Bolivia seeks to replenish gas reserves with 5 new exploration projects

The five new exploration projects managed by Vintage and Canacol will be sent to the Plurinational Legislative Assembly (ALP) of Bolivia for approval and will allow gas reserves to be replenished, assured the Planning Manager of the state-owned Bolivian Fiscal Petroleum Deposits (YPFB), Dany Roca.

“We have recently closed negotiations with the Vintage company, with Carandaití, Sayurenda and Yuarenda exploration areas, and with Canacol, which is a new company in Bolivia, has the Ovaí and Florida Este projects,” he explained to state channel Bolivia TV.

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The five areas to intervene are Ovai, Yuarenda and Florida East in Santa Cruz (east), Carandaiti in Chuquisaca (south), Sayurenda in Tarija (south).

Canacol Energy Colombia S.A.S. will develop two exploration and exploitation projects, the first with an investment of US$41.5 million for the execution of the Ovai area and the second with an investment of US$36.2 million in the East Florida area.

Vintage Petroleum Boliviana LTD will take charge of three other projects, the first with an investment of US$194.4 million in the Carandaiti area; the second is for US$57.4 million of investment in the Sayurenda area; and the third, with an investment of US$252.7 million in the Yuarenda area.

With these projects, it is planned to increase the production of hydrocarbons by three million cubic meters per day (MCM/day) of gas and more than 5,000 barrels of crude oil per day.

Currently, Bolivia produces 44 MCM/day of natural gas and  820,059 barrels of oil in April, according to data from the MinistrMy of Hydrocarbons.

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