Bolivia’s state-owned oil and gas company YPFB has announced a significant natural gas discovery at the Mayaya Centro X1 field, marking the country’s largest find in nearly twenty years and potentially becoming its third-largest producing field. President Luis Alberto Arce Catacora disclosed that the discovery contains an estimated 1.7 trillion cubic feet (TCF) of natural gas, the most substantial find since 2005.
In recent years, Bolivia has faced declining natural gas production, exacerbating fuel shortages and foreign currency reserve challenges. Once a major global natural gas producer, Bolivia has now shifted to becoming a net importer of oil and gas, as highlighted by the Bolivian Institute of Foreign Trade in 2023. The country spent $2.9 billion on diesel imports while earning just $2 billion from natural gas exports.
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President Arce’s leadership faced turmoil last month when a military coup attempt targeted the presidential palace. Despite these challenges, YPFB initiated drilling at Mayaya Centro X1 in November 2022 under the Upstream Reactivation Plan, investing $50 million in the project. Tests confirmed gas and liquid presence in the Copacabana and Tomachi formations.
Located north of La Paz, Bolivia’s capital, this discovery signifies a promising new phase for the northern region. President Arce expressed optimism that Bolivia can regain its status as a significant natural gas exporter and usher in a new era of oil and gas production.