Repsol Announces Gas Discovery in Bolivia

Spanish-Argentine energy conglomerate Repsol YPF has announced the discovery of a new gas deposit in Bolivia. The production tests have registered flow rates close to 800,000 cubic meters per day, equivalent to 1% of the annual consumption in Spain.

Repsol YPF is the consortium operator with a 37.5% stake, alongside British Gas, which also has a 37.5% stake, and Panamerican Energy with 25%.

The company said that after 18 months of drilling and an investment of around $60 million, the Huacaya X-1 well where the deposit was discovered reached a final depth of 4,800 meters.

The discovery represents a significant increase in Bolivian gas reserves and will require additional investment for the delineation and complete development of the field, the company said.

The exploratory work is being developed within the framework of the October 2006 operations agreement with Yacimientos Petroliferos Fiscales Bolivianos, which came into force in May 2007.