Bolivia Gas Reserves Show Slight Increase
Bolivia’s proved natural gas reserves have grown, albeit slightly, since they were last certified five years ago.
The South American country’s proved gas reserves were calculated at 10.7 trillion ft3 as at December 31, 2017, while its probable and possible reserves were 12.5 trillion ft3 and 14.7 trillion ft3, respectively, reported the daily Bolivian newspaper La Razon on August 30, citing a report produced by Canada’s Sproule International.
The most recent report shows a slight increase in the country’s proved gas reserves, which were calculated at 10.45 trillion ft³ in 2013 by GLJ Petroleum Consultants, and at 9.94 trillion ft³ in 2009 by Ryder Scott.
Bolivia’s total proved, probable and possible crude oil reserves were estimated at 376.1mn barrels, according to Sproule which was commissioned in February 2018.
Land-locked Andean Bolivia has supplied its Southern Cone neighbours Brazil and Argentina for many years but an up-tick in pre-salt gas and shale gas production, respectively, has helped boost domestic supplies in both those countries, putting in doubt their continued demand for Bolivian gas. Brazil and Argentina are the only gas export markets currently served by Bolivia.
The current gas reserve figures appear to allow Bolivia to fulfill its current gas export agreements with Brazil and Argentina and open the door for possible contract extensions, while also giving the country an opportunity to export gas volumes to Paraguay, La Razon reported, citing an announcement by Bolivia’s hydrocarbon minister Luis Alberto Sanchez during a gas forum in Santa Cruz at which he released the reserves report.
Although a number of liquefied natural gas terminals in the Southern Cone region will be receptive to procure gas imports, pricing will need to be competitive considering the closeness of the Bolivian reserves.
“Bolivia has potential conventional hydrocarbon resources of 132 trillion ft3 and close to 1,000 trillion ft3 of non-conventional resources,” Sanchez said, without citing the source of his figures. He also called on investors at the conference to convert these resources into reserves.