Gulf Oil and Gas accountACCOUNT

Echo Energy & YPFB Sign Evaluation Agreement for Rio Salado Block

Source: www.gulfoilandgas.com 10/15/2018, Location: South America

Echo Energy plc, the Latin American focused upstream oil and gas company, is delighted to announce the signature on Friday 12 th October 2018 of a Technical Evaluation Agreement (TEA) for the Rio Salado Block, onshore Bolivia, directly between Echo Energy plcand YPFB (Yacimientos PetroliferosFiscales Bolivianos).

Thisagreement was signed by Andres Brockman (Echo Regional Representative) and Oscar Barriga(President of YPFB) in the presence of James Thornton (Her Majesty's Ambassador to the Plurinational State of Bolivia) in Santa Cruz de la Sierra, Bolivia.

The work programme will include the interpretation and integration of three 2D seismiclines,acquired in 2015 / 2016 and only recently made available, which transect part of the block. These will be important in further refining the definition of a deep structure mapped across the Rio Salado and Huayco blocks.Management estimates for Original Gas In Place are 1.75 TCF(mean) for the whole structure,across both blocks.

At the end of the TEA period the Company will have the right to negotiate contract terms with YPFB for the Rio Salado licence should it elect to do so.

The Company is also pleased to announce that it is continuing the Joint Evaluation Agreement with Pluspetrol over the Huayco block. During the past 12 months Echo completed a full reprocessing of a 250 km 2 cube of 3D data across Huayco and part of Rio Salado. This was integrated into a 3D structural model, which will form the basis of the ongoing work with Pluspetrol.

The acquisition of an interest by Echo in Rio Salado remains contingent on final commercial terms being agreed. Accordingly the Company does not have an interest or the right to acquire any interestat this stage.

Fiona MacAulay, Chief Executive, commented: 'We are delighted to have signed the TEA with YPFB for the Rio Salado block, as well as extended our agreement with Pluspetrol regarding Huayco, given the potential we see running across both blocks. Much technical work has been done and we are pleased that by extending our agreement with Pluspetrol we have given ourselves time to further analyse what we still believe to be exciting potential as we evaluate newly available industry data across the licence areas.

Formation Evaluation News in Bolivia >>

Peru >>  2/17/2020 - Karoon Energy Ltd’s Marina-1 exploration well in Block Z-38 Tumbes Basin offshore Peru, has now drilled down to a depth of 3021mm MD near the top of t...
Argentina >>  1/27/2020 - President Energy (AIM: PPC) announces its new independently certified hydrocarbon reserves report on its assets in Argentina ("the Report") calculated...

Russia >>  1/27/2020 - Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is providing the following update on the prel...
Malaysia >>  1/22/2020 - Key areas for the 2020 Malaysia Licensing Round are covered by the PGS Sabah MC3D program. Data is available to evaluate the petroleum potential of th...

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

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


Bolivia Oil & Gas 1 >> 

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.