MercoPress. South Atlantic News Agency

Bolivia's YPFB seeks partner for promising gas field

President Arce pointed out that the discovery supports the decision to explore historically neglected areas

The State-run Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) is advancing efforts to find an international partner to develop the Mayaya Centro gas field in La Paz, which has been deemed one of 2024’s top ten global discoveries in the sector.

Located in the Madre de Dios basin, the field holds an estimated 1.7 trillion cubic feet of natural gas and associated condensates, with potential for up to 7 trillion cubic feet in surrounding areas. YPFB aims to secure a partner, such as Petrobras, Fluxus, or Repsol, to provide technology and capital, targeting an initial output of 50 million cubic feet per day by 2028, sustainable for over 20 years. The project, part of the Upstream Reactivation Plan, is expected to boost Bolivia’s energy sector, reduce fuel imports, and enhance gas exports, though challenges include market volatility and the global shift to renewables.

In addition, the field has a potential of 1 trillion cubic feet of gas, with up to 6 trillion cubic feet in surrounding areas, equating to Bolivia's gas exports since 1998. This “mega-field” will help reduce hydrocarbon imports and bring 80% of Bolivia's fuel demand alongside biodiesel plants. Associated condensates will also be refined into various fuels.

The project has captured worldwide attention after being recognized by S&P Global Commodity Insights as one of the ten largest oil and gas discoveries last year.

YPFB Andina General Manager Raúl Eduardo Giraudo emphasized that this recognition validates the project's viability and opens up investment opportunities in under-explored areas such as Pando and Beni.

Meanwhile, YPFB President Armin Dorgathen confirmed the interest of foreign companies such as Petrobras and Fluxus, from Brazil, and Spain's Repsol, as the Bolivian company is considering an alliance to get the technology and capital to exploit these resources while sharing risks and speeding up production.

Dorgathen said this gas resource is a “turning point” for the country's hydrocarbons industry. President Luis Arce Catacora pointed out that the discovery supports the decision to explore historically neglected areas, thus opening a new chapter for the sector.