Bolivia & Argentina Sign Exploration Agreement

Source: www.gulfoilandgas.com 1/16/2017, Location: South America

President Oilfield Fiscales Bolivianos (YPFB), William M. Acha and president of YPF, Miguel Angel Gutierrez, signed the Oilfield Services Contract for exploration and exploitation of the area Charagua.

Charagua is located in the department of Santa Cruz, in a traditional area with an area of 99,250 hectares, which estimates resources of approximately 2.7 trillion cubic feet (TCF) of natural gas.

"After signing this contract, it will be referred to the Plurinational Legislative Assembly for its authorization and respective approval under Article 362 of the Constitution," said the president of the Bolivian state oil company.

The Petroleum Services Contract of the Charagua Area contemplates a period of 40 years computable from its protocolization.

"It is a pleasure to have achieved this important step in the link we have with YPFB. For YPF, exploration is a strategic and fundamental element that will generate new investment projects to sustain the supply of natural gas to Argentina, "said YPF president Miguel Angel Gutierrez.

Should the expected commercial discovery be made, the total amount of investments to be made in exploration and exploitation activities would amount to approximately $ 1,177 million. If this commercial discovery were verified, a Mixed Economy Company (SAM) would be formed between YPFB and YPF E & P with a 51% shareholding in YPFB and 49% in YPF E & P.

Likewise, it would reach a maximum daily production of 10.2 million cubic meters a day and an estimated state oil revenue in the lifetime of the $ 12,368 million project.

By Law No. 858 of November 28, 2016, the Plurinational Legislative Assembly within the framework of the Political Constitution of the State authorized YPFB to sign the Petroleum Services Contract for the Exploration and Exploitation of Reserved Areas in favor of YPFB, corresponding to the Area Charagua, with the company YPF E & P de Hidrocarburos de Bolivia SA, a subsidiary in Bolivia of the Argentine company YPF SA.

The signing of the aforementioned contract was carried out at the offices of YPFB in the city of La Paz. The Minister of Hydrocarbons and Energy of Bolivia, Luis Alberto Sanchez, participated, among other officials and authorities of both companies.

Petroleum services contracts for the exploration and exploitation of hydrocarbons are part of the actions that the state oil company is carrying out to promote the exploration of hydrocarbons throughout the national territory.


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