14/06/2018
Press release: Gazprom and Bolivia stepping up cooperation in oil and gas sector
A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Evo Morales, President of the Plurinational State of Bolivia, took place today at the Company’s office in Moscow.
Evo Morales and Alexey Miller
The parties expressed appreciation for the ongoing implementation of joint projects for hydrocarbon development in Bolivian territory and discussed the opportunities for increasing the output of the Incahuasi field. Special emphasis was placed on the joint plans for geological exploration in the promising Vitiacua oil and gas block.
Alexey Miller (second left)
The meeting participants noted the cost-effectiveness and eco-friendliness of natural gas compared to other fossil fuels and spoke about its potential in a variety of applications, reviewing the joint plans for NGV market development in Bolivia.
Evo Morales (second right)
At the end of the meeting, a number of documents aimed at expanding cooperation between Gazprom and Bolivia in the oil and gas sector were signed in the presence of Alexey Miller and Evo Morales.
Vitaly Markelov, Deputy Chairman of the Gazprom Management Committee, and Luis Poma, Vice President for Contract Management and Supervision at Yacimientos Petroliferos Fiscales Bolivianos (YPFB), signed an Agreement of Strategic Cooperation. The document envisages joint efforts in a wide range of areas: geological exploration, gas production and hydrocarbon transportation across Bolivia, development of the national gas and oil transportation infrastructure and NGV market, exchange of experience and personnel training, and sci-tech collaboration.
Luis Poma and Vitaly Markelov at signing ceremony
Andrey Fick, Managing Director of Gazprom EP International B.V., and Luis Poma inked a Term Sheet regarding the contract for exploration and production in the Vitiacua oil and gas block. The signing will allow the companies to start drafting the main design documentation.
Luis Poma and Andrey Fick at signing ceremony
Alexey Tyupanov, CEO of EXIAR, and Luis Alberto Sanchez, Minister of Hydrocarbons and Energy of Bolivia, signed a document to secure financing for supplies of gas-fueled machinery and equipment produced by Russian manufacturers.
Luis Alberto Sanchez and Alexey Tyupanov at signing ceremony
In addition, Evo Morales visited the Central Control Room of Gazprom and viewed a presentation on the operation of Russia’s Unified Gas Supply System – the largest gas transmission network in the world.
Background
Bolivia is the third-largest hydrocarbon producer in South America, extracting over 20 billion cubic meters of natural gas per year.
Gazprom's interests in Bolivian projects are represented by Gazprom International B.V., a specialized company aimed at implementing hydrocarbon prospecting, exploration and development projects outside Russia.
Gazprom in partnership with Total S.A. (50 per cent, project operator), Tecpetrol S.A. (20 per cent), and YPBF (10 per cent) develops the promising Ipati and Aquio oil- and gas-bearing blocks, within which the Incahuasi field is located. Gazprom (50 per cent) and Total (50 per cent) also implement a hydrocarbon exploration project in the Azero block.
In 2016, Gazprom, Bolivia's Ministry of Hydrocarbons and Energy, and YPFB inked the Roadmap for implementing Bolivia-based projects for hydrocarbon exploration, production, and transportation in Bolivia and updating the General Scheme for the Bolivian gas industry development until 2040. Gazprom and the Bolivian company also cooperate in personnel training and retraining.
In 2016, Gazprom and YPFB inked the Agreement to explore the promising La Ceiba, Vitiacua and Madidi blocks. The La Ceiba and Vitiacua blocks are situated in the Chaco oil- and gas-bearing basin in the southern part of Bolivia (Tarija and Chuquisaca departments).
The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in late 2011, becoming Russia’s first export credit agency.
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