Gazprom of Russia and Total of France will explore the large Azero block in Bolivia’s Subandean territory between Sucre and Santa Cruz, according to announcement on the web site of state oil and gas entity Yacimientos Petroliferos Fiscales Bolivianos.
YPFB said the two companies would invest $130 million to explore the block, which covers more than 700,000 acres in Chuquisaca and Santa Cruz departments.
It said the companies have committed to collect geophysical surveys and drill two exploratory wells. YPFB would back in for a 55% interest if a discovery were made.
Subsidiaries of the former Texaco and Sun Oil held exploration rights to Azero several decades ago.