LA PAZ – The consortium made up of Bolivian state energy firm YPFB and Spain’s Repsol-YPF announced a new gas find in eastern Bolivia, saying they expect the well to yield 6.3 million cubic feet per day.
The discovery was the second made by the YPFB Andina consortium at the Rio Grande field, located 60 kilometers (40 miles) southeast of the eastern city of Santa Cruz, YPFB said in a statement Friday.
Drilling at the Rio Grande-81 well was concluded over 79 days and reached a depth of 3,680 meters (12,065 feet).
Preliminary estimates show output of 6.3 million cubic feet per day of natural gas and 250 barrels per day of oil, volumes slightly higher than those of the RGD-22 well, discovered in August at Rio Grande.
The field, discovered four months ago, is estimated to hold 1 trillion cubic feet of gas, which is equivalent to 10 months of consumption in Spain and has a market value of $5 billion.
“This new discovery will allow YPFB Andina to further consolidate its position as a leading producer of Bolivian hydrocarbons, with a greater than 40 percent share of nationwide natural gas production and a 37 percent share of condensate output,” the statement read.
The Bolivian government holds a 50.4 percent stake in the YPFB Andina consortium, while Repsol has a 48.9 percent interest.
This discovery will enable Bolivia to guarantee domestic supplies as well as ensure exports to Brazil and Argentina, the only foreign buyers of Bolivian gas.