YPFB inks exploration deals with Petrobras, YPF

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Wednesday, March 2, 2011

Bolivia's state hydrocarbons company YPFB signed Wednesday exploration agreements with Argentine oil company YPF and Brazilian energy giant Petrobras (NYSE: PBR).

YPF will carry out work in traditional areas Capiguazuti (Chuquisaca department) and Río Salado (Tarija), and in non-traditional area Yuchán (Tarija), YPFB said in a statement.

Petrobras will explore in traditional areas Astillero and Sunchal, and non-traditional area San Telmo, all in Tarija.

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The companies will have 6-12 months to carry out work depending on agreement.

Brazil is the principal offtaker of Bolivian gas, followed by the domestic market and Argentina, with shipments last year averaging 26.9Mm3/d, 7.88Mm3/d and 4.91Mm3/d, respectively.