Bolivia discovers huge natural gas field

Image source, Reuters

Image caption, Luis Arce has been leading the country since 2020
  • Author, Vanessa Buschschl眉ter
  • Role, 大象传媒 News

The president of Bolivia, Luis Arce, has announced the discovery of a huge natural gas field.

President Arce said the field had a capacity of 1.7 trillion cubic feet (TCF), making it the biggest discovery in the gas-rich country since 2005.

Natural gas exports are one of Bolivia's main sources of income but production has been dwindling in recent years.

The president said the new "mega field" would revive Bolivia's ailing gas industry and spell "a new chapter" for the region where it was discovered.

The head of Bolivia's state-run energy company, Yacimientos Petrol铆feros Fiscales Bolivianos (YPFB), called it a "new exploratory frontier".

Mr Arce announced the discovery less than a month after Bolivia was rocked by what appeared to be a coup attempt.

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The embattled president is hoping that the newly discovered gas will give the country a boost at a time of economic downturn.

With gas exports diminishing in recent years, Bolivia's foreign exchange reserves have dwindled as a result, while inflation has soared.

Fuel shortages and a cost of living crisis have angered voters who backed Mr Arce in the 2020 election hoping that the former economy minister would restore Bolivia's economy to the boom it experienced between 2005 to 2014, when gas prices were particularly high.

President Arce is expected to stand for re-election in next year's presidential poll, but the governing party is currently split between those who support him and those who support the former president, Evo Morales.