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Bolivia's natural gas reserves drop 48% in two years, report says

By Reuters News

LA PAZ, Nov 13 (Reuters) - Bolivia proven natural gas reserves have declined to 2.30 trillion cubic feet as of the end of last year, according to a report commissioned by state-owned energy company YPFB released on Friday.

The figure represents a 48% drop from the 4.48 trillion cubic feet (TCF) registered in the previous report, which was based on data through December 2023.


KEY NUMBERS

  • According to the latest report, Bolivia has a total of 2.76 TCF in both proven and probable gas reserves combined

  • The new figures come amid a prolonged drop in natural gas production, which for nearly 20 years drove the economy and was a key source of foreign currency through exports to Brazil and Argentina

  • Oil reserves were estimated at 57 million barrels, and condensate reserves at 67 million barrels

  • Lower hydrocarbon production has also diminished Bolivia's capacity to supply its domestic market

REACTION

  • "The level of reserves we are presenting today is the lowest level of certified reserves we have seen over the last 20 years," YPFB president Sebastian Daroca told a press conference

  • The country's minister of hydrocarbons and energy, Marcelo Blanco, said the figures were "catastrophic" and urged lawmakers to approve a new hydrocarbons law to spur investment

  • Bolivia's President Rodrigo Paz has warned that, without new investments to restore gas production, the country could face difficulties in guaranteeing energy supplies, including for electricity generation

  • "More than reserves, what should concern us is the country's production capacity, a crucial issue since reserves cannot be created in a single day. They must be developed over time," said Alvaro Rios, energy analyst at consulting firm Gas Energy Latinoamerica

  • Rios added that between the end of 2029 and the beginning of 2030, Bolivia may need to begin importing natural gas

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