LA PAZ – President Evo Morales and representatives of state-owned energy company YPFB inaugurated drilling operations at a new oil well in central Bolivia.
The ceremony was held Tuesday in Chapare, an area in the central region of Cochabamba that is a bastion of union and political support for the president.
The Bulo Bulo 16 well is being drilled with one of the three new rigs acquired by YPFB to explore for natural gas and petroleum, YPFB CEO Carlos Villegas said.
YPFB-Chaco, a unit of YPFB, is drilling the well and plans to drill in the San Miguel 1, San Miguel 2 and Bulo Bulo Profundo fields, all located in Chapare, Villegas said.
Bolivia recently certified its gas reserves at 10.45 trillion cubic feet.
The Andean nation’s reserves will allow it to meet domestic demand and supply foreign customers for the next 12 years, officials said.