LA PAZ Compaņia Mexicana de Exploraciones S.A. (Comesa), in which state-owned oil giant Pemex owns a majority stake, is looking at 25 areas in Bolivia for 10 projects to drill for oil and natural gas, Bolivian state-owned oil company YPFB said.
Comesa is conducting 2D and 3D seismic studies to obtain images of the subsoil and identify locations for exploratory wells, YPFB said in a statement.
Bolivia needs to find new petroleum and natural gas reserves, YPFB chief Carlos Villegas said.
The Andean nation has a potential 60 trillion cubic feet of natural gas and 2.5 billion barrels of petroleum and condensates, Villegas said.
GLJ, a Canadian consulting firm, is in the process of certifying Bolivias proven gas reserves.
YPFB estimates that Bolivia has around 11.2 trillion cubic feet of the clean-burning fuel.
This level of reserves will allow Bolivia to meet domestic energy demand and supply Brazil and Argentina with gas until 2023, YPFB said.
Some analysts, however, contend that shortages will be felt starting in 2017 unless new reserves are found.