Bolivia: 2023 hydrocarbon investment plan gives priority to the search for new reserves

This MHE release was published using machine translation.

UCOM-MHE-04-28-2023.- The 2023 investment budget for the development of activities in the hydrocarbon sector, which gives priority to the search for new reserves, amounts to $us 668.9 million, reported this Friday in Sucre the Minister of Hydrocarbons and Energies, Franklin Molina Ortiz, at the opening of the Public Accountability Hearing - Initial 2023.

The authority explained that of the total investment budget ($us 668.9 million), Yacimientos Petrolíferos Fiscales (YPFB) Headquarters is in charge of executing $us 326.8 million, while the affiliates and subsidiaries will specify $277.5 million. The program also includes the operating companies with $us 64.5 million.

"The hydrocarbons sector is very important and the resources programmed for this management show that 90% of the investment is in the hands of YPFB and only 10% is in the hands of the private operating companies that work in the country," he said.

The investment scheduled by the state oil company for this year will be executed in the areas of exploration (48%), exploitation (21%), distribution (11%), transportation (8%), plants and industrialization (6%), refining ( 4%), storage and marketing, among others (2%).

“In the exploration area, there are 18 projects that will be executed by YPFB. This year, like no other, we are increasing the amount and activity of the exploration sector," said the authority, referring to the exploratory and stratigraphic wells, under development and intervention.

The national government's hydrocarbon policy, which is part of the Patriotic Agenda and the 2021-2025 Economic and Social Development Plan, has the purpose of attracting new investments to boost the sector and replenish reserves, stabilize and increase production.