Bolivia reports mega-scale gas discovery

Bolivia

LA PAZ, July 16, 2024 – Bolivian state energy firm YPFB has made a massive natural gas discovery estimated at 48.2 bcm (1.7 tcf), President Luis Arce announced on Monday.

The Mayaya Centro-X1 IE find, located in the department of La Paz, is the landlocked country’s largest since 2005.

Drilling at Mayaya Centro-X1 IE began in 2022 and reached a depth of 6,000 metres. Exploration in the area entailed an investment of more than USD 44 million, the president said.

Bolivia has faced years of declining oil and gas production and, recently, widespread fuel shortages.

Plans at the La Paz mega-discovery include the drilling of three additional wells and the development of a 10-mcm-per-day pipeline network.

Production from Mayaya Centro-X1 IE could begin in the coming two to three years, according to YPFB president Armin Dorgathen Tapia.