Alexey Miller, Chairman of the Gazprom Management Committee, Luis Alberto Sanchez Fernandez, Bolivian Minister of Hydrocarbons and Energy, and Guillermo Acha Morales, President of Yacimientos Petroliferos Fiscales Bolivianos (YPFB), today at the St. Petersburg International Economic Forum 2016 signed a Road Map between Gazprom, Bolivia's Ministry of Hydrocarbons, and YPFB for implementing projects in Bolivia.
The document sets out the basic measures for broadening cooperation in the following areas:
*joint development and implementation of new projects for hydrocarbon exploration, production, and transportation in Bolivia;
*updating of the General Scheme for the Bolivian gas industry development until 2040;
*promotion of LNG use throughout Bolivia;
*staff training and development; and
*utilization of the potential of Gazprom's scientific centers and preparation of the concept for creating a scientific and technical gas industry center in Bolivia.
Also today, Andrey Fick, Managing Director of Gazprom EP International B.V., and Guillermo Acha Morales signed an Agreement to explore the La Ceiba, Madidi, and Vitiacua blocks. According to the document, Gazprom EP International B.V. will be granted the right to study the geological and geophysical materials from the abovementioned blocks for one year. The materials will be used for feasibility studies. If Gazprom decides to take part in the geological exploration and development of those blocks, Gazprom EP International B.V. may enter into operator contracts for selected blocks on a non-tender basis.
"Today, Gazprom and Bolivia confirmed their mutual commitment to enhancing their strategic cooperation in the oil and gas sector. Our presence in Bolivia will stimulate the dynamic growth of the country's energy market and facilitate its social and economic development," said Alexey Miller.
Background
Gazprom's interests in Bolivian projects are represented by Gazprom EP International B.V., a specialized company aimed at implementing hydrocarbon prospecting, exploration and development projects outside Russia.
Gazprom in partnership with Total E&P Bolivie and TecPetrol de Bolivia participates in the projects for the development of the promising Ipati and Aquio oil- and gas-bearing blocks where the Incahuasi field is located. Gazprom holds a 20 per cent stake in these projects, Total E&P Bolivie - 50 per cent, TecPetrol de Bolivia - 20 per cent, and YPFB Chaco - 10 per cent.
Gazprom together with Total E&P Bolivie also implements a hydrocarbon prospecting and exploration project in the Acero block. The project's shareholding structure at the geological exploration stage is as follows: Gazprom - 50 per cent and Total E&P Bolivie - 50 per cent.
In 2016, Gazprom inked the Agreement on strategic cooperation with YPFB, as well as the Memorandum of Understanding to promote the use of liquefied natural gas with the Bolivian Ministry of Hydrocarbons.
The La Ceiba and Vitiacua blocks are located in the Chaco oil- and gas-bearing basin in the southern part of Bolivia (Tarija and Chuquisaca departments). The Madidi block is part of the Beni oil- and gas-bearing basin in the northern part of the country.
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Source: Equities.com News
(June 20, 2016 - 3:20 AM EDT)
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