BOLIVIA-ENERGY/DISCOVERY Bolivia's Morales announces discovery of oil in Santa Cruz

Record ID: 151788

  • Title: BOLIVIA-ENERGY/DISCOVERY Bolivia's Morales announces discovery of oil in Santa Cruz
  • Date: 19th June 2015
  • Summary: YAPACANI, BOLIVIA (JUNE 18, 2015) (REUTERS) RECENTLY DISCOVERED OIL FIELD VARIOUS OF BOLIVIAN PRESIDENT, EVO MORALES, INSPECTING THE OIL FIELD VARIOUS OF DRILLING RIG VARIOUS OF WORKERS AT THE OIL FIELD
  • Embargoed: 4th July 2015 13:00
  • Keywords:
  • Topics: General
  • Reuters ID: LVA8UW5MZDDLSR821CV4VQPVAJO2
  • Aspect Ratio: 16:9
  • Story Text: Bolivia's state-owned energy company YPFB and Spain's Repsol announced on Thursday (June 18) an oil discovery in the South American country with a production capacity of 6,500 barrels per day of crude from 2019 onwards.
    The discovery is the largest one of its kind in the past 23 years, according to government officials.
    "Thanks to YPFB ANDINA, a very important reservoir has been discovered which more than doubles the (country's) liquid hydrocarbon reserves. Nine million barrels were certified in 2009, 16 million in 2013 and now, if these 28 million barrels are certified, we will have 44 million, which represents a very important national prognosis," Hydrocarbons Minister, Luis Alberto Sanchez, said at a ceremony in Yapacani province on Thursday.
    Bolivian President, Evo Morales, said that production from the field, which will begin in 2017, will allow the government significant savings on subsidising hydrocarbons.
    "Now we will reduce the subsidies for hydrocarbons in Bolivia, given that there are new oil fields. But I also want to point out that the fall in global oil prices has helped us in terms of these subsidies, as when the prices were at their highest, it cost us more than 1 billion dollars, money which came out of the national budget. We have now reduced the subsidies, and with these new reserves, they will continue to be reduced," said Morales on Thursday.
    YPFB holds 51 percent of the deposit while Repsol has a 48 percent stake, leaving 1 percent for minority holders.
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