Bolivia has announced a major natural gas discovery with a capacity of 1.7 trillion cubic feet (TCF), making it the biggest discovery in the gas-rich country since 2005.

The discovery brings hope for Bolivia to resolve its fuel shortage crisis and foreign currency crunch, as well as regain its position as a major natural gas exporter.

The $50 million investment in the drilling project is seen as a significant step towards economic recovery and a new era of oil and gas production in Bolivia.

President Arce said the new "mega field" would revive Bolivia's ailing gas industry and spell "a new chapter" for the region where it was discovered.

This discovery comes less than a year since YPFB announced that operations in the Remanso-X1 (RMS-X1) well will allow the well to be classified as the discoverer of a new field in the Okinawa area. 

KeyFacts Energy: YPFB Bolivia country profile   l   KeyFacts Energy: Discovery news