Bolivia's proven and probable natural gas reserves - are reported to have been understated -
Petroleumworld La Paz Petroleumworld.com 06 09 06
Franklin Mining, Inc. GTL investment commitments by - the world's largest oil companies appear likely to expand significantly over the next decade.
Virtually all major oil production companies including ExxonMobile, Shell, ConocoPhillips and Chevron have announced GTL programs that are either in place or soon will be in place.
The Peninsula, Qatar's leading English-language newspaper, reported in their May 24, 2006 online edition under the headline "Qatar enters energy big league, signals caution" a string of mega-projects to produce clean, liquid fuels from Qatar's gas reserves -- the world's third largest.
It is against this backdrop that Bolivia's YPFB - in a joint venture with FMNJ's Franklin Oil & Gas - Bolivia S.A., has confirmed a plan to construct and operate a single plant capable of generating an almost immediate end to Bolivian reliance on - imported diesel fuels.
In a partnership structured almost identical to an agreement between ExxonMobile and Qatar Petroleum (Oil Daily, July 15, 2004) -
Franklin will provide the project's technology and management skills and arrange financing of the plant's design and construction costs, while partner YPFB - will provide the natural gas.
In addition, YPFB will provide a sales, marketing and distribution infrastructure for diesel fuels.
Basic GTL technology dates to 1923 when two German scientists (Franz Fischer and Hans Tropsch) invented - a process for converting natural gas to a hydrocarbon - which could be upgraded to petroleum products.
GTL-produced diesel fuel significantly reduces emissions resulting in less pollution, cleaner air.
Because fuel produced by the YPFB and Franklin joint venture's processing plant will be identical in all characteristics to the diesel fuel presently being imported, all existing marketing and distribution resources and methodologies will remain unchanged, requiring no capital investment.
At current daily consumption rates, an estimated 3,500 to 5,000 barrels per day will be available for export after Bolivia's domestic requirements are met.
The current market price of conventional grade diesel fuel ranges between $65 and $67 per barrel.
In separate announcements last week, Dr. Jorge Alvarado, President of YPFB, confirmed that Bolivia's proven and probable natural gas reserves have been understated for several years and that steps are being taken to correct all reports.
YPFB executives have traveled to the U.S. to confirm the suspected errors in calculating reserves.
YPFB technicians have traveled to Argentina to better understand the determination and reporting process for proven and probable natural gas reserves.
With Bolivia holding Latin America's second largest natural gas reserves, the increased natural gas availability together with an increasing worldwide demand for GTL-produced fuels provides the YPFB and Franklin joint venture with a promising export market.
Franklin Oil & Gas, Bolivia S.A. (a Bolivian corporation) is a subsidiary of Franklin Mining, Inc.
YPFB (Yacimientos Petroliferos Fiscales Bolivianos), is Bolivia's state-owned oil company.
Their joint venture company will maintain a Regional Office in La Paz and an operations office in the city of Santa Cruz.
The joint venture's GTL processing plant is planned to be constructed in the Grande River region of the Department of Santa Cruz, in the eastern portion of Bolivia -
Do not let any volatility shake You out - the more volatility the higher it will go -
the new trend waves will often be - Fibonacci - 162% of the previous correction -
when the weak hands exhaust themselves - we'll see the next waves up -
U.S. NATIONAL DEBT CLOCK
The Outstanding Public Debt - as of Jun 2006:
Unless the United States gets all of its economic house in order ? -
Gold will become the basic real money again - (which Gold has been for 1000's of years) and national currencies will only be money - if backed by - Gold.
With the exception only of the periods of -
- The Great Gold Standard -
practically all governments of history -
have used their exclusive power to issue fiat money -
to defraud with totalitarian bureaucratic powers - rob, plunder and to make slaves - of most the people -