Bolivia expects to receive at least $1.5 billion as a result of the oil operations entrusted by the company Vintage Petroleum LTD in three areas, where exploration tasks will also be carried out, the Bolivian Minister of Hydrocarbons, Franklin Molina, said.
“They are investments in exploration and exploitation activities that the operator Vintage will make and that will reach 504 million dollars, and the state can obtain revenues of at least $1.5 billion,” Franklin Molina told local media.
The Bolivian authority explained that this money will be distributed between the national government and the nine regional governments of the country, municipalities, and universities “through royalties and taxes to improve the quality of life of the population.”
The contracts to make these operations viable, signed by the Bolivian state oil company Yacimientos Petrolferos Fiscales Bolivianos (YPFB) and Vintage, were validated on Wednesday, August 16 by the Chamber of Deputies.
“These contracts contemplate the execution of exploration and exploitation activities, and the risk factor is above the national and regional average (20 percent),” added Molina, who stressed that these operations will increase hydrocarbon reserves.
Currently, the Bolivian government promotes 36 oil exploration projects: seven are in preparation and approval management, five are already approved, 16 are in execution, seven are completed, and there is a force majeure project.
Bolivia currently produces approximately 40 million cubic meters per day (MMm3d) of natural gas, of which 17 MMm3d are destined for the Brazilian market, 10 MMm3d for the Argentine market, and 12.5 MMm3d for the domestic market.
