Brazil's Petrobras resumes Bolivia exploration

  • Business Premium
  • Friday, 22 Aug 2008

SANTA CRUZ, Bolivia (AP) - Brazil's state-run oil company Petrobras is pledging to spend US$1 billion on Bolivian oil and gas projects - making it the first foreign energy company to invest in Bolivia since President Evo Morales nationalized the industry in 2006.

Petroleo Brasileiro SA, Latin America's biggest publicly traded oil company, plans to develop Bolivia's two biggest natural gas fields, among other projects, said Claudio Castejon, Petrobras' top executive in Bolivia.

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