President Luis Arce of Bolivia has announced the discovery of a large natural gas field with a capacity of 1.7 trillion cubic feet (TCF), marking the country’s biggest find since 2005. Natural gas exports are crucial for Bolivia’s economy, but production has been declining in recent years.

President Arce stated that this new “mega field” would revitalize the struggling gas industry and represent “a new chapter” for the region.

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The head of Bolivia’s state energy company, Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), referred to it as a “new exploratory frontier.”

This announcement comes less than a month after a reported coup attempt against President Arce, who is hopeful that this discovery will help boost the economy amid downturns.

With gas exports falling, Bolivia’s foreign exchange reserves have decreased, leading to rising inflation. Fuel shortages and a cost-of-living crisis have frustrated voters who supported Arce in the 2020 election, hoping he would restore the economic boom seen between 2005 and 2014 when gas prices were high.

President Arce is expected to seek re-election next year, but his party is currently divided between supporters of him and former President Evo Morales.