A major oilfield has been discovered in Bolivia which holds up to 28 million barrels of crude and will triple the country’s oil reserves and bring nearly $1.7 billion into the state coffers, Venezuela’s teleSUR news agency reports.
The new oilfield — the Boqueron 4 oilfield, located in the Western province of Santa Cruz — is the first new oil discovery in Bolivia in 23 years, Bolivian President Evo Morales announced on Thursday.
Morales said that the breakthrough discovery “would have been impossible without nationalizing the country’s oil and gas reserves.”
“In 2013 our oil reserves stood at just 16 million barrels, while now they will reach 44 million,” Morales added.
Morales estimates that over the next decade that the new oil field will generate around $383 million in government revenue and $917 million in savings by ending various subsidies.
The new oilfield was discovered by the YPFB Andina Oil Company, which is 51 percent owned by the state and 48 percent by Spain’s Repsol.
Discussion
No comments yet.