Total, Gazprom and YPFB to Explore Azero Block in Bolivia
September 22, 2008
Total, Gazprom and Yacimentos Petroliferos Fiscales Bolivianos have signed a cooperation agreement to explore the Azero block within the framework of a joint venture company in which Total and Gazprom will own equal stakes.
The 4,764 square-kilometer Azero block is located in a new gas-rich province in the Andes foothills in southeastern Bolivia. It is next to the Ipati and Aquio blocks, where Total made a major natural gas find in 2004.
According to the companies, the agreement with Yacimentos Petroliferos Fiscales Bolivianos (YPFB) and Gazprom strengthens the position of Total, which has operated in Bolivia since 1996. The group holds stakes in six licenses in Bolivia.