Bolivia Invests $17.4Mln In Exploratory Well Drilling - President

Muhammad Irfan Published August 09, 2021 | 04:42 PM

Bolivian state-owned oil and gas company YPFB has begun drilling an exploratory well in the municipality El Sena of the northern Pando department in a bid to estimate the hydrocarbon potential in the area, the country's President Luis Arce said

MOSCOW (UrduPoint News / Sputnik - 09th August, 2021) Bolivian state-owned oil and gas company YPFB has begun drilling an exploratory well in the municipality El Sena of the northern Pando department in a bid to estimate the hydrocarbon potential in the area, the country's President Luis Arce said.

"We started the exploratory drilling of the Gomero X1 IE well in the Sena, Pando. We invested $17.4 million through our state YPFB company to assess the hydrocarbon potential of this area," the president tweeted on Sunday.

The results of the drilling in the Amazonian part of the country will be known in approximately 48 days, Luis Arce added.

According to YPFB, the project dates back to 2013 when the largest seismic study of the Madre de Dios River was initiated.

This study is aimed at exploring the resource potential of the northern part of the country.

"The results obtained during the survey will form the technical basis for projecting other exploratory studies, as well as well development projects aimed at discovering and incorporating new hydrocarbon reserves," YPFB said.

Last December, YPFB reported that they successfully drilled to a final depth of 2,850 meters (9,350 feet), where the presence of hydrocarbons was revealed in the Yarara X1 well located in the town of Yapacani in the eastern department of Santa Cruz. The well has a potential of 13.7 million barrels of oil and 76.8 trillion cubic feet of natural gas.