Bolivia makes $7 billion natural gas discovery in largest find since 2005
(WO) – On Monday, July 15, Reuters reported that Bolivian President Luis Arce announced the discovery of a 1.7 trillion cubic foot (Tcf) natural gas reserve near La Paz. Arce has reportedly said the field will have a market value of nearly $7 billion.
This discovery, the largest since 2005, is expected to become the third-largest producing field in Bolivia and has been named the Mayaya Centro-X1 IE field. The project has collected roughly $50 million in investments, with drilling beginning in November 2022.
The natural gas discovery will be part of the state energy firm YPFB's Upstream Reactivation Plan. YPFB anticipates first gas production in 2026 or 2027.
The new reserve will boost Bolivia's existing natural gas resources, which were 8.95 Tcf in December 2018. Declining oil and gas production has sent the country into an energy crisis. Natural gas production in Bolivia has dropped from 56.6 million cubic meters per day (MMcmd) in 2016 to 31.9 MMcmd in 2023.
This story was orginally reported by the Associated Press.
