According to Gallardo, the national government submitted to the Plurinational Legislative Assembly (ALP) a project to modify Law 767 for the promotion of investment in hydrocarbon exploration and exploitation.
“We are creating a very big opportunity to attract foreign capital that will allow for an increase in hydrocarbon production and reduce dependence on imports, which will benefit the entire national economy,” he said.
Without providing details, the minister stressed that the proposal includes incentives for the production of liquid and gaseous fuels, and for the exploration of new deposits.
“The objective is to create a regulatory framework that allows operators, both national and foreign -explained the authority- to increase their participation in the exploration and exploitation of hydrocarbons (…)”.
He considered that, in turn, this type of action will contribute to the expansion of gas and oil production in the high plateau country.
Law 767 was enacted on December 11, 2015 with the purpose of promoting investments that allow increasing the reserves and production of hydrocarbons in the Plurinational State through economic incentives to guarantee national security, sustainability and energy sovereignty.
This regulation establishes a set of incentives for companies investing in the production of crude oil, condensate associated with natural gas and other hydrocarbon activities.
According to Gallardo, the bill to modify the current regulation was prepared with the participation of different actors in the sector.
“This bill has been worked on in a consensual manner with all the sectors involved, seeking not only to increase domestic production, but also to open new opportunities for foreign investment,” he stressed in an interview with the state channel Bolivia Tv.
Gallardo said the modification is a fundamental step to solve the current low production of hydrocarbons, which has led Bolivia to depend on imports to satisfy domestic demand.
The authority reiterated that this government initiative is aimed at structurally facing the challenges of fuel production with a view to achieving a stable and sustainable supply for the domestic market.
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