Bloomberg News

Bolivia Hydrocarbons Industry Sees Record Investment, YPFB Says

December 01, 2011

Dec. 1 (Bloomberg) -- Investment in Bolivia’s hydrocarbons industry reached record levels in 2011, according to state-owned oil and natural-gas company Yacimientos Petroliferos Fiscales Bolivianos.

Investment reached $1.05 billion for the year through November, the company, known as YPFB, said in an e-mailed statement today. YPFB and its subsidiaries invested $647 million while companies holding operating contracts with the state spent $400 million, according to the statement.

Investment in the sector has more than quadrupled since 2005, when it was $247 million, according to YPFB. The tally includes money spent on refineries as well as exploration and development of oil and gas fields.

Bolivia’s proven gas reserves fell to 9.94 trillion cubic feet, YPFB said in an April 8 statement. That’s a 60 percent decline from the 25.1 trillion cubic feet estimate of BP Plc’s statistical review. Bolivia has proven oil reserves of 465 million barrels, according to the U.S. Energy Information Administration.

YPFB Chief Executive Officer Carlos Villegas said in May that Bolivia plans to award oil and gas exploration contracts this year in a bid to lure back foreign investments five years after President Evo Morales seized fields and refineries.

--Editors: Tina Davis, Susan Warren

To contact the reporter on this story: Sara Shahriari in La Paz at sshahriari@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net


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