The Bolivian Senate approves five exploration and exploitation contracts that could generate around $1.7 billion in oil revenue

This Ministry of Hydrocarbons and Energy release was published using machine translation.

UCOM-MHE-09-29-2022.- The Chamber of Senators approved this Thursday, unanimously, bills that authorize the signing of five new Petroleum Services Contracts (CSP) that make possible the exploration and exploitation of hydrocarbons in the areas of the Pie de Monte de Santa Cruz, the Chuquisaca chaco and the Tarija chaco with great potential for gas and oil.

"Today, unanimously, the Senate approved five laws that make five oil contracts viable for the exploration and exploitation of hydrocarbon resources in traditional areas that will allow us to generate an oil revenue of close to US$1.7 billion," reported the Minister of Hydrocarbons and Energy. , Franklin Molina Ortiz, highlighting the importance of this legislative act to boost the sector.

In addition, “these contracts will allow the reactivation of the industry, the generation of jobs and the increase of new hydrocarbon reserves and will channel an investment in the upstream of US$580 million. This is the effort that our company YPFB has been developing," said the authority, while noting that "this foreign direct investment will promote the revitalization of the hydrocarbon sector and will allow us to increase the production of gas, condensate and oil."

After the approval of the laws in the scope of the Legislative Assembly and the subsequent promulgation in the Executive Branch, YPFB will sign contracts with the companies Canacol Energy Colombia SAS and Vintage Petroleum Boliviana Ltda. to carry out exploration and exploitation activities in the Ovai areas , East Florida (Santa Cruz), Carandaiti (Chuquisaca), Sayurenda and Yuarenda (Tarija).

Regarding the criticism of the governor of Santa Cruz, José Luis Camacho, referring to the fact that the national government would not be providing support to the productive sector, Molina stated that this is totally false, since the energy sector works on different projects to support the industrial sector.

In recent days, the national government delivered new home gas installations in Yapacaní, Roboré and Puerto Suárez, in Santa Cruz, to expand service coverage. These networks not only reach the home sector, they also reach the industrial and commercial sectors.

“We believe that these types of assertions do not correspond to the truth, since the national government works intensely in the area of hydrocarbons. As an example, there are the Yarará, Yarará X2, Boquerón wells and others that are in full development; therefore, there are works. Where are the works for Santa Cruz by the government?”, expressed the Minister of Hydrocarbons and Energy.