Bolivia will invest USD 324 million in hydrocarbon exploration in 2023

This YPFB release was published using machine translation.

La Paz, Jan 21, 2023 (AN-YPFB).- With the purpose of replenishing gas and liquid reserves, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) will invest USD 324 million in exploratory prospecting activities during this administration, announced the president of the state oil company, Armin Dorgathen Tapia.

“We are going to invest in what will change the production of natural gas. Exploration is what will allow us to find new megafields. This investment is one of the highest in Bolivia's oil history," said Dorgathen Tapia.

The drilling of wells for the search for hydrocarbons has an associated risk; however, if these activities are not carried out, the expected results will not be achieved. Currently, exploratory prospecting work is being carried out in the South Sub-Andean, while activities are simultaneously being carried out in Non-Traditional Zones, such as the Madre de Dios Basin.

“Therefore, asserting that we are running out of gas is an incorrect assessment; Although there is a natural decline in gas production that began in 2015 and 2016, this situation is being reversed with the drilling of new exploratory wells, with the aim of discovering new reservoirs to maintain and increase hydrocarbon reserves. We are working on it," said the authority.

Of the 32 exploratory projects that are part of the Upstream Reactivation Plan (PRU) aimed at the search for gas and liquids, 16 projects are underway, 9 projects have been completed, 3 are in preparation and approval process, 3 projects are approved, and one project is in Force Majeure.

Of the total exploratory projects, 17 will be undertaken by YPFB Headquarters since the implementation of the Upstream Reactivation Plan.

Likewise, in the Initial Exploration Plan (PIE) of the state oil company, prospecting activities stand out in the areas: Río Beni, Sauce Mayu, Madre de Dios, Cupecito, San Telmo Sur, Okinawa and Irenda.

Likewise, the Petroleum Services Contracts (CSP) related to the areas: Cedro, Iñau, Menonita and Tita-Techi are being negotiated. In this last area, the company Canacol Energy Colombia SAS will enter the country for the first time,

Regarding the CSPs signed between YPFB and the company Vintage Petroleum Boliviana LTD (Bolivia Branch) for exploration and exploitation in the areas: Carandaiti, Sayurenda and Yuarenda, they are in the process of being referred to the legislature for approval; Regarding the Exploration and Exploitation Contracts in the areas of Ovai, Florida East and the Arenales Area with the company Canacol Energy Colombia SAS, they are in the authorization and approval process.

The sectoral investment program in hydrocarbons 2023 of the state oil company also contemplates an investment of USD 139.78 million in exploitation activities that will increase the production of oil fields and increase hydrocarbon reserves.