Petrobras, YPFB Extend Gas Talks 30 Days

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 from the November 10 deadline, Petrobras said in a statement.

The companies have twice before delayed the talks, agreeing to 60-day and 30-day extensions.

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

By comparison, Henry Hub gas prices closed at US$6.68/MBTU on November 8 and Bolivia's newly negotiated gas export price to Argentina is US$5.00/MBTU.

Gas exports to Brazil in November will decrease to an average 23.5Mm3/d from the current 28Mm3/d average as a result of pipeline repairs, BNamericas previously reported.

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