Venezuela PDVSA To Explore 12 Oil Blocks in Bolivia

Venezuelan state oil company Petroleos de Venezuela (PDVSA) will explore 12 hydrocarbon blocks in Bolivia together with Bolivian state energy firm Yacimientos Petroliferos Fiscales Bolivianos (YPFB), PDVSA vice president, Eulogio Del Pino, indicated on July 30, 2008.

The companies will invest some $887 mln (568.1 mln euro) over the next months in search for oil and gas reserves that will be subsequently developed.

The exploration programme is aimed at adding a further 10 trillion cu ft of gas to Bolivia's current gas reserves, Del Pino said.

Bolivia's proven natural gas reserves are now estimated at 48.7 trillion cu ft.

The country produces some 40 million cu m of gas a day and exports the majority of that production to Brazil and Argentina.

Publication: Business Digest
Provider: AII Data Processing Ltd.
Date: July 31, 2008