Error updating data source credentials to use a Service Account

This post is a duplicate of this original post, by User 16641805288232090424. 

As that post was deactivated with no answer and the same problem is happening to me, I took the liberty to duplicate the post in this new Looker Forum.

1. Manage added data sources.

2. Click on the username next to `Data credentials`.
3. Select `Service Account Credentials` and enter a valid service account in the form {account_name}@{gcp_project_id}.iam.gserviceaccount.com.
4. Click `Update`.
 
After a minute or two an error is displayed, stating:
 
We have encountered an error updating your data source credentials. Please try again in a few moments.
 
The issue is consistent for 3 specific dashboards.
 
Data location: EU
 
The Service Account has read access at the Dataset level for all tables referenced in the Custom Query for the Data Source.
 
The Service Account has the BigQuery User role on the Billing Project.
 
The Service Account has been successfully assigned as Data Source Credentials service account on other boards by the same user (the user is the Project Owner).
 
The query executes without issues in the BigQuery console processing < 2Gb and completing in approx 30s. 
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