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State Company Sees Signs of New Oil Province in Bolivia

Bolivian state-owned energy company YPFB said drilling of the Mayaya Centro-X1 IE stratigraphic well showed signs of the existence of a new oil basin in the northern sub-Andean region of the country.

According to YPFB president Armin Dorgathen Tapia, the well could lead to the identification of oil prospects and attract investments to the region.

“We are still waiting for the results at Mayaya Centro, but drilling is giving us very interesting indications of a new basin, an oil basin,” said Tapia.

He added Bolivia still has many opportunities in the southern sub-Andean area, including the Santa Cruz, Chuquisaca and Tarija regions, which can open new exploration frontiers.

Drilling of Mayaya Centro-1X IE is currently 93% complete. The prospect is targeting the Retama and Tomachi formations at depths of 5500 metres.

Since 2021, YPFB has been executing a programme to reactive its upstream operations in search of more hydrocarbon resources.

Natural gas production in Bolivia has been declining at a steady pace for nearly a decade, but new discoveries could help the South American nation reverse the trend

Source : UP Stream