The Executive Director of the CBHE stated that the decline in natural gas reserves…###

The Executive Director of the CBHE stated that the decline in natural gas reserves, the loss of export markets, and the country's growing dependence on imported fuels are the result of two decades of policies that discouraged investment and contributed to the deterioration of the sector.

EDITION 155 | 2026

Vesna Marinkovic U.

During his presentation and subsequent discussion with Javier Romero, Iver von Borries, Executive Director of the Bolivian Chamber of Hydrocarbons and Energy (CBHE), delivered a critical assessment of the current state of Bolivia's hydrocarbon sector and the economic challenges facing the country. His remarks were made during the 2026 Annual Energy Dinner (CAEE), held at the Marriott Hotel in Santa Cruz de la Sierra on June 11.

Von Borries explained that although his original intention was to present an optimistic outlook on the country's situation during the CAEE 2026 panel, he considered it essential to address Bolivia's structural challenges with pragmatism. In his view, identifying solutions requires first understanding the factors that have led the country to its current circumstances.

STATE-CONTROLLED MODEL

According to the executive, many of the problems Bolivia is facing today were foreseen more than two decades ago and stem from public policies that, in his opinion, were based on a nationalist, state-controlled, populist, and socialist model that ultimately drove away private investment.

“The way the country has been governed over the past 20 years is a clear indication of what we are facing today,” he stated.

During his remarks, he also expressed solidarity with the communities affected by road blockades that lasted more than 40 days in various regions of the country. Von Borries conveyed his respect and admiration for those enduring the economic and social consequences of these measures and argued that the current crisis reflects the exhaustion of an economic model that must be replaced with one capable of generating greater development and opportunities.

VHe also highlighted successful examples of management and development in certain regions of the country, specifically mentioning the model promoted by the Rural Electrification Cooperative (CRE), which he described as evidence that sustained efforts and efficient management can deliver positive results.

"...Bolivia's hydrocarbon and energy sector cannot rely solely on luck..."

DECLINING RESERVES AND LOSS OF MARKETS

Regarding the hydrocarbon sector, Von Borries identified the continuous decline in natural gas reserves as one of the country's main concerns. Over the past two decades, natural gas has been one of Bolivia's leading export commodities and a key source of revenue for the national economy.

The executive emphasized that natural gas is a non-renewable resource and warned that, without new investments in exploration and the discovery of new fields, existing reserves will continue to decline.

“If new reserves are not discovered and exploration does not take place, reserves will continue to be depleted—and that is exactly where we are today,” he said.

This situation has been compounded by the gradual loss of international markets for Bolivian natural gas. Von Borries pointed out that Bolivia no longer has firm gas export contracts with Argentina and that Brazil is now the country's only significant remaining export market.

GROWING DEPENDENCE ON IMPORTS

Another issue addressed was Bolivia's increasing dependence on imported liquid fuels. According to Von Borries, the country is importing ever larger volumes of gasoline and diesel to meet domestic demand, a trend that is placing growing pressure on public finances.

He also warned that in the coming years Bolivia could be forced to import liquefied petroleum gas (LPG) and even natural gas, a scenario that would stand in stark contrast to the country's historic role as a hydrocarbon producer and exporter in South America.

For the Executive Director of the CBHE, these indicators clearly demonstrate the need to rethink national energy policies and create conditions that encourage investment, stimulate exploration, and ensure Bolivia's long-term energy security.

DECLINING GAS RESERVES RAISE CONCERNS OVER BOLIVIA'S ENERGY FUTURE

Bolivia's proven natural gas reserves continue to decline, placing both domestic supply and export commitments at risk, according to data presented by the CBHE Executive Director on the evolution of the country's hydrocarbon sector.

He recalled that between 1991 and 2005, a total of 192 exploratory wells were drilled, resulting in 101 successful discoveries. By contrast, between 2006 and 2024, only 61 exploratory wells were drilled and just 21 discoveries were made, highlighting a sharp decline in exploration activity.

“Gas reserves have also shown a significant decline,” he lamented, noting that while proven reserves were estimated at 10.45 trillion cubic feet (TCF) in 2013, the latest official certification, conducted in 2018, reported 8.9 TCF. By 2026, projections place Bolivia's reserves at only 3.7 TCF.

He attributed this situation to the lack of investment in exploration and the development of new fields. While acknowledging that the nationalization of the hydrocarbon industry generated significant political gains, he argued that it also discouraged foreign investment, a key factor in replenishing reserves and ensuring the long-term sustainability of the country's natural gas production.

Von Borries also emphasized that Bolivia's so-called government take is considerably higher than that of many other countries, reducing the country's attractiveness to new investors.

He further noted that several countries across the region are experiencing significant hydrocarbon expansion, citing Guyana's oil boom, Argentina's vast natural gas potential—with estimated reserves of 300 trillion cubic feet—the continued growth of Brazil's offshore production, and the reopening of Venezuela's energy sector.

Against this backdrop, he argued that Bolivia urgently needs a new hydrocarbons law and a more competitive regulatory framework, while also ensuring compliance with existing contracts and strengthening legal certainty to restore investor confidence.

ENERGY IS NO LONGER AN ABSTRACT ISSUE

Javier Romero, attorney at the law firm Wayar & von Borries and moderator of the panel, emphasized that energy is no longer an abstract or purely technical issue but has become a fundamental driver of national development.

During his remarks, he stated that energy must now be understood as a catalyst for economic and social growth, closely linked to the well-being of the population. In that context, he noted that it is essential to closely examine the countries that have successfully advanced in this field, while recognizing that Bolivia still faces significant challenges and unfinished tasks.

Romero also recalled a reflection by the philosopher Seneca, who argued that luck is the result of preparation meeting opportunity. However, he warned that Bolivia's hydrocarbon and energy sector cannot depend solely on luck. Instead, he stressed that the analyses presented during the panel clearly demonstrate the need for rigorous and almost meticulous institutional planning to address the sector's challenges.

Iver von Borries and Javier Romero presented the topic "Regulatory Changes to Prevent an Energy Crisis in Bolivia" as part of the CAEE 2026 program. During its eighth edition, the event featured the panel "New Regulation and Energy Innovation in Times of Crisis," which also included the participation of Dorianne Erazo of Syzygy Plasmonics, based in Houston, Texas, United States, and Giovane Rosa, Director of Gás Orgânico and Energy Director at ACATE, Brazil.

The event, organized by Grupo CECAL SRL., publisher of ENERGÍABolivia magazine, was inaugurated by José Alejandro Durán Rek, President of CRE R.L. The conference addressed several timely issues affecting the energy sector, including innovation in the energy industry, the Future Fuels Law with a focus on biomethane, and, finally, regulatory changes in the energy sector, presented by Iver von Borries and Javier Romero.

“Bolivia no longer has firm natural gas export contracts with Argentina, and Brazil is now the country's only significant remaining export market.”