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New gas field found in east Bolivia

A new gas field has been found in east Bolivia, which will have a production capacity of 2.4 million cubic meter per day by October, Bolivian President Evo Morales said on Thursday.

The new field, called Tacobo and operated by Argentine Pluspetrol, is located in San Isidro, the Bolivian eastern province of Santa Cruz, with oil and natural gas reserves. Accompanied by Hydrocarbon Minister Carlos Villegas, Morales made the announcement in a press conference held at the government palace in Bolivia’s western city of La Paz, which is the seat of government. Pluspetrol had invested some $36 million by March 2007 to drill the new 6,000-meter-deep well, Morales said. Meanwhile, Villegas said Pluspetrol’s officials believed the field would produce 2.4 million cubic meters of gas daily by October 2008, although the beginning of production may be extended until early 2009.

Bolivia produces some 40 million cubic meters of gas daily, but its domestic market demands and its exports to Brazil and Argentina total 46.7 million cubic meters daily. (