Russian oil company Gazprom and French oil major Total (NYSE: TOT) have signed an MOU with Bolivia's state hydrocarbons company YPFB to invest US$4.5bn in a new natural gas project in Bolivia, a YPFB spokesperson told BNamericas, confirming local press reports.
The three companies will develop the project in the southeast of Bolivia, where Total is already producing natural gas from six wells, the spokesperson said.
Production from the project could reach 26Mm3/d.
YPFB will control a 60% stake in the project and Total and Gazprom will hold the rest, the spokesperson said, without breaking down how much each company will contribute to develop the area.
No timeframe has been announced for the project, but the companies are preparing to present a work program for the area in October, the spokesperson added.
Gazprom in March signed an agreement to explore in YPFB-reserved areas, BNamericas previously reported. The two companies held talks in 2007 to form a joint E&P company.
The Southern Cone is increasingly dependent on Bolivia for natural gas supplies as the country exports as much as 31Mm3/d to Brazil and 3.2Mm3/d to Argentina.
Analysts frequently cite declining investment for the country's production troubles.
No comments:
Post a Comment