Bolivia's embattled president on Monday announced the discovery of vast natural gas reserves, describing it as the biggest find in nearly two decades that could help the cash-strapped country reverse its falling production.
President Luis Arce called the trove just north of the capital a mega field," saying it has some 1.7 trillion cubic metres of gas at a likely market value of $6.8 billion.
He said the field named Mayaya X-1 is way to revive the gas industry. That was the engine of robust growth in the early 2000s, a period of booming exports and declining poverty that experts have termed Bolivia's economic miracle.
This marks the beginning of a new chapter for the northern sub-Andean region, offering hope of maintaining our country as an important gas exporter, said Arce, who is the alleged target of a military coup attempt last month and the main focus of anger among Bolivians over shortages of fuel and foreign currency. "It's the most important discovery since 2005.
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