The president of state-owned YPFB, José Luis Rivero, said that the priority for the company is to find new gas reserves to keep with Brazil and Argentina’s demands and develop new markets. Rivero appointed six new technical authorities to achieve this objective.
Bolivia’s international reserves reduced $425 million between 18 October and 1 November, according to the Bolivian Central Bank. During this year, the reserves fell $2.1 billion, from $8.9 billion as of 31 December to $6.8 billion as of 1 November.
Paitití Mining Company (EMIPA), that extracts gold, copper, silver and wolfram, will close its operations for 10 months from 17 December, due to technological conversions. Herland Soliz, Energy Secretary of the Regional Government of Santa Cruz, regretted the company’s decision and said that it contributes with 65% of the mining royalties for the region. As for this year, EMIPA already payed $3.12 million in royalties.
Bolivia’s gas proven reserves have been certified in 8.95 trillion cubit feet (TCF), which is lower than the last certification in 2018 (10.7 TCF) made by the Canadian firm Sproule, informed the Government. However, the reserves are enough to granted the export contracts to Brazil and Argentina and the internal market, said Hydrocarbons Minister, Victor Hugo Zamora.
The new Bolivian Government named Oscar Serrate as Extraordinary Ambassador to the United States. Serrate will be the first Ambassador in the US in 11 years, when the then Ambassador Gustavo Guzman was expelled by the US government in response to a similar move from Evo Morales’ government. Serrate was Ambassador to the United Nations.
Bolivia’s Hydrocarbons Minister, Victor Hugo Zamora, said that all oil & gas activities (exploration and exploitation) will be stopped in the Tariquia natural reserve in Tarija, south of Bolivia. He added the Government made the commitment to protect the reserve from oil activities but he acknowledged that this will not be an easy task as there are already contracts with hydrocarbon companies.
The National Chamber of Industries (CNI) said that there are 150 industries paralysed in El Alto, La Paz and Cochabamba since the Carrasco-Cochabamba pipeline stopped supplying natural gas to the west of Bolivia.
alleged report of state-owned YPFB, called “El Petrolero Furioso”, reveals that Bolivia had 7.1 trillion cubic feet (TCF) in proven natural gas reserves as at December 31, 2017, and not the 10.7 TCF certified at the time by Canadian firm Sproule International Limited. The report added that now the proven reservers are less than 6 TCF.
Economy minister, José Luis Parada admits that the GDP will be lower this year, between 3 and 3.2%, and also warned that there may be an increase on inflation due to the conflicts in the country that have affected the normal supply of products
Fitch downgraded Bolivia’s ratings to ‘B+’ from ‘BB-‘, citing macroeconomic risks, which have been intensified by the recent political and social instability in the country. It estimated that the economy’s growth will slow from 3.5% to 2.5%.