Bolivia reached a historic milestone with the discovery of a new hydrocarbon basin in the north of the country

The following is a machine translation of a Ministry of Hydrocarbons and Energy release

Bolivia has reached a significant milestone with the discovery of a new hydrocarbon basin in the north of the country. This momentous discovery, resulting from the drilling of the Mayaya Centro-X1 (MYC-X1) well in the province of Caranavi, department of La Paz, marks the beginning of a new era in the country's energy exploration.

The hydrocarbon potential of this new discovery is estimated at 1.7 trillion cubic feet (TCF) of natural gas, only in the structure where the first well was drilled. According to the state-owned company YPFB, there are at least 5 similar structures nearby.

The newly discovered basin opens up a previously unexplored exploration frontier, which represents considerable potential for increasing Bolivia's revenues. This breakthrough not only reinforces the country's economic development, but also repositions the country as a key player in the international energy market.

The discovery in the Northern Subandean region is expected to be a driving force for economic growth, as it will open up new opportunities in the hydrocarbon industry. YPFB plans to invest approximately $400 million to develop facilities and drill three additional wells in the recently discovered oil system.

According to the state-owned company, this well demonstrated the existence of hydrocarbons in the Northern Sub-Andean region, opening up the possibility of expanding the exploratory frontier into a non-traditional area of the country. The production tests carried out in the well yielded positive results in the Tomachi formation, which reinforces the viability of the project and consolidates the potential of this new hydrocarbon zone.

In the short term, YPFB will also carry out three additional drilling projects, which include two delimiting wells in Mayaya and an exploratory well in an adjacent structure to the east. These advances represent a crucial step in the diversification and strengthening of the economy, and validate the effectiveness of the Upstream Reactivation Plan (PRU).