LA PAZ, June 5 (Xinhua) -- Bolivia's state oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB) said Wednesday it will open bidding for a world-class firm to quantify and certify the nation's natural and liquid gas reserves up to Dec. 31, 2013.
Luis Alberto Sanchez, YPFB's vice president of management, contracts and audit, said the company was working to define the terms of bidding.
YPFB estimates a total of 18.6 trillion cubic feet (TCF) by 2014 will be quantified and certified, given new hydrocarbon prospects and the exploration of new reserves assigned to YPFB.
As a result of the implementation of new national hydrocarbon policy and sustained plans for the development of fields that YPFB and operating companies were carrying out, the national quantified reserves increased to 11.2 TCF and 222.3 million barrels of oil by 2012, said Sanchez.
"As a result of the application of the new national hydrocarbon policy and the sustained plans for the exploration and development of fields that YPFB and operating companies are carrying out, the volume of national quantified reserves increased to 11.2 TCF and 222.3 million barrels of oil a day until 2012," said Sanchez.
"Quantified reserves are those the YPFB has calculated according to its own analysis," explained Sanchez. "Certification is done by an international firm that reviews all the information, including the YPFB's analysis and studies."
In 2012, new reserves were discovered at six sites. And two mega-fields, Margarita and Sabalo, were reclassified from probable reserves to proven reserves.
He added that in 2012, Bolivia consumed some 0.7 TCF of natural gas to meet the demands of domestic market as well as Brazilian and Argentine markets.
The Ryder Scott international firm certified that, up to Dec. 31, 2009, proven reserves of natural gas was 9.9 TCF and oil was 209 million barrels in Bolivia.
Reserve quantification and certification are a regular practice in the oil industry to calculate energy reserves according to three categories: proven, probable and possible.
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