Page 11 - LatAmOil Week 06 2023

LatAmOil GUYANA LatAmOil

CGX and Frontera have said that Wei-1 will company’s top priorities was “to build on our
allow the partners to appraise the light crude Kawa-1 light oil and condensate discovery with
oil and gas condensate discovery announced at the Wei-1 well, our second exploration well off-
Kawa-1 last year. However, the new exploration shore Guyana.”
well will also give them the opportunity to assess CGX and Frontera are working at Corentyne
the prospectivity of the northern section of the via a joint venture that holds the licence for the
Corentyne block, which lies adjacent to the pro- block. Last year, the partners said the joint ven-
lific Stabroek block. ture had encountered 69 metres of net pay in
Orlando Cabrales, Frontera’s CEO, was the Maastrichtian, Campanian, Santonian and
quoted in the statement as saying that one of his Coniacian horizons of the Kawa-1 well. ™

BOLIVIA
Head of YPFB says Bolivia is in no danger

of becoming a net natural gas importer

YPFB, the national oil company (NOC) of plans to invest $325mn in YPFB. These funds
Bolivia, has dismissed speculation about the will be used to advance the company’s efforts to
possibility that the country might lose its status explore new fields and also boost production,
as an exporter of natural gas and become a net he said.
importer by 2030. “Saying we’re out of gas is a miscalculation,”
Last week, YPFB’s President Armin Dor- Dorgathen wrote. “Despite the natural decline in
gathen described such predictions as overblown, production, this situation is about to be reversed
saying that Bolivia could overcome obstacles to as we start drilling new wells and discovering
success through investments in its production other reservoirs. We’re working on it.”
capacity. He was responding to a new report According to Wood Mackenzie, Bolivia’s total
from UK-based Wood Mackenzie, which has gas exports have fallen by 40% since 2015. The
argued that the country may not even be able to South American country did export $2.75bn
extract enough gas to cover domestic demand worth of gas between January and November
and export commitments within a few years. 2022, but its output levels have since decreased.
In a note, Dorgathen conceded that Bolivia’s Decline is also evident elsewhere. Bolivia
gas production and export levels had dropped may still Brazil’s largest external gas supplier, but
in recent years. He also stressed, though, that YPFB’s gas exports to Brazil have slumped from
the South American country’s government had a peak of 30mn cubic metres a day to 20 mcm
responded to these developments by pursuing per day since May 2022.

Bolivia currently exports gas to Brazil via a cross-border pipeline (Image: TBG)

Week 06 08•February•2023 www. NEWSBASE .com P11