Recently, Bolivia’s state-owned oil company (YPFB) announced its intention to develop the 56 exploration projects included in the Upstream Revitalization Program (PRU), aiming to reverse the country’s declining hydrocarbon production. The program, which was launched in 2021, has already yielded 18 positive results.

　　On the 8th of this month (Sunday), Bolivian President Luis Arce addressed the Bolivian people, noting that the decline in hydrocarbon production has led to increased fuel imports and a shortage of U.S. dollars. Referring to past management practices, Arce pointed out that the discoveries and exploration results from new oil and gas fields have failed to offset the trend of declining output from existing wells. The natural gas production from Bolivia’s largest oil and gas fields—Margarita, Incahuasi, Sábalo, San Alberto, and Yapacaní—has been steadily declining, because after the nationalization of hydrocarbons, the previous administration did not make any investments in exploration.

　　According to statistics, Bolivia’s annual oil production fell from 18.6 million barrels in 2014 to 8.6 million barrels in 2023—a decline of as much as 54%. Similarly, the country’s natural gas production also saw a significant drop, with a reduction of 40% between 2012 and 2023.