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Oil exploration campaign kicks off in Bolivia’s Amazon

Staff writer |
Bolivian state-owned energy company YPFB has begun an oil exploration campaign in the northwestern Amazonian region of Pando, which is projected to contain some 50 million barrels of crude.

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This is or more than the country’s current reserve base of 34 million barrels.

President Evo Morales kicked off the campaign with a ceremony in that region that was also attended by Hydrocarbon Minister Luis Alberto Sanchez and YPFB chief Guillermo Acha.

Chinese company Sinopec will conduct 2D seismic surveys over 400 days in the Madre de Dios basin, located in the municipalities of Sena and San Lorenzo, to determine the ideal sites for exploratory well drilling.

YPFB plans to invest $48 million in the unprecedented crude exploration campaign in that Amazon region.

The region’s indigenous communities quickly approved the exploration work in legally required consultations, according to Morales, whose administration has encountered opposition to oil prospecting from Indians in other parts of the country.

YPFB is conducting intense crude exploration efforts because its 10.45 trillion cubic feet of natural gas reserves are projected to be exhausted in a decade at the current pace of consumption.

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