Bolivia increases hydrocarbon production

In a speech to mark the 78th anniversary of the founding of YPFB, he said that this year the country's daily natural gas production reached 63 million cubic meters, against 61 million last year. According to a company report, the highest production growth was recorded early in the year. At that time, average gross hydrocarbon production (natural gas, oil, and condensate) grew by almost 10% over the 1st quarter of 2013 to reach 65,000 bbl/day (over 9,000 tonnes/day) of oil equivalent.

Mr. Villegas said these figures were reached largely because of YPFB's increased investment in the country's oil and gas sector. Since 2006, that investment has exceeded $9 billion. The Bolivian petroleum company president called this a historic level of funding, underlining that it had been the company's own funds, not foreign loans. Mr. Villegas added that under its 5-year development plan (2015 – 2019), YPFB intends to invest over $12 billion in Bolivia's energy sector.

Since the energy sector was first nationalized in 2006, the country's oil and gas revenues have amounted to around $28 billion, the YPFB President said

Bolivia produces over 20 billion m3 of natural gas annually. In the past decade, the country has more than doubled its hydrocarbon production, becoming Latin America's fourth largest producer. Most of its natural gas is exported to Brazil (around 33 million m3/day) and Argentina (15 million m3/day).

Gazprom cooperates with YPFB on the basis of a MoU that was signed by the two companies in 2007. According to this document, the partners aim to develop cooperation in exploring and developing hydrocarbon fields in Bolivia and study the possibilities of taking part in infrastructure projects.

Gazprom International, Gazprom's global company that specializes in hydrocarbon field prospecting, exploration, and development outside Russia, operates projects in Bolivia. Gazprom International is currently participating in ongoing geological exploration projects here in the Ipati, Aquio, and Acero license blocks.

According to an estimate by the Canadian consulting company GLJ Petroleum Consultants, as of the end of 2013, Bolivia had proven reserves of 296 billion m3 of natural gas and 28 million tonnes of oil and condensate. By 2025, Bolivia plans to increase its natural gas reserves to 514 billion m3 and its oil reserves to 71 million tonnes. Last year, all the YPFB Group companies together produced 21 million cubic meters of natural gas.