Bolivia revealed on Wednesday that its natural gas reserves, which constitute a major source of state income, are about to run out, due to a lack of investments in exploration for new fields.
Armin Durgathen, head of state oil company YPFB, told reporters that the country has been suffering from a decline in production since 2014, adding, “There have not been many exploration projects.”
Bolivian President Luis Arce also warned Tuesday that production would fall “to the bottom.”
“We have lost a lot of gas reserves,” the president said during an event in the city of Oruro, noting that the reserves have not been replenished, “and therefore the country does not have the capacity to produce more.”
The latest available figures show Bolivia’s natural gas reserves at 8.95 trillion cubic feet.
Production decreased from 59 million cubic meters per day in 2014 to 37 million today, according to Durgathen.
Bolivia exports gas to Argentina and Brazil, in addition to supplying its domestic market.
According to the Bolivian Independent Institute for Foreign Trade, natural gas sales generated about $2.97 billion in 2022, more than the country’s mining and agricultural sectors.
Dorgathin said about $669 million will be invested in exploration this year.
During the presidency of Evo Morales, Bolivia in 2006 nationalized its gas reserves, which were under the control of Spanish, British, Brazilian and Argentine companies.
