Bolivian President Luis Arce announced on Monday the discovery of the country's largest natural gas deposit since 2005.
Arce tweeted in Spanish that the country was “hugely [natural gas] “It's an oil field north of La Paz and it's the third-highest producing field in the country,” the president said, adding that the well has “potential reserves” of 1.7 trillion cubic feet. (Related article: Federal court lifts Biden's ban on natural gas exports, but the federal government may not “lift a finger” anytime soon.)
They spent $500 million exploring the Northern Hemisphere and found absolutely nothing. Now, with an investment of about $50 million, the government has discovered a huge market in the Northern Hemisphere – the third largest market of all countries.
no… pic.twitter.com/0y5pFxLHY9
— Luis Alberto Arce Catacola (Lucho Arce) (@LuchoXBolivia) July 15, 2024
La Paz is Bolivia's capital, and Arce said in a tweet that the find was “the most important discovery since 2005.”
“[W]”This discovery puts La Paz into a whole different dimension because we will now have royalties as a productive sector,” he wrote.
The new natural gas field will contribute to the country's existing gas reserves, which reached 8.95 trillion cubic feet in 2018. according to He told Reuters, citing official data.
Bolivian government announces biggest natural gas 'giant field' discovery since 2005 https://t.co/TRPnyIEC5p pic.twitter.com/KwQaHK7pEA
— Reuters (@Reuters) July 15, 2024
Arce said the implications “give us hope of maintaining our country as an important gas exporter, promoting a second era of hydrocarbon production and positioning La Paz as a hydrocarbon-producing department.”
The country has been exploring ways to alleviate its current economic crisis, including fuel shortages, through foreign investment from resource-rich countries such as Russia and Brazil. report July 5th.
