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Bolivia to invest to reactivate hydrocarbon industry

By Orpan - 17/02/2021

The state-owned oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB) and its subsidiaries are planning an investment of USD 756 million this year to reactivate the sector in exploration, exploitation and production, Bolivian minister of hydrocarbons, Franklin Molina, said to Xinhua, China's official press agency. 

"The main challenge of these investments is to increase and replace the hydrocarbon reserves of both natural gas and oil. This will allow us to direct our exports and guarantee the domestic market," the official told.

The minister said that the government's strategy involves launching explorations and increasing production to satisfy domestic demand as well as foreign markets such as Argentina and Brazil.

According to the Bolivian oil company, the government will prioritize projects such as the drilling of the Margarita-X10 well in the departments of Tarija and Chuquisaca and the Boicobo Sur-X1 well in Chuquisaca, which holds an estimated one trillion cubic feet of natural gas.

According to Molina, substituting subsidized gasoline and diesel imports is also another objective of the oil company, in addition to resuming hydrocarbon industrialization projects and reactivating operations at the Bulo Bulo Urea and Ammonia Plant in Cochabamba.

He added that the investment scheduled for this year will guarantee the production of gasoline, liquefied gas and renewable diesel to reduce the country's dependence on imported fuel.

By Orpan - 17/02/2021
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ORPAN was established in 1955 by brothers Joaquin Soruco (1908 – 1984) and Gonzalo Soruco (1910 – 1994). It was one of the first specialized law firms in patent and trademark matters in Bolivia.

The daughter of co-founder Joaquín Soruco, Mrs. Pilar Soruco, took over the direction of ORPAN in 1986.

At present, Mrs. Soruco is the main partner of ORPAN, working with a specialized team of more than 20 attorneys, assistants and paralegals.