Bolivia Discovers Great Natural Gas Well in the West of the Country

Plant of Natural Gas in Bolivia, July 2024 Photo: @esmeestrada915

July 15, 2024 Hour: 4:11 pm

The president stressed that this project places La Paz as a new hydrocarbon producing department.

The president of Bolivia, Luis Arce, confirmed on Monday that the state oil company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) discovered a mega hydrocarbon field in the department of La Paz (west), with 1.7 Trillions of Cubic Feet (TCF) reserve.

He explained that, according to formation tests, the well has confirmed the presence of gaseous and liquid HCB in the medium and lower Copacabana and Tomachi formations.

Years ago 500 million dollars were spent in the north of La Paz and they found nothing, now with about 50 million dollars of investment in our government we have discovered a mega field in the north of La Paz. This aspect would make this field the third best producing field in the country», he affirmed during a public event for the anniversary of the city of La Paz.

“This well marks the beginning of a new chapter for the northern sub-Andean region, offering the hope of keeping our country as a major gas exporter, promoting a second era of hydrocarbon production and placing La Paz as a new hydrocarbon producing department,” he emphasized.

The president remarked that years ago they spent $500 million in the north of La Paz and found nothing, now with about $50 million a megafield was discovered, which would make it the third producing field in the country.

Hace años se gastaron $us500 millones en explorar el norte paceño y no se encontró absolutamente nada. Hoy, con cerca de $us50 millones de inversión, en nuestro Gobierno hemos descubierto un megacampo en el norte paceño, el tercer mejor campo productor de todo el país.

Nos… pic.twitter.com/0y5pFxLHY9
— Luis Alberto Arce Catacora (Lucho Arce) (@LuchoXBolivia) July 15, 2024

“It confirms 1.7 TCF’s of reserves, being the most important discovery since 2005, but also confirms the basin of the north subandino, La Paz, Pando and Beni, which could have 17 TCF’s,” he said.

Mayaya Centro X1, located in the municipality of Alto Beni, northern La Paz, began on November 25, 2022 as part of the Upstream Reactivation Plan executed by Yacimientos Petrolíferos Fiscales Bolivianos (YPFB).

The project contemplates the initial development of three more wells and the construction of the interconnection pipeline for the production of up to 10 Million Cubic Meters per Day (mmcd) of gas and 500 to 1,000 barrels per day, which represent income of $6.8 billion for the population in the total life of this project.

Arce stressed that, with the Upstream Reactivation Plan implemented by YPFB, investments in the exploration and exploitation of gas and oil in the country are reactivated, with the aim of replenishing hydrocarbon reserves.

Investments in these areas were sidelined in the past governance.