Bolivia announces discovery of natural gas 'mega-field'
The Peninsula
La Paz: Bolivia has discovered a massive natural gas field with reserves of 1.7 trillion cubic feet, its biggest discovery of the fuel since 2005, Pre...
La Paz: Bolivia has discovered a massive natural gas field with reserves of 1.7 trillion cubic feet, its biggest discovery of the fuel since 2005, President Luis Arce said on Monday.
The South American nation, which was hit by an attempted coup last month, is battling a severe economic crisis due to a shortage of US dollars prompted by a dramatic drop in exports of natural gas -- once a mainstay of the economy.
The discovery amounts to enough gas to power Mexico or Italy for a year, according to 2020 consumption figures from the US Energy Information Administration.
Arce said during a public appearance that "we have discovered a mega-field" north of the capital La Paz, after a $50 million investment in exploration.
The reserve "is the most important discovery for Bolivia since 2005."
