Bolivia Announces Discovery of New Mega Gas Field

RIO DE JANEIRO, BRAZIL – Bolivia’s President Luis Arce on Thursday, December 24th, announced the discovery of a mega natural gas field estimated to hold one trillion cubic feet, located in the Boicobo Sur X1 well at the Caipipendi block, in the southern department of Chuquisaca.

“Our Pachamama (Mother Earth) is giving us Bolivians a nice Christmas present,” Arce said at a press conference.

According to the Ministry of Hydrocarbons, project studies of the site began in 2015, during the administration of then-president Evo Morales, drilling began in October 2019 and by Dec. 2 of this year, drilling was completed.

Some US$74 million dollars have been invested to date in drilling activities at the Boicobo Sur X1 well.

According to the Bolivian president, by the end of 2021 the well will enter into production to become “an important contribution to the entire hydrocarbon policy of the country.”

This discovery follows another announced a few days ago by state-owned YPFB, which confirmed the discovery of 13.7 million barrels of oil reserves and 76.8 billion cubic feet of natural gas at the Yarara X1 well, located in Yapacani, in the eastern department of Santa Cruz.