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    Bolivia's President Evo Morales delivers a speech to delegates at the People's Summit, in Panama City, Friday, April 10, 2015

    Bolivia Strikes Big Oil - Morales

    © AP Photo / Arnulfo Franco
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    A major new oilfield has been found in Bolivia, the first in 23 years, Presider Evo Morales announced on Thursday.

    The Boqueron 4 oilfield in the country’s natural gas-rich western Department of Santa Cruz holds up to 28 million barrels of crude, which is enough to triple the country’s known oil reserves and bring nearly $1.7 billion into the state coffers.

    The Boqueron 4 oilfield was discovered by the YPFB Andina Oil Company, 51 percent owned by the state and 48 percent – by Spain’s Repsol, with minority investors holding the rest.

    President Morales said that the breakthrough “would have been impossible without nationalizing the country’s oil and gas reserves”.

    “In 2013 our oil reserves stood at just 16 million barrels, while now they will reach 44 million,” Morales added.

    Related:

    Gazprom, Total Set to Explore New Regions of Bolivia for Gas
    Bolivia Set to Sign Cooperation Deal With Russia's Rosatom
    Tags:
    new oilfield, Boqueron 4, Repsol, YPFB Andina Oil Company, Evo Morales, Bolivia
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