LA PAZ – Brazilian oil giant Petrobras plans to invest more than $2 billion in gas exploration projects in three areas in southern Bolivia, state-owned oil company YPFB said.
Petrobras will be focusing on the San Telmo, Astillero and Sunchal areas in Tarija, a region on the border with Paraguay and Argentina, YPFB CEO Carlos Villegas said in a statement.
“These three areas in the department of Tarija are of great importance because the studies done have produced good results on reserves (of gas). It is estimated that Sunchal has a potential of 1.68 trillion cubic feet (TCF), Astillero (has) 1.05 TCF and San Telmo (has) 3.26 TCF,” Villegas said.
Petrobras’s gas exploration contracts for the Astillero and San Telmo areas have been approved, while Congress is reviewing the agreement covering the Sunchal area.
Other energy companies, including Spain’s Repsol, Britain’s BG Group and Petroandina, a company in which YPFB and Venezuela’s PDVSA own stakes, have been exploring for gas in recent years in different areas in Tarija, Villegas said.