Petrobras to resume exploration in Bolivia, aid YPFB restructuring

Bolivia’s hydrocarbons minister Marcelo Blanco said technical working groups with Brazil’s state oil company Petrobras will open next week to assess the company’s return to hydrocarbon exploration and production in Bolivia and to provide support for the restructuring of the state oil firm YPFB. The announcement followed a meeting in Rio de Janeiro between Blanco and Petrobras chief executive Magda Chambriard, part of the broader energy‑cooperation agenda agreed by Presidents Rodrigo Paz of Bolivia and Luiz Inácio Lula da Silva of Brazil.

Blanco emphasized that no investment amounts or timelines have been set, stating, “No voy a dar cifras ni fechas hasta que concluyan las evaluaciones técnicas.” Petrobras, which never fully withdrew from Bolivia, continues to operate under service contracts in fields such as San Alberto, San Antonio, Itaú and San Telmo Norte, while two other areas are being transferred back to YPFB. The partnership is presented as a “strategic society” aimed at reviving Bolivia’s dwindling gas reserves and attracting foreign capital.

YPFB President Sebastián Daroca confirmed that a long‑delayed report on Bolivia’s oil and gas reserves, covering the end of 2025, will be delivered next week to guide further investment decisions.