About USD 887 million will be spent over the next few months in prospecting of 12 hydrocarbons blocks in order to increase Bolivia's gas reserves, reported Eulogio del Pino, Vice-President of state-run oil holding Petróleos de Venezuela (Pdvsa).

Bolivia, with 48.7 trillion cubic feet (TCF) of natural gas in proven reserves, exports the energy source to Brazil and Argentina.

The Andean country has the second largest reserves in South America behind Venezuela, which is in possession of 146 TCF. 

"The new prospecting program points to the addition of about 10 TCF to Bolivia's current reserves," said Del Pino during the handover of the first drill brought by Venezuela for state-run company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), DPA reported.