The Upstream Reactivation Plan advances with 56 projects to strengthen hydrocarbon production

The following is a machine translation of a MHE release

UCOM MHE 10-31-2024.- The Upstream Reactivation Plan (PRU 2021-2025), implemented by Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), is moving forward with a portfolio of 56 exploratory projects distributed and an investment of more than $us 1,400 million in the departments of Santa Cruz, Tarija, Chuquisaca, Cochabamba, La Paz and Pando.

This ambitious plan, implemented during the 2021-2024 Government administration, aims to revitalize hydrocarbon production and ensure the replacement of reserves by optimizing resources with investments in exploration and exploitation.

Currently, 11 wells are under construction and 24 have already been completed. In addition, 9 projects are in the process of contracting activities prior to the execution phase. This strategy, which includes different development phases, aims to increase gas and oil production, taking advantage of the potential of the resources.

During the current Government administration, 26 additional projects were approved, of which 16 are already in execution, with a progressive increase year by year. In 2021, two wells were executed; in 2022 another; in 2023, four, and for 2024, nine wells are underway. To date, YPFB has reported six wells with positive results, one negative, two scheduled and seven in full execution.

This contrast stands out compared to the 2010-2020 period, when only four exploratory wells were drilled without positive success. In addition, the figures reveal a decrease in oil production of about 10 million barrels between 2014 and 2023, and a drop in natural gas production, which went from 21.766 billion cubic meters in 2014 to 13.122 billion in 2023.

The decrease in production is mainly attributed to the natural depletion of producing fields, a phenomenon that YPFB seeks to counteract with new explorations that, so far, have shown encouraging results, demonstrating the country's hydrocarbon potential and the capacity for reactivation promoted by the PRU.