On 19th May 2005 Bolivia enacted a new hydrocarbon law covering gas exports, hydrocarbon taxes and the management of the hydrocarbon sector. On 1st May 2006, the government issued a nationalization supreme decree which provides that ownership of the production at the wellhead reverts to the state, mandated a renegotiation of concession contracts within 180 days, created a new non creditable 31% royalty type tax on wellhead production and provided for increased state control over the sector