Day: Dec 17, 2019

Traditional exports fell 24% in volume and 6% in value until the end of October

Bolivia’s traditional exports fell 24% in volume and 6% in value between January and October 2019, reported the Bolivian Institute of Foreign Trade (IBCE). Traditional exports represent 79% of Bolivia’s total exports and natural gas is the main product, whose exports fell 25% in volume and 18% in value. Regarding non-traditional exports that include products such as soybean, there was an increase of 17% in volume but a drop of 2% in value.

YPFB names new CEO amid economic difficulties

Bolivia’s government named Herland Soliz Montenegro as new CEO for state oil company YPFB. Soliz replaces Jose Luis Rivero who left the office after announced that YPFB is in economic bankruptcy, although he retracted later on this statement. However, oil and gas experts warned that YPFB is going through economic difficulties as a result of a continuing expansion on spending and negative results in exploration and unprofitable industrialisation projects.

Bolivia’s gas production fell 24% since 2014 and reserves fell to 7.3TCF

2019 has been a particularly difficult year for Bolivia’s hydrocarbon sector. There was a drop in about 24% of gas production compared to 2014; reserves fell to 7.3 trillion cubic feet (TCF); Brazil fined Bolivia with $133 million; and the signed addendum to the contract with Argentina involves a 40% reduction in export volumes compared to the initial agreement, which means a revenue drop of Bs.6.757 million ($977.5 million), according to national and regional Government sources.