Bolivia announces discovery new natural gas "megafield"

LA PAZ, Dec 24 (Reuters) - The Bolivian government announced on Thursday the discovery of 1 trillion cubic feet (TCF) of natural gas reserves to be exploited starting in 2021.

The new Boicobo Sur–X1 reservoir, located in the Caipipendi field of the southern department of Chuquisaca, is run by the Spanish company Repsol with participation from Shell and PAE.

"Mother nature is providing us with a megafield containing about 1 TCF in reserves," said President Luis Arce at a press conference.

The drilling of the well began in October 2019 with an investment of about $74 million, and reached more than 5,000 meters in depth.

Bolivia has 10.7 TCF of gas reserves that guarantees supply to the domestic market and its export commitments to Argentina and Brazil, according to official data.

(Reporting by Daniel Ramos Editing by Chizu Nomiyama)

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