PDVSA and YPFB to Operate Fields in Bolivia—Report

Caracas (Platts) 10 October 2006

Venezuelan state oil company PDVSA and Bolivian state oil company YPFB will operate four oil fields in Bolivia under a joint venture agreement, Venezuelan daily El Nacional said in a report Tuesday.

The two companies signed a letter of intention to operate the Aguarague, Iniguazu, Inau and Tiacia fields, which cover a total of 369,975 hectares, the report said.

Both countries signed an MoU to create a joint venture in which YPFB will have 51% and PDVSA will have 49% participation, the report said. The companies will begin operating the fields after their reserves are quantified, the report said.

The two companies will also build a $70 million natural gas plant in Rio Grande that will process 200 million ft3/day of gas, the report said.
The Bolivian presidential office website said last week that Venezuelan President Hugo Chavez and Bolivian President Evo Morales will inaugurate the construction of a natural gas separation plant on October 13 in Rio Grande. That statement said the plant would cost $130-$150 million and would allow Bolivia to satisfy its domestic market for natural gas.

According to El Nacional, PDVSA and YPFB will also build another $100 million natural gas plant in Tarija that will process 278 million ft3/day.
PDVSA also plans to provide YPFB with technical assistance to restructure the company, to evaluate and develop projects, to supply technology and to collaborate in the area of human resources, the report said.

The two companies also plan to sign joint ventures in E&P, refining and distribution, the report said.


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