Shell expresses its interest to continue investing in Bolivia

Sunday, July 22, 2018

This press release from Bolivia's Ministry of Hydrocarbons was published using an automatic translation system.

The Minister of Hydrocarbons, Luis Alberto Sánchez, met with Marc Garrits, Executive Vice President of Exploration of Shell International and with Eugene Okpere, Vice President of Exploration for Africa and America, of Shell who expressed to the Bolivian authority their interest to continue advancing in new investments in the country.

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"We have met with Minister Sánchez and we have discussed how we can cooperate forward to sign new study agreements and look forward to the exploratory future of Bolivia," said Marc Garrits.

The executives also informed the minister that they evaluated the work that is being done in the Jaguar-X6 drilling; In this regard, they expressed that there are good prospects and that in the coming months they hope to have positive results for the country. Shell is planning an investment of US $ 1,987 million in exploration and exploitation in Jaguar, after the exploratory well is planned seven development wells.

"Shell expressed interest in exploring the Ingre area and in the future expand the Exploration to areas adjacent to it, such as the Iñau Area, and Shell executives indicated that they intend to explore regionally, a Once the zones or regions are confirmed by the Shell exploration team, "said Minister Sánchez.

Garrits highlighted the work and confidence in the country in legal security. "We have been working in Bolivia for quite some time and during that time we have developed a very important level of trust and we will continue investing in the country."

He explained that for Shell, Bolivia is a strategic partner and in that line his vice president said: "This year we are investing much more money in exploration in Bolivia than in any part of South America, Bolivia is very important for us and that is why we are working to discover more gas in the country. "

For his part, Minister Sanchez explained that the priority in the management is the exploration for it during the first half of 2018 began the drilling of exploratory wells Los Monos-X12 (completed to date, as well as the Rio Grande wells -X1001 and Dorado Centro-X1), Caranda-X1005, Jaguar-X6 (in execution), and the drilling of the Boyuy-X2 well continues.

"Also, in the coming weeks, the drilling of the exploratory wells Sipotindi-X1, Florida-X2, Aguarague Center-X1, Rio Grande-X1003 and Ñancahuazu-X1 will begin, which in some cases already have civil works practically completed. This will allow us to transform resources into new reserves, increase production and generate new revenues for the country, "concluded the Minister.