Repsol has signed an operating contract with the
national Bolivian corporation YPFB (Yacimientos Petrol�feros Fiscales
Bolivianos), through its affiliate, Repsol Exploraci�n, to explore the so-called
Secure block, in the lower Andes of Bolivia, East of Cochabamba, in the
mid-western area of the country.
Repsol holds a 29.16% stake and operates
the block. The other members of the consortium are the Australian company BHP
(29.16%), the French ELF (29.16%) and the North american Maxus
(12.5%).
The contract signed with YPFB contemplates a minimum work
programme for the first three years, consisting of 400 Km. of seismic testing
and an exploratory well. The surface area of the block is 13,400
Km2.
Bolivia has recently begun a liberalization policy in
order to encourage foreign investment and this transaction will allow Repsol to
take advantage of new business opportunities arising from its markets, whilst
reinforcing its presence on the Latin American continent, where it also carries
out exploration activities in Colombia, Argentina, Venezuela and Peru. The two
latter countries have also recently introduced changes to set up a framework for
cooperation with foreign oil companies: Venezuela has established a study group
to investigate possibilities in new
regions for future concessions and, in
Peru, steps have been taken in conjunction with Perupetro, the state-owned
corporation controlled by the Ministry of Energy and Mines, which is in charge
of negotiating and endorsing oil contracts with foreign enterprise.
The
YPFB agreement was signed last December in La Paz, where Repsol recently opened
an office to coordinate all the Secure block exploration
activities.
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