YPFB two exploratory cycles undertaken to discover new gas reserves

     La Paz, July 26 (ABI) -. President Bolivian Fiscal Oilfields (YPFB), Carlos Villegas, announced Saturday that the state oil company undertook two exploratory cycles to replenish and discover new hydrocarbon reserves for the next 10 years.

     "We have two exploratory cycles that allow us to discover new reserves to replenish and add new reserves. That is one of the major challenges today is YPFB" he said.

     Villegas said proven natural gas from Bolivia to 10.45 trillion cubic feet (TCF), certified by GLJ Petroleum Consultants Canadian company at December 31, 2013, reserves ensure the present and future of Bolivia.

     "Proved oil and gas reserves today constitute the wealth of Bolivia, in Grandma's jewelry and for that reason Reservoir has the best of care and related management to manage, discover and replenish reserves" , he said.

     He recalled that in 2005 the Bolivian population reported that Bolivia had large reserves that would allow Bolivia to place it in the powerhouse of South America and in 2009 the Government instructed YPFB certify reserves as of December 31 of that year.

     "Previous governments told us that Bolivia had tested above the 26 TCF reserves, but there were facts which stated that this was not a reality and that is why the decision to certify reserves at December 31, 2009 was taken, giving as it results that Bolivia had 9.9 TCF "she recalled.

     In this context, Villegas said that under this perspective, was able to double natural gas production of 33 million cubic meters per day (MCF) of gas in 2005 at an average of 64.75 MMmcd in 2014, with a capacity MCF 66 production.

     "That means consumption of reserves during 2010, 2011, 2012 and 2013. Four years we've spent 2.4 TCF of natural gas, and we had a certification of 9.9 TCF, which, if we do an operation arithmetic we would have reserves of 7.5 TCF, "he said.

     He said that the passing of time consumed hydrocarbons and Bolivia parallel explored to discover reserves that allowed replenish what consumed about 2.4 TCF.

     "We have parts and we have also added new reserves have now 10.45 TCF" he said.
Red central-cta/clm ABI