Bolivia’s New Oil Discovery Triples Reserves

Source:  TeleSUR

June 19 2015

evo morales bolivia finds more oil 2

Bolivian President Evo Morales (C) turns on the tap at the new oil reserve

Bolivia makes first oil discovery in two decades, increasing reserves from 16 million to 44 million barrels.

Bolivia has tripled its oil reserves, President Evo Morales announced Thursday, after state-owned energy company YPFB made a significant oil discovery in the eastern department of Santa Cruz.

“This oil reserve marks the first new discovery in 23 years. This is an example of the positive outcomes from nationalization. With this reserve we now have 44 million barrels of oil reserves,” announced Morales.

Morales estimated that over the next decade, the new oil field would generate US$383 million in government revenue and would translate into US$917 million worth of savings due to the ending of various subsidies.

During his speech, the Bolivian leader went on to criticize foreign nongovernmental organizations that aim to obstruct natural resource exploration projects.

“It is unacceptable to me that there are NGOs and foundations operating under the pretext of defending the indigenous movement. I want to make it clear that NGOs and foundations that obstruct natural resource exploration must leave Bolivia,” Morales stated.

The Bolivian government has since 2006 dramatically increased social spending

According to company officials, YPFB is planning to invest a total of US$3 billion in Bolivia from 2015-2019 towards oil exploration projects. Due to increased revenues from gas and oil exports, the Bolivian government has since 2006 dramatically increased social spending in the area of health, education, pensions, and poverty alleviation programs by 45 percent.

Source:  Bolivia’s New Oil Discovery Triples Reserves  TeleSUR

3 thoughts on “Bolivia’s New Oil Discovery Triples Reserves

  1. It could not have happened to a better person than bro Evo, as it will provide him with more resources to deepen the process of raising the quality of life of the Bolivian people. I know he is on guard though, as the empire, will be scheming to see how it can get its grubby hands on this very vital energy resource.

  2. The Government of Jamaica can learn a lot from this; however, we had Michael Manley who tried to empower the Jamaican people and was betrayed from several in his own party. Now who own the resources and the beaches in Jamaica. Morales is saying Bolivia is not for sale; Jamaica Government is saying Jamaica is for sale.

  3. I am so glad that the new discover of oil reserves fell under the presidency of this great man. Bolivia now should overcome many difficulties. I hope that the new generation of government people and Presidents keep the same philosophy and not let the hyenas take over the Bolivian wealth like what happened to Mexico. The last Mexican presidents have sold every thing including the one time PEMEX National oil company.

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