Bolivia Bumps Argentine Co. From $1.6B Gas Project

Law360, New York (January 24, 2012, 7:11 PM EST) -- The Bolivian government has seized Argentine oil and gas company Pan American Energy LLC’s 25 percent stake in the Caipipendi natural-gas field for failing to make adequate investments in the $1.6 billion project, the government press agency reported Tuesday.

Bolivia's Minister of Hydrocarbons and Energy Juan Jose Sosa announced at a press conference Tuesday that the state-owned oil company revoked the contract PAE — a BP PLC subsidiary — held to help develop the site, according to Agencia Boliviana De Informacion.

“Pan America has not contributed...
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