At the time of the [Bolivian] nationalization [of oil and gas reserves on May 1, 2006] there was a near-consensus...that the nationalization would fail...One [reason] was that the opposing parties were...well-connected international cartels, who had plenty of other assets and were powerful enough to just leave Bolivia rather than renegotiate contracts that would give the lion's share of revenues to a desperately country...Bolivia's position in the negotiation was that a return on investment of 15% to 18% would be fair and just for the drilling and exporting companies, and that the balance of profits and revenues should revert to the Bolivian people...The result was finally known at the very end of October, and it was a complete victory...Petrobras of Brazil, the largest explorer/producer in Bolivia, broke the news...The new contracts give Bolivia between 50% and 82% of the net revenues, they commit Brazil to investing $1.5 billion in new infrastructure and exploration, and they require that a portion of the profits of the international consortiums be invested in other industries in Bolivia. [also refers to YPFB]