YPFB Andina discovers new Rio Grande gas reserves

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Monday, December 13, 2010

Bolivian state hydrocarbons company YPFB subsidiary YPFB Andina announced the discovery of new gas reserves from the Rio Grande 81 (RGD 81) well in the Rio Grande field contract area.

The news follows 79 days of drilling to 3,680m to reach the Iquiri formation, the NOC said in a statement.

RGD 81 is a follow-up to RGD 22, at which Spain's Repsol YPF (NYSE: REP) announced a gas discovery in August of 1Tf3 (28.3Bm3).

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According to preliminary data from RGD 81, production reaches 6.3Mf3/d and 250b/d.

Tests at RGD 22 returned rates of 6Mf3/d and 160b/d, BNamericas reported in August.

YPFB Andina holds a 50.4% stake in the contract and Repsol the remainder.

In related news, hydrocarbons and energy minister Luis Fernando Vincenti said departments Pando, Beni and La Paz will join Tarija, Chuquisaca, Cochabamba and Santa Cruz next year as gas producers.

YPFB and Gas To Liquid International will carry out crude and natural gas exploration in the Rio Beni block which covers 1Mha and spans the three departments, state news agency ABI quoted Vincenti as saying.

He added that Bolivia's legislative assembly should approve the exploration contracts early in the new year.