LA PAZ – Bolivian President Evo Morales announced on Tuesday the discovery of up to 3 million cubic meters of natural gas in a field in the southeastern province of Chuquisaca operated by Spanish multinational energy company Repsol.
Morales revealed the find during a press conference in Sucre, the provincial capital, where he was accompanied by regional officials and the head of state oil company YPFB, Guillermo Acha.
While drilling at the Huacaya II site is still short of the planned 5,900 meters (19,344 feet), the results already confirm “a presence of hydrocarbons,” Acha said.
Repsol recently said it expected to complete drilling at Huacaya II in December and that the well would enter production sometime in the first half of 2017.
Huacaya II will boost Chuquisaca’s natural gas output from 6 million to 9 million cubic meters per day, Morales said, adding that Repsol executives will join Bolivian officials to provide more information at an event tentatively scheduled for next Monday.
The new well is part of the Caipipendi concession, straddling Chuquisaca and Tarija provinces, operated by Repsol with partners British Gas and Pan American Energy, an Anglo-Argentine firm.
Caipipendi accounts for roughly a third of Bolivia’s total gas output of 60 cubic meters per day. The bulk of the production from the concession is exported to neighboring Brazil and Argentina.