Petrobras on Agrarian Demand in Bolivia

Source: www.gulfoilandgas.com 5/28/2021, Location: South America

Petrobras, regarding the pieces of news published in the media, informs that its wholly-owned subsidiary Petrobras Bolivia S.A. (PEB) was condemned in the first instance to pay compensation for the use of property where the San Alberto field facilities are located in the amount of US$ 61.1 million, plus interest and costs. The sentence also imposed injunctions against PEB.

In the court decision, an alleged owner of the area occupied by the San Alberto block was awarded compensation for use of the property, calculated from 1996, when the block's operations began. However, since the beginning of activities in the San Alberto block, PEB has entered into easement agreements ("Convenios de Servidumbres") with several peasant communities who, according to a survey conducted at the time with Bolivia's National Institute for Agrarian Reform (INRA), were the rightful owners of these lands.

The San Alberto block is operated by PEB with 35% stake, in partnership with YPFB Andina S.A. (50%) and Total E&P Sucursal Bolivia (15%).

PEB appealed to the higher court, the Agro-environmental Court of the city of Sucre, where the case is currently being evaluated. Petrobras expects the court to reverse the decision. The company understands that irregularities occurred during the process, and PEB will vigorously defend itself in all instances. Petrobras reinforces its confidence in Bolivian institutions, where it has operated for 25 years, always respecting the laws and the communities, and is closely following the case's unfolding.


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