Today, during the St. Petersburg International Economic Forum (SPIEF-2016), Andrey Fick, Managing Director of Gazprom International, and Guillermo Acha Morales, Acting Managing Director of the Bolivian State Oil Company Yacimientos Petroliferos Fiscales Bolivianos (YPFB), signed an Agreement for the exploration of promising blocks of La Ceiba, Vitiacua and Madidi.
The document was signed in the presence of Alexey Miller, the Chairman of the Management Committee of Gazprom, and Luis Alberto Sanchez, the Minister of Hydrocarbons and Energy of Bolivia.
According to the terms of the Agreement, Gazprom International shall acquire the right to study geological and geophysical data within these blocks for one year. Based on the research results, feasibility reports for the projects will be prepared. Should Gazprom come to a decision concerning the feasibility of participation in the exploration and development of reserves of these blocks, Gazprom International will enter into operator contracts on a non-competitive basis.
"The gas market in Latin America and Bolivia in particular represents a serious investment interest for us. Therefore, the agreement that we signed today is an important step towards strengthening and developing our long-term cooperation. It indicates a high level of trust between our countries," Andrey Fick said at the end of the signing ceremony.
On the same day, Alexey Miller, the Chairman of the Management Committee of Gazprom, and Luis Alberto Sanchez, the Minister of Hydrocarbons and Energy of Bolivia, and Guillermo Acha Morales, Acting Managing Director of YPFB, signed the Road Map for the implementation of projects in Bolivia between the Russian corporation, the Ministry of Energy of Bolivia, and YPFB. The document sets out the following main areas of cooperation:
- Joint search and implementation of new projects in the field of geological exploration, production and transportation of hydrocarbons in Bolivia;
- Updating of the Gas Master Plan for the Bolivian gas industry until 2040;
- Development of the use of liquefied natural gas (LNG) in Bolivia;
- Training & Development of personnel;
- Involvement of Gazprom scientific centers and the development of the concept for the creation of a Research and Development Center of the Natural-Gas Industry in Bolivia.
Within the business programme of the forum, representatives of Gazprom International also visited a number of plenary sessions, round-table conferences and summits with the participation of Vladimir Putin, the President of the Russian Federation, Alexey Miller, Chairman of the Management Committee of Gazprom, heads of the world's leading energy companies, financial and industrial corporations and members of the investment and expert community.
Furthermore, on the margins of SPIEF, the management of Gazprom International, together with representatives of PAO Gazprom had a meeting with a delegation of the Vietnamese oil and gas group, Petrovietnam. The parties discussed the implementation of joint projects in Russia and Vietnam, as well as possible future areas of cooperation in the electricity sector.
Gazprom International is a 100-percent subsidiary, a specialized company of Gazprom for the implementation of international projects in the field of research, exploration and development of hydrocarbon deposits. The company carries out its activities in almost two dozen countries in the world on four continents.
In Bolivia, Gazprom International together with French Total E&P Bolivie and Argentine TecPetrol de Bolivia are developing the Incahuasi field located within the areas of Ipati and Aquio. Gazprom has a 20% interest in the project, while Total E & P Bolivie's has 50%, TecPetrol de Bolivia's - 20%, and YPFB Chaco- 10%. In addition and in cooperation with Total E&P, Bolivie Gazprom International is conducting exploration activities in the Azero block in the country's Central Pre-Andean Oil and Gas Bearing Basin. Gazprom and Total E&P Bolivie both have a 50% participating interest in the project at the stage of geological exploration as partners. .
In February 2016, Gazprom International and the Ministry of Hydrocarbons and Energy of Bolivia signed an agreement on updating the Gas Master Plan for the Bolivian gas industry until 2040. The document sets out the areas for the development of the country's fuel and energy sector in the field of exploration, production and processing of hydrocarbon raw material, as well as its transportation and sale are determined in the document.
The promising blocks of La Ceiba and Vitiaqua are located in the Chaco Oil and Gas Basin within the departments of Tarija and Chuquisaca in southern Bolivia. The Madidi block belongs to Beni Oil and Gas Basin and is located in the north of the country on the border with Peru.
St. Petersburg International Economic Forum (SPIEF) is the world's leading platform for contacts between representatives of the business community to discuss key economic issues facing Russia, emerging markets and the world in general.
SPIEF is visited by more than 10 thousand participants from Russia and abroad, including the Heads of State and Government, heads of the largest companies, as well as the world's leading experts from amongst representatives of various sectors of the economy, science, civil society and the media.
The forum has been held since 1997. Since 2006, it has been held under the auspices and with the participation of the President of the Russian Federation. This year SPIEF is being held on June 16 - 18 under the slogan ‘On the verge of a new economic reality’.