Repsol Extends Caipipendi Block Contract Until 2046

Source: www.gulfoilandgas.com 10/26/2016, Location: South America

The President of the Plurinational State of Bolivia, Evo Morales, and Repsol Chairman Antonio Brufau led the signing ceremony of an extension of the production contract in the Caipipendi area, in the south of Bolivia.

The operating contract for Caipipendi is extended by 15 years, until 2046, under a law aimed at promoting investment in the exploration and production of hydrocarbons (Ley de Promocion para la Inversion en Exploracion y Explotacion Hidrocarburifera.).

The Caipipendi consortium is made up of Repsol, which is the operator and holds 37.5%, as well as Shell (37.5%) and PAE (25%). The operation contract is within the framework agreed with YPFB, the state-owned oil and gas company of Bolivia.

The contract marks a renewal by Repsol and its partners of their commitment to the country through investment, of 500 million dollars over the next five years, aimed at confirming the presence of gas and accelerating the production of hydrocarbons in the prospects that have already been identified in the area.

The new plans involve the implementation of an exploration, development and production program in Boyuy and South Boicobo, to the south and north of Caipipendi, over the next five years.

If the exploration campaigns are successful, in the short term it will be possible to add gas to the country’s supply through processing in existing facilities that currently have available capacity.

Potential in the Boyuy and Boicobo Sur prospects was identified through data analyses from the 2D and 3D seismic surveys carried out between 2013 and 2015. Subsequent analysis by Repsol’s technicians has established that there may be significant resources in those areas, which could reach 3 Tcf (trillion cubic feet.)


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