Bolivia’s President Luis Alberto Arce announced on X a significant discovery of a natural gas field, calling it “the largest find in the country since 2005.” Bolivia’s state-owned hydrocarbons company YPFB described it as the biggest gas find in nearly two decades, potentially becoming the country’s third-largest producing field.
The discovery at the Mayaya Centro X1 natural gas field is estimated to contain 1.7 trillion cubic feet (TCF) of gas. This comes as a major relief, as Bolivia has experienced rapid declines in natural gas production in recent years and has struggled to find new resources. The country is currently facing social unrest due to a fuel shortage and a crunch in foreign currency reserves.
Once a top ten natural gas producer worldwide, Bolivia has now turned into a net importer of oil and gas. According to a 2023 warning by the Bolivian Institute of Foreign Trade, the country has become a net importer of hydrocarbons. Recent statistics show that Bolivia spent US$ 2.9 billion on diesel imports, while its earnings from natural gas exports were just US$ 2 billion.
Drilling at Mayaya Centro X1 began in November 2022 as part of an Upstream Reactivation Plan by YPFB. Tests at the drilling well confirmed the presence of gas and liquids in the middle and lower Copacabana and Tomachi formations.
The investment in the drilling project stood at US$ 50 million, and the discovery was made north of the Bolivian capital of La Paz, according to President Arce. He stated that the discovery “marks the beginning of a new chapter” for Bolivia’s northern region, adding that it offers hope for Bolivia to maintain its status as a significant natural gas exporter and enter a new era of oil and gas production. Bolivia has traditionally been a provider of natural gas to neighboring countries Brazil and Argentina.