Bolivia Nationalizes the Oil and Gas Sector


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Case Details:

Case Code : BENV006
Case Length : 20 Pages
Period : 2001-2006
Pub Date : 2006
Teaching Note : Available
Organization : Microsoft
Industry : Oil & Natural Gas
Countries : Bolivia

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Please note:

This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Excerpts

Oil and Gas Resources in Bolivia

Bolivia, officially known as the Republica de Bolivia (Republic of Bolivia) in Spanish, is a landlocked South American country (Refer to Exhibit I (a) for map of Bolivia and Exhibit I (b) for a brief profile of Bolivia). The country is rich in natural resources like silver, gas, iron, magnesium, etc. As of 2005, Energy Information Administration (EIA), a US Government energy agency estimated that Bolivia has the second largest gas reserves in South America...

Oil Resources

According to the Oil and Gas Journal (OGJ), Bolivia had proven resources of 440 million oil barrels as of 2005, a huge rise when compared to the estimated figure of 116 million barrels in 1997. Analysts attributed this rise to the greater exploration and investment by foreign oil companies in Bolivia...

Gas Resources

OGJ estimated that the proven natural gas reserves of Bolivia were 24.0 trillion cubic feet (TCF) as of 2005. However, YPFB estimated the proven natural reserves at 26.7 TCF.

In the mid-1990s, Bolivia privatized its natural gas sector along with oil and that enabled investment by foreign companies (Refer to Exhibit V for the history of natural gas in Bolivia)...

The Bolivian Gas War

The phrase 'Bolivian gas war' was used to describe an internal conflict in Bolivia on the issue of exploitation of the oil and gas resources by foreign companies.

The seeds for the war were said to have been sown when the government decided to eradicate Coca crops and to use military force to suppress strikes by labor groups. The war started in early 2003 and peaked in October 2003, when demonstrations and roadblocks by groups of indigenous people and labor groups brought Bolivia to a standstill. The demonstrators were protesting against the fact that the gas and oil resources were being given to foreign companies supported by the US for very low prices without the Bolivian people deriving any tangible benefit from them...

The Nationalization

When Morales became President on January 22, 2006, he became the first indigenous native to govern Bolivia after 450 years. He belonged to the 'Aymara' indigenous group. He was actively involved in the Bolivian gas war and used the nationalization of the oil and gas sector as one of the principal planks to contest the December 2005 polls...

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