Energy News Today

Law No. 1376 approves the modification to the Petroleum Services Contract in favor of YPFB in Charagua

This YPFB release was published using machine translation.

La Paz, May 26, 2020 (AN-YPFB). – Law 1376 modifying the Petroleum Services Contract for the Exploration and Exploitation of natural gas in the area of Charagua, Santa Cruz, in favor of YPFB was promulgated yesterday by the President, Luis Arce. In view of this, today the Minister of Hydrocarbons, Franklin Molina, and the President of the Bolivian Fiscal Oil Fields (YPFB), Wilson Zelaya, offered a press conference at the Casa Grande del Pueblo to provide details about it.

Zelaya pointed out that YPFB Chaco’s contribution in these two final phases of exploration amounts to US $ 48 million, out of the estimated US $ 122 million. Regarding the production projections, the figure of 2.1 TCF (Trillions of Cubic Feet) of gas is handled. “The oil rent would exceed $ 10,000 million. It is not only the recovery of money but of our reserves, which ensures the internal market and part of the gas export ”.

The president of the state company specified that YPFB is working on four important pillars that are: the substitution of fuels, increase of natural gas reserves and oil reserves to increase the load of refineries and also the projects of reactivation of industrialization, the modernization and strengthening of the state oil company.

The modification of the oil services contract allows the Argentine oil company YPF to assign 40% of its total participation, rights and obligations in favor of YPFB Chaco SA in the exploration and exploitation of the Charagua area.

For his part, the Minister specified that the exploratory plans seek economic reactivation. “This month of May we have called it that of nationalization, it has been 15 years since that May 1, in which the recovery of hydrocarbons and the re-founding of a residual YPFB took place; which is now the most important company for Bolivians, “added the authority.

Molina emphasized that so far the oil income is $ 41.3 billion and has served to benefit the regions, IDH and investments in different areas with infrastructure, health, education, bonds and economic impact because the oil income it is an important source of income for the country.

Read More: Law No. 1376 approves the modification to the Petroleum Services Contract in favor of YPFB in Charagua

2021-05-26 18:36:30

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