MercoPress. South Atlantic News Agency

Bolivia's YPFB eyes oil income of US $ 1,900 million for this year

The company plans to drill 17 wells this year

Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) CEO Wilson Zelaya announced the state-run company projected an oil income above 1,900 million US dollars for the year 2021, which would represent a 35% growth compared to 2020.

During the 2021 Initial Public Accountability Hearing, Zelaya said these revenues will help reactivate the economy through the allocation of the Direct Tax on Hydrocarbons (IDH), royalties and other taxes to which YPFB contributes.

The planned investment amounts to US $ 788 million, of which YPFB in charge of 85% either directly or through its affiliates and subsidiaries and the remaining 15% is to be chipped in by companies which operate exploration and production fields.

The budget for YPFB is US $ 8,050 million, which will be used for investment and current spending. The company plans to drill 17 wells, of which 13 are already registered and for which US $ 260.20 million will be allocated.

Zelaya also highlighted the recovery of the Ammonia and Urea Plant (PAU), which was damaged during the unconstitutional government of 2020. “The technical support of KBR Inc. and Toyo has been agreed on, whose specialists will arrive this week to evaluate the PAU and monitor the entire planning process that is in place for the start-up,” he announced.

Zelaya also pointed out that the development of a second generation diesel fuel of the highest quality will be obtained from materials of renewable origin such as used oils, animal and vegetable fat, which will boost agriculture in the country, generating thousands of jobs.

The installation of the Renewable Diesel Plant includes an investment of US $ 250 million and is expected to produce 9,000 barrels per day. This represents a saving for the State of US $ 400 million, per year, in subsidies for hydrocarbons, starting in 2024, he indicated.