State-owned oil company YPFB and private firms operating in Bolivia plan to drill a record 14 wells this year as part of oil and gas exploration projects, officials said.
"It is a record to be able to drill 14 wells, (a figure) that represents a great effort and an even greater challenge. As a result, we expect to make important natural gas and liquids reserves discoveries at depths that range from 2,000 to 6,000 meters (6,557 to 19,672 feet)," YPFB vice president for operations Jorge Marquez Ostria said.
Investment in exploration will total around $286 million this year, with $188.7 million coming from YPFB and the remaining $97.6 million from the private energy companies operating in the Andean nation.
Spain's Repsol, Brazilian oil giant Petrobras, BG Group and France's Total are among the companies exploring for oil and gas in Bolivia.
Four of the 14 wells to be drilled this year will be operated by YPFB Andina, in which Repsol has an interest; six wells will be drilled by YPFB Chaco, two by Argentina's Pluspetrol and two by YPFB Petroandina, in which Venezuelan state-owned oil giant PDVSA has a stake. EFE