LA PAZ – Bolivian state-owned energy firm YPFB said Friday that $3 billion is currently being invested in nearly 50 exploration projects in the Andean nation with oil, gas and condensate potential.
CEO Carlos Villegas said the projects are being carried out by several energy companies, including Spain’s Repsol, Brazil’s Petrobras, France’s Total, Argentina’s YPF and British Gas.
“YPFB also is participating with its four operating units,” the executive said in a statement.
The success rate in exploration of new areas in the Andean nation is 20 percent, Villegas said, adding that hydrocarbon exploration and production are “continuous and permanent” activities.
He said the exploratory wells were being drilled to depths ranging from between 2,000 meters (6,550 feet) and 6,300 meters, noting that the geological targets included Huamampampa, Iquiri, Santa Rosa, Icla, Petaca, Escarpment, Tupambi and Chorro in the Sub-Andean South and Pie de Monte regions.
He also touted the potential of the Copacabana, Tomachi and Tequeje formations in the Sub-Andean North.
Bolivia said recently that its proved natural gas reserves totaled 10.45 trillion cubic feet, which, according to Villegas, is sufficient to supply the domestic market and meet the country’s export requirements for the next 12 years.
Argentina and Brazil are the primary destinations for Bolivian gas exports.
Villegas said the Andean nation’s intensive hydrocarbon exploration program is aimed at replacing oil and gas reserves and incorporating new resources, with the work either carried out directly by YPFB or through partnerships with private energy companies.