Peter Howard Wertheim
OGJ Correspondent
RIO DE JANEIRO, July 28 -- State-owned Petroleos de Venezuela SA (PDVSA) has started surveys in Bolivia to identify prospective hydrocarbon areas under control of Bolivian state firm YPFB, said Miguel Tarazona, PDVSA general manager.
Following the survey, PDVSA is to determine both the amount of future investments and the organization of a joint venture with YPFB, Tarazona told Bolivian news agency ABI.
"A survey is under way to assess reserves in four blocks YPFB has designated for. . .drilling of gas and oil. Depending on the result, we are to quantify our investment and the way investment will be made, which could be through a joint venture," Tarazona said.
In late May, Venezuelan President Hugo Chávez and his Bolivian counterpart Evo Morales initialed an energy agreement in La Paz. The pact provides for PDVSA participation in hydrocarbon exploration and marketing activities in Bolivia as well as the likely creation of a bilateral oil firm Petroandina.
At that time, Venezuelan and Bolivian authorities estimated Venezuelan investment at $1.2 billion.
