LA PAZ – Oil company YPFB-Andina, in which Spain’s Repsol has a 48.92 percent interest, plans to invest $251.6 million in exploration and production projects in Bolivia this year, state-owned oil company YPFB said.
YPFB has majority control in YPFB-Andina, which invested $114.4 million in projects in Bolivia in 2013.
YPFB-Andina drilled 11 wells last year, with the majority of the wells in eastern Bolivia’s Yapacani and Rio Grande fields, YPFB said in a statement.
The oil company is exploring for oil and developing fields in 18 areas as an operator and is a 50 percent partner in the San Alberto and Sabalo fields operated by Brazilian oil giant Petrobras.
YPFB-Andina has invested $708 million since the end of 2008, when the Bolivian government took majority control of the company after buying the shares from Repsol in accordance with the terms of the 2006 oil industry nationalization.
Bolivia exports about 31 million cubic meters per day of gas to Brazil and about half that amount to Argentina.
Brazil and Argentina are the two main markets for Bolivia’s energy products.