World Oil Firms Eye Business in Bolivia

Some oil and gas firms want to invest in Bolivia's energy sector despite the leftist government's sweeping nationalization, the president of Bolivia's state oil company YPFB said.

He said that YPFB wants to invest $1.5 billion in exploration and production projects in Bolivia, which has the region's biggest natural gas reserves after oil-rich Venezuela.

But he said PDVSA was not alone. "There's a lot of interest. At the moment, there are three U.S. companies...one is the Shaw Group. The Russian company Gazprom also wants to come and explore," he said in his La Paz office late Wednesday.

He added that two Chinese firms, a Brazilian and a Bolivian energy company were also interested in investment projects.