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.
