MercoPress. South Atlantic News Agency

Repsol YPF finds important natural gas field in Bolivia

Repsol YPF SA, Spain's largest oil company, discovered natural gas at a field in southeast Bolivia that may be large enough to supply the equivalent of 1% of consumption in its home country.

The Huacaya X-1 exploratory field demonstrated a gas flow of about 300 million cubic meters a year and may be similar in size to Repsol's Margarita X-1 field in Bolivia, the Madrid-based company said in an e-mailed statement Friday. Repsol and British Gas each own 37.5% of the group operating the field. Repsol, whose fields in Bolivia were nationalized this year, is continuing to seek oil and gas in Bolivia while devoting a greater portion of its exploration budget to regions outside South America, to diversify its risk. The company has rights to explore in 9,153 square kilometers of Bolivian territory, and to pump gas or oil in 2,284 square kilometers. Panamerican Energy has a 25% stake in the Huacaya field. "The field has good commercial development conditions", said Yussef Akly, spokesperson for Bolivia's Hydrocarbons Chamber. Repsol is believed to have invested 54 million US dollars since June 2006 in the field and stroke gas at a depth of 5.000 meters. The Margarita field, which is Bolivia's largest is operated by Repsol, British Gas and Panamerican Energy (British Petroleum), has a daily production of 1.64 million cubic meters of natural gas and is the main supplier to Brazil and Argentina. Bolivia's gas reserves, only second to Venezuela's are estimated in 1.36 trillion cubic meters, according to official data.