Chamber of Deputies approved the bill that authorizes YPFB to sign a service contract with the company Canacol

This MHE release was published using machine translation.

The Chamber of Deputies approved in large detail Bill 028/2023-2024, which authorizes Yacimientos Petrolófilos Fiscales Bolivianos (YPFB) to sign an oil services contract with the company Canacol Energy Colombia SAS, Bolivia Branch. This contract aims to explore and exploit the reserved areas corresponding to the Tita-Techi area, located in Santa Cruz.

Canacol Energy Colombia SAS is known as the largest independent producer of natural gas in Colombia. In this project, it will evaluate the hydrocarbon potential of the area reserved in favor of YPFB, specifically in the municipality of Charagua, which belongs to the Cordillera province in the department of Santa Cruz.

The foray of the Colombian oil company into Bolivia is part of the national energy policy and the Upstream Plan 2021-2025. This plan includes significant investments by YPFB and encourages the participation of private companies in the exploration and exploitation of hydrocarbon resources. The objective is to diversify and increase hydrocarbon production in the country, ensuring domestic supply and generating additional income through exports.

This contract is part of a strategy to attract investments in the Bolivian energy sector, promoting international cooperation and the development of the hydrocarbon industry. The company's participation will contribute to the exploration and exploitation of new reserves, which will benefit the Bolivian energy sector.

The approval of this bill represents an important step in the development of the hydrocarbon sector, aligned with the country's strategic objectives of increasing production and increasing reserves.

The Canacol company has extensive experience in the exploration and production of natural gas, which makes it a strategic partner for YPFB in the search for new hydrocarbon resources in Bolivia.