Petrobras, YPFB Extend Gas Talks to November 10

Brazil's federal energy company Petrobras (NYSE: PBR) and Bolivia's state oil company YPFB have agreed to extend the period for renegotiating their gas export contract by 30 days to November 10, YPFB and Petrobras said in separate statements.

The companies had previously agreed to a 60-day extension that lapsed this week and now aim to establish an export price within the new extension.

YPFB does not foresee another extension to the negotiations, a company spokesperson told BNamericas.

The Morales administration has said the export price to Brazil of US$3.6/MBTU is too low, while Petrobras has maintained that Brazilian consumers would not accept an increase.

By comparison, Henry Hub gas prices are above US$5/MBTU as is Bolivia's newly negotiated gas export price to Argentina.

Brazil imports some 24Mm3/d from Bolivia through the B2B pipeline.

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