YPFB & Gazprom Signed Framework Agreement for Evaluation of Potential in 3 Areas

Source: www.gulfoilandgas.com 6/17/2016, Location: South America

Oilfield Fiscales Bolivianos (YPFB) and Russia's Gazprom, signed a framework agreement for evaluating the hydrocarbon potential of three areas reserved for the Bolivian state oil company. This important agreement was signed during the development of "International Economic Forum in St. Petersburg 2016", one of the highlights of the world on the economy of countries.

The president of YPFB, Guillermo M. Acha and the legal representative of GP Exploration and Production SL, Andrey Stepanovich Fick, signed the Framework Agreement which will allow the evaluation of hydrocarbon potential in areas Vitiacua, La Ceiba and Madidi.

The Vitiacua area is located between the departments of Santa Cruz and Chuquisaca and has an area of 73,875 hectares. La Ceiba area has an area of 47,500 hectares and is located in the department of Tarija. Both areas are in a traditional area. The Madidi area is the largest with 690,000 hectares and is located in a non-traditional area of the department of La Paz.

On February 18, 2016 Gazprom, YPFB and the Ministry of Hydrocarbons and Energy signed an Action Plan for the implementation of cooperation agreements among which is the joint search for the implementation of new projects in the field of exploration, production and transportation of hydrocarbons for subscription Studies Conventions, in order to evaluate the hydrocarbon potential in areas reserved for YPFB areas.

These studies will be carried out under the conditions laid down in agreements specific study of each of the above areas under full responsibility of the giant Gazprom E & P, it is estimated that in the event of a commercial discovery can further invest in the development of these areas other $ US 370 million.

These Conventions study and future contracts for exploration and exploitation of hydrocarbons, form a series of measures that YPFB is promoting a priority area as exploration under the new rules of the Law for the Promotion of Investment in Exploration and Exploitation hidrocarburifera.


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Related Categories: Formation Evaluation  General  Geological, Geophysical  Geophysical Contractors  Mud Logging  Reservoir Engineering & Recovery Methods  Seismic survey  Well Completion, Logging, Workover 

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