LA PAZ – French oil major Total says it plans to raise its investment in Bolivia to achieve production of 6 million cubic meters (211.5 million cubic feet) of natural gas per day at the Itau field.
Total’s exploration and production director, Yves Louis Derricarrere, announced that target for Itau, which is 75 percent owned by Total and 25 percent owned by BG Group and is due to come online in January with output of 1.5 million cmd.
Derricarrere and other company executives met Tuesday with Bolivian President Evo Morales.
“We’ve had talks with President Morales to present different projects through which we want to continue investing in this country,” the official ABI news agency quoted Derricarrere as saying.
Total, operating alone or in partnership with other energy companies, participates in 60 percent of Bolivia’s overall gas production, which exceeds 40 million cmd.
State-owned energy firm Yacimientos Petroliferos Fiscales Bolivianos said in a report that on Jan. 1, 2011, Itau will begin producing 1.5 million cmd of gas and 1,060 barrels of condensate.
Itau’s natural gas output is due to rise to 3.5 million cmd and 5 million cmd in 2013 and 2015, respectively, YPFB said. EFE