The work is an analysis of historical processes of energy cooperation between Brazil and Bolivia to understand their developments that culminated in the nationalization of Bolivian oil in 2006. During the analysis, the author expressed that a careful examination of the facts serve as a strong indication that the nationalization was an initiative, so to speak, predictable. Although the plants of Petrobras in Bolivia have been occupied by police forces of this country, this act has not passed a symbolic sued by the Bolivian population. Both countries have clear benefits in the maintenance of instruments of energy cooperation and should take a pragmatic providing mutual gains. What will be in staff is a process of negotiation in which both countries will bargain in order to align itself with its goals. In Brazil it is adopting a posture that seeks to minimize the maximum damage arising from such unilateral decision. In contrast, Bolivia should take a gradually more flexible given the importance it holds the gas exports to Brazil as the dynamic process of growth of the country.