Venezuela/Bolivian Oil JV to Invest $888m

Petroandina, a joint venture of Venezuelan conglomerate PDVSA and Bolivian oil company YPFB is set to invest $888m in the next 5 years in exploration and production of hydrocarbons. The focus is the northern zone of the La Paz province of Bolivia and the southern Andean region of the country, according to the Bolivian state owned news agency ABI. Wednesday night, Bolivian president Evo Morales signed a law that will allow the company to start its exploration process, after the approval of the Bolivian congress, says the agency. YPFB controls 60% of Petroandina, while PDVSA owns the rest, ABI adds.