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Bolivia says oil revenue grows 12 times since 2005

Xinhua, October 16, 2016 Adjust font size:

Bolivia's oil income will stand at 2.8 billion U.S. dollars in 2016, 12 times higher than in 2005, the country's Minister of Hydrocarbons and Energy, Luis Alberto Sanchez, said on Saturday.

At a press conference in La Paz, Sanchez admitted that this year had seen a precipitous downfall in crude prices, which fell to below 30 U.S. dollars a barrel and has gradually been recovering to over 40 dollars.

"However, we have to highlight that this year has seen one of the greatest investments in the history of Bolivia toward the hydrocarbons sector," said the minister.

Sanchez said while a number of multinational companies, such as Petrobras, have announced a drop in investments, Bolivia was investing more than ever, with 12.681 billion dollars set to be invested between 2016 and 2020.

Data from the Ministry of Hydrocarbons and Energy showed that Bolivia received an average of 225 million dollars of oil revenue between 1985 and 2005. From 2006 to 2015, it got 31.573 billion dollars, with a peak of 5.489 billion dollars posted in 2014. Endit