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.
“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