LA PAZ – A new find of natural gas in eastern Bolivia ensures the supply of gas for Brazil and Argentina, the head of state-owned YPFB said Monday.
The gas, which was found by a consortium of YPFB and Spain’s Repsol, totals some 1 trillion cubic feet, Yacimientos Petroliferos Fiscales Bolivianos, or YPFB, chief Carlos Villegas said.
The field contains enough gas to supply all of Spain for 10 months, Repsol said in a statement released in Madrid.
The Bolivian government has a 50.4 percent stake in the YPFB Andina consortium, while Repsol has a 48.9 percent interest.
The field will contribute in a “significant way” to natural gas exports to Brazil and Argentina, currently 31 million cubic meters per day and 5 million cubic meters per day, respectively, Villegas said.
YPFB Andina plans to invest $50 million in the gas project, with production projected to possibly reach 1.5 trillion to 2 trillion cubic feet, the consortium’s general manager, Mario Arenas, said.
The field is in the Rio Grande region of the eastern province of Santa Cruz, where gas export facilities have already been jointly developed, opening the way for the new operations.
The latest find cements YPFB Andina’s position as Bolivia’s top oil and gas producer.
YPFB Andina already provided 39 percent of the natural gas consumed in Bolivia.
Bolivia achieved record production last month of 44.46 million cubic meters per day of gas, allowing it to meet the high wintertime demand for the fuel in Argentina and Brazil, Villegas said. EFE