22 January 2014 22:39 [Source: ICIS news]
LONDON (ICIS)--Bolivia will build a new refinery in the northwestern department of La Paz following the discovery and forthcoming exploration of oil and gas reserves in the nearby Lliquimuni block, government press agency Agencia Boliviana de Informacion (ABI) said on Wednesday.
The proposal was announced by President Evo Morales during his annual address to the nation’s legislative assembly, the agency said.
“We have discovered oil in the north of La Paz, and are obliged to use the best technology to install an oil refinery in the department,” ABI cited Morales as saying in his speech.
Details of the proposals were not announced.
The Lliquimuni block is estimated to hold 50m bbl oil and 1 trillion cubic feet (tcf) of natural gas, according to preliminary reports drawn up by state-run oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB), ABI said.
YPFB will begin drilling at the site later this year following the completion of clearing and preparation work, the agency said.
YPFB operates Bolivia’s two largest refineries – the 27,500 bbl/day Gualberto Villarroel and the 20,000 bbl/day Guillermo Elder Bell.
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