YPFB and Petrobras signed this Friday the eighth addendum of purchase and sale of natural gas that establishes a contractual nomination of 20 million cubic meters per day (MMmcd), a volume that will generate an income for the country up to $us 6 billion during the next six years. YPFB and Petrobras decided to continue with the prices established in the initial contract, indexed to the cost of oil.
The Government announced the discovery of two new wells that will inject hydrocarbons into the country’s production. These are Yarará, in Santa Cruz, which will produce oil from next month, production tests carried out on this well indicate that it will have a production of 400 barrels per day (BPD); and Sipotindi X-1, in Macharetí, in Chuquisaca. In the area, the depth has already exceeded 6,300 meters, although there are still some 300 to go, YPFB expects to supply gas in about two months.
YPFB announces that the country has a production surplus of up to 4 MMm3/d, 7.41% of national production. Currently, Bolivia has three markets: the domestic market that demands between 12 and 14 MMm3/d, Argentina receive 18 MMm3/d by an addendum signed in 2019, and Brazil gets between 14 and 20 MMm3/d from March 11th.
Bolivia’s trade balance closed the month of January with a surplus of $64.3 million, according to the latest report from the Central Bank of Bolivia (BCB). According to official data, in January, Bolivia exported $US 762 million and imports reached $US 697 million. This gain in foreign currency comes after five years of closing in a trade deficit.
Bolivia’s economy grew 2.49% in 2019 compared to 2018, driven mainly by the agricultural sector, financial institutions and public administration services, according to the Global Index of Economic Activity (IGAE), released by the National Institute of Statistics (INE). The Financial Fiscal Program signed between the Ministry of Economy and the Central Bank of Bolivia foresees for this year a growth of the Gross Domestic Product (GDP) of 3.5%.
Crude oil prices plunged more than 20% in the first few days of trading on Monday after OPEC and Russia broke off negotiations to try to cut supply by 1.5 million barrels to contain the fall in prices due to the coronavirus. The price of Brent in Europe, as well as that of Texas in the United States, fell to around 35 dollars.