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Bolivia faces gas shortfall

President Evo Morales rarely makes a public speech these days without mentioning that the nationalisation of the energy industry will yield an extra $162m in taxes and royalties for the government this year alone. Just three years ago, private-sector oil companies, including Petrobras, Repsol YPF and Total, paid as little as 18% in taxes and royalties on gas production in the country. The government now receives up to 82% of proceeds, depending on the size of the fields. What Morales discusses less often, however, is how the country's energy industry will find the investments needed to maintain gas production and lift it in coming years. At the end of last month, foreign oil companies were

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