The Bolivian government estimates the country's potential gas reserves at approximately 62 trillion cubic feet (1.75 trillion cubic meters), local media reports citing the Ministry of Hydrocarbons and Energy of Bolivia.
The Ministry's experts believe that the country’s key hydrocarbon resources are concentrated in the following three oil and gas bearing regions (departments): La Paz (over 560 billion cubic meters of gas), Tarija (over 500 billion cubic meters) and Santa Cruz (over 350 billion cubic meters).
At the same time, it was stated by the Ministry that these figures are an estimate that has not yet been officially certified the way it was done in December 2013 by GLJ Petroleum Consultants, a Canadian consulting firm. At that point, the proved natural gas reserves of Bolivia amounted to 10.45 trillion cubic feet (297 billion cubic meters), while oil and condensate reserves were at 211.4 million barrels (29.6 million tonnes).
It was previously reported that the Bolivian national oil and gas company Yacimientos Petroliferos Fiscales Bolivianos (YPFB) plans to invest nearly $5 billion in geological exploration over 2015-2019 to increase energy resource reserves by 7 trillion cubic feet (around 200 billion cubic meters). In order to reach this goal, the government has outlined a total of 86 geological exploration projects to be carried out at 63 prospective blocks with an approximate total reserve volume of 30 trillion cubic feet of gas (approximately 850 billion cubic meters), according to the estimates of Bolivia's Ministry of Hydrocarbons and Energy.
Gazprom cooperates with YPFB on the basis of the Memorandum of Understanding signed by the companies in 2007. Gazprom is represented in Bolivian projects by Gazprom International, its sole specialized company implementing upstream projects abroad.
Along with its partners, Gazprom International participates in the development of the Incahuasi field located within the Ipati and Aquio blocks as well as in geological exploration at the Azero block in the Central Pre-Andean oil and gas bearing basin.
Bolivia ranks third among top hydrocarbon producers of South America with a yield of over 20 billion cubic meters of natural gas per year, most of which is exported to Brazil and Argentina.