LatAmOil: YPFB reports major gas find

Bolivia’s national oil company (NOC) YPFB announced on August 6 that it had made a significant natural gas discovery at the Remanso field.

The newly found gas field, situated in the Okinawa region of the Warnes province within the Santa Cruz department, has resources estimated at 700bn cubic feet (19.8bn cubic metres) of gas and 52mn barrels of liquids, Bolivian President Luis Arce was quoted as saying in a press release from YPFB. According to Arce, the discovery has the potential to inject $5bn into the nation’s economy.

This discovery comes after almost four decades since the initial drilling and capping of the Remanso-X1 (RMS-X1) exploration well in 1984. YPFB returned to this site armed with updated seismic data and undertook a re-entry into the well. This revealed substantial volumes of gas, leading to the reclassification of the well as a commercial find, the company announced.