a time when Petrobras has reduced its demand for Bolivian gas, due to increased production in the country, while simultaneously creating space for other investors to import the resource into Brazil.

The Brazilian oil company is also seeking a buyer for its stake in the Bolivia-Brazil Pipeline (TBG), which owns and operates the Brazilian portion of the Gasbol pipeline.

One source from the agency indicated that Petrobras was granted the right to explore the block in 1996, and that the family claimed rights to the land in court in 2018, presenting a property title from 1971. Previously, to initiate the process, the family obtained, in court, the dissolution of a sale of the land carried out in 1973 by them to a lumber company, with retroactive effects.

The San Alberto field produced an average of 2.69 million cubic meters of gas per day in 2020. It is operated by Petrobras, with a 35% stake, which has partners including YPFB Andina – a joint venture between the Bolivian YPFB and the Spanish Repsol (50%) – and the French company Total (15%).

Brazil’s Largest Oil Company Has Accounts Frozen In Bolivia Over Dispute Regarding Gas Field Area

The Action Occurs Simultaneously as Petrobras Reduced Its Demand for Bolivian Gas and Seeks a Buyer for Its Stake in the Bolivia-Brazil Pipeline Transporter (TBG)

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The Process Occurs While Petrobras Seeks a Buyer for Its Stake in the Bolivia-Brazil Pipeline Transporter (TBG)

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Brazil’s Largest Oil Company Has Accounts Frozen In Bolivia Over Dispute Regarding Gas Field Area

The Action Occurs Simultaneously as Petrobras Reduced Its Demand for Bolivian Gas and Seeks a Buyer for Its Stake in the Bolivia-Brazil Pipeline Transporter (TBG)

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