Bolivia already has a large reserve of oil or liquids of 44 million barrels since 2015, according to president Evo Morales. The oil exploitation in Bolivia began in 1865 with some failed attempts. However, it can be considered as the official beginning only in 1923 with the Standard Oil Company during the government of Bautista Saavedra, who authorized exploitation in the departments of Chuquisaca, Tarija and Santa Cruz, with some concessions in their favor. This agreement lasts 5 years, time in which the expiration of this agreement is declared and it is provided that all of its assets become the property of the State and that YPFB takes control of all operations of this company. However, only after 10 years, the first oil field could be exploited successfully, due to several problems. From 1950 to 1970, geology and aerophotogrammetry work had already been carried out in an area equivalent to 50% of the territory of the country in a portion almost equivalent to 20%, and 2D seismic in a proportion similar to 10%.
Thanks to this work, the areas of interest were identified and the delimitation of the geological structures with hydrocarbon potential was allowed, which helps to establish reserve areas, study, etc. After 1970, the works declined until 1994, when all work was suspended due to the desire to privatize the activities. From 1997 YPFB was converted into a forbidden residual company to carry out oil operations and between 96 and 2005 there was the largest number of wells drilled. Currently the YPFB activities are in the second phase of its activities, after a phase with exploratory prospects of immediate execution (until 2015) where it obtained 10 exploratory wells, a exploratory of mediate execution that will extend until 2026 . In the second period, the exploratory wells to be drilled correspond to the portfolio of prospects of the Chaco SA companies. and YPFB Petroandina S.A, both subsidiaries of the Bolivian state oil company, as well as YPFB parent company and Pluspetrol. The success of these projects is in consideration to the stage of study through which they must pass. It is expected that these exploratory prospects will bear fruit after 2019 starting with an incremental volume of 2.3 MMmcd and reaching an incremental production of more than 30 MMmcd of Natural Gas by 2027 In relation to the exploration for the period 2016-2026 indicates that it will involve the drilling of 20 exploratory wells, estimating a success of 20%, 4 successful wells, which with development wells, would increase production to a maximum of 30 MMmcd of Natural Gas and approximately 27 Mbpd of liquids, during the period, with an investment of US 2,495 MM. http://www.energiabolivia.com