Emphasizing that global energy management must rely ...###

Emphasizing that global energy management must rely on a clear, non-ideological regulatory framework to ensure supply, pricing, and sustainability, Pedro Miras Salamanca positioned his address in Bolivia as a key reference for the global oil sector.

EDITION 152 | 2026

ENERGÍABolivia

In a global context shaped by the energy transition, supply security, and market volatility, the President of WPC Energy, Pedro Miras Salamanca, delivered a strong message in Bolivia: “energy policy must move away from ideology and focus on technical solutions tailored to each country.”

During a specialized event organized by ENERGÍABolivia magazine, the expert addressed one of the most debated concepts in the sector: the so-called “energy trilemma.” Rather than a dilemma between sustainability, security, and affordability, Miras argued that these are three pillars that must be managed simultaneously. “The first thing policymakers need to do is forget ideology,” he stated, emphasizing that each country must define what energy security truly means within its own context.

TAILORED SOLUTIONS, NOT GLOBAL RECIPES

One of the central themes of his presentation at the Marriott Hotel in Santa Cruz de la Sierra was the need to avoid one-size-fits-all solutions. Miras explained that countries like Bolivia, which lack direct access to the sea and face logistical constraints, encounter very different challenges compared to economies with extensive port infrastructure, such as Spain.

“We must analyze what energy security means in each country,” he insisted, stressing that decisions should be based on efficiency rather than what is “politically correct.”

THE ROLE OF PRICES AND COMPETITION

Another key point of his presentation was the management of energy prices. According to Miras, prices should reflect market realities as closely as possible. Otherwise, someone inevitably bears the hidden cost: the producer, the consumer, or the State.

In this regard, he advocated for regulations that promote competition and avoid distortions. “Good regulation that allows price freedom and competition is a good measure,” he affirmed.

TECHNOLOGY WITHOUT IDEOLOGICAL BIAS

When addressing innovation, the expert questioned regulatory decisions that exclude technologies for ideological reasons. He cited the European debate on banning internal combustion engines as an example.

“There are no good or bad technologies—only objectives that are either met or not,” he explained. From his perspective, regulators should set clear targets—such as emissions reduction—and allow companies to compete with different solutions, including synthetic fuels, biofuels, or waste recycling

LATIN AMERICA: A STRATEGIC OPPORTUNITY

Miras highlighted that Latin America holds a comparative advantage due to its abundant natural resources and, in many cases, a more pragmatic approach to the energy debate.

In contrast to more restrictive approaches in other regions, he noted that developing countries—including those in Africa—are asserting their right to exploit resources such as hydrocarbons, provided they meet strict environmental standards.

“The priority is ensuring that people have access to affordable, secure, and sustainable energy,” he summarized..

“Bolivia is going through a decisive moment to redefine its energy policy, with the challenge of reactivating production and restoring reserves through new investments.”

BOLIVIA AND THE CHALLENGE OF BALANCING PRESENT AND FUTURE

In Bolivia’s case, the expert acknowledged a clear tension: the push for energy transition coexists with the need to sustain traditional sectors that still drive the economy.

In this context, he proposed an approach based on “energy diversification” rather than a rigid transition. This aligns with statements by Tatiana Genuzio, Vice Minister of Industrialization, Commercialization, Transport, and Storage of Hydrocarbons, who emphasized that the current government’s policy is to strengthen energy diversification rather than enforce a strict transition. This implies making use of all available energy sources while gradually advancing toward more sustainable systems.

REGULATION: LESS COMPLEX, MORE STABLE

Finally, Miras addressed one of the main obstacles to investment: excessive and unstable regulation. While he supported regulatory simplification, he stressed that predictability is even more important.

“Companies can operate under many scenarios. What is truly problematic is unstable regulation,” he stated.

He also emphasized the importance of building regulatory frameworks through consensus among all stakeholders: the State, companies, and consumers.

A CLEAR MESSAGE

The conclusion was unequivocal: ensuring secure, affordable, and sustainable energy requires technical decisions, not ideological ones. For countries like Bolivia, the challenge is not to choose between development and sustainability, but to strike the right balance according to their specific conditions.

In Miras’s words, the path forward lies in diversification, innovation, and above all, ensuring that the energy system responds to the real needs of the population. Pedro Miras Salamanca represents the World Petroleum Council (WPC Energy)—formerly known as the World Petroleum Council—an organization dedicated since 1933 to fostering technical dialogue in the sector and widely regarded as one of the most respected international bodies promoting the sustainable management of hydrocarbon resources worldwide.

CONCLUSIONS

As a central takeaway from Pedro Miras’ participation in the ENERGÍABolivia event, regulatory stability emerges as a key factor to attract investment in Bolivia.

Juan Fernando Subirana, a renowned energy sector analyst, concluded at the closing of this important energy and hydrocarbons event that Bolivia is at a decisive moment to redefine its energy policy, facing the challenge of reactivating production and restoring reserves through new investments.

In his closing remarks, Subirana emphasized that while fuel sector companies are accustomed to operating in complex environments—marked by price volatility and inherent operational risks—there is a clear limit: regulatory uncertainty.

Referring to statements made by Miras Salamanca, he added: “Oil companies can operate across different economic contexts, but they are not willing to assume risks derived from unstable regulatory frameworks,” one of the central ideas highlighted during the event.

According to Subirana, this point is particularly relevant in Bolivia’s current context, which he described as a “turning point” for hydrocarbon policy. The analyst agreed that the reconfiguration of Bolivia’s energy system will require clear and predictable conditions, with stable regulations being an essential factor to build confidence and attract capital.

He also underscored key strategic guidelines discussed during the event, including the need to de-ideologize regulations and reassess certain perceptions regarding the use and scope of technology in the industry. According to the analyst, these measures would help create a more technical environment, less influenced by political positions.

Another central aspect highlighted by Subirana was the role of responsibility in the sector. He stressed that the hydrocarbons industry operates under strict social and environmental responsibility standards—factors that, he warned, “must never fall off the radar,” even in contexts where priorities such as energy security or price stability dominate.

Finally, Subirana noted that the event served as a call to expand these types of dialogue platforms to reach more stakeholders within the sector, with the aim of building consensus for more effective public policies. Participants agreed that such discussions are expected to help guide the country toward a more sustainable and competitive energy landscape.

The event was supported by YPFB Corporación, Repsol Bolivia, the Private University of Santa Cruz de la Sierra (UPSA), the Private University of Bolivia (UPB), and Boliviana de Aviación (BOA), which made the visit of such an important figure to the country possible. The occasion also helped consolidate key support from companies linked to the sector and highlighted the importance of their participation in shaping perspectives that contribute to strengthening the national energy sector.

“In Miras’ words, the path forward lies in diversification, innovation, and, above all, ensuring that the energy system responds to the real needs of the population.”