Bolivian Committee Agrees to 80% of Hydrocarbons Framework Draft

The hydrocarbons committee of Bolivia's constituent assembly has agreed to 80% of the country's new hydrocarbons framework draft, committee VP Roberto Vaca said in an assembly statement.

Ownership of the country's hydrocarbons resources, "whatever the state they are found in or the form in which they present themselves, are the absolute, direct inalienable dominion of Bolivians," according to the draft document.

The state would be responsible for determining strategic hydrocarbons reserves for internal consumption, which in the case of natural gas should be projected for a period of 30 years, the report said.

The committee also agreed on the creation of state company Empresa Boliviana de Industria de Hidrocarburos.

When fields containing hydrocarbons deposits span two or more departments, the company will launch an international call for bids to draft the study to determine the precise proportion of reserves in each department, Vaca said.

Other framework aspects entail increasing indigenous group and rural community participation during project development, BNamericas previously reported.

The constituent assembly was created under President Evo Morales' government with the aim of redrafting the constitution. The government aims to approve the new constitution by August 6.

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