The Bolivian state oil company YPFB will invest around 400 million dollars to drill gas wells and build facilities in a recently discovered "mega" natural gas field, the company reported.
The company estimates that production in the Mayaya field, which is believed to contain 1.7 trillion cubic feet (TCF) of natural gas, will begin in three to four years, YPFB said in a statement.
YPFB believes that the area, located north of La Paz, could have at least five other gas reserves of similar size, it added.
The development in Mayaya could meet the gas demand in western Bolivia, according to the company.
The discovery of the Mayaya field comes at a time of declining oil and gas production in Bolivia, which has affected the country's foreign exchange reserves.
Bolivian President Luis Arce announced the discovery of the gas reserve on Monday, which would make the field the third largest in the country, and promised to increase domestic production.
