Bolivian President Evo Morales confirmed the discovery of an oil and gas well in northern La Paz, nestled in the foothills of the Andes and the Amazon basin.

During a ceremony commemorating the 463 anniversary of the department of La Paz, Morales announced on Thursday that according to a seismic interpretation, there are about 50 million barrels of oil in the block Lliquimuni Centro X1.

It is just over 10 percent of the proven reserves of oil in Bolivia, estimated at 450 million barrels, according to a study by YPFB Petroandina SAM consortium, consisting of the Bolivia's state oil and gas company YPFB and Petroleos de Venezuela (PDVSA).

According to the study, trillion cubic feet of natural gas were also found.

The study, which required an investment of $ 100 million USD, includes work consisting of focal prospecting drilling to verify both findings.