LA PAZ, Dec. 20 (Xinhua) -- Bolivian President Luis Arce on Sunday welcomed the discovery of gas and oil through exploratory drilling of the Yarara X1 well in the department of Santa Cruz by the state company Yacimientos Petroliferos Fiscales Bolivianos (YPFB).

The president stressed that the discovery corresponds to a national project developed by the Bolivian oil company "with its own equipment."

The Bolivian oil company announced on Saturday that, after conducting tests, they successfully drilled to a final depth of 2,850 meters, where the presence of hydrocarbons was revealed in the Yarara X1 well. The project will allow an initial production of 300 to 400 barrels per day, according to the oil company.

During the technical inspection, YPFB Executive President Wilson Zelaya explained that the project was completed using the company's own resources.

"It seems small, but soon we will do the Yarara X2, Yarara X3, and a seismic (assessment) to correlate information from all the data that we will obtain in these three wells," Zelaya said.

The drilling project for the first exploratory gas well in Yarara X1 began in September 2019, and a production of 21 million cubic meters of gas per day was projected, according to YPFB. Enditem

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