These are the areas of Ovai, Florida Este, Arenales and Tita-Techi located in the municipality of Charagua Iyambae, belonging to the Cordillera province, in the Santa Cruz territory.
The Plurinational Legislative Assembly (ALP) authorized the state-owned Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) to sign the four oil service contracts with this company.
Once these agreements are signed, they must return to the Legislative Body for approval.
YLB reported that, together, the projected investments in exploration and exploitation in the four areas add up to more than 270 million dollars, and the estimated oil revenue exceeds 1.3 billion dollars.
These projects are part of the Upstream Reactivation Plan 2021-2023 (exploration, drilling, exploitation and delivery to refinery, PRU), according to a report from the Ministry of Hydrocarbons and Energy.
The Colombian company has extensive experience in the exploration and production of natural gas, which makes it a strategic partner for YPFB in the search for new hydrocarbon resources in Bolivia, adds the source.
This incursion of the Colombian oil company in Bolivia takes place in the context of the energy policy of the Government of President Luis Arce, which includes investments by YPFB and encourages the participation of private companies in the exploration and exploitation of hydrocarbon resources.
According to the report, the Colombian company will invest more than 100 million dollars in exploration and exploitation in the Tita-Techi area alone.
Canacol Energy Colombia S.A.S. (Bolivia Branch) will evaluate the hydrocarbon potential of the area reserved for YPFB, specifically in the municipality of Charagua Iyambae, which belongs to the Cordillera province, in the department of Santa Cruz.
The recoverable resources in this area are estimated at 133.70 trillion cubic feet (BCF) and 1.4 million barrels of hydrocarbon if the project is successful, as explained to the Senate by the Minister of Hydrocarbons and Energy, Alejandro Gallardo.
The authority indicated that this result would mean a collection of 553 million dollars in oil revenue.
Canacol is one of the largest independent producers of natural gas in Colombia, and its entry into Bolivia will contribute to increasing production and increasing fuel reserves.
The income obtained by the State from the commercialization of hydrocarbons will be distributed among the central government, the departmental governments and universities via royalties and taxes.
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