Successful Gas Discovery in Bolivia

abarrelfullabarrelfull wrote on 16 May 2012 09:07

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18 November 1998

As announced in BG plc's third quarter results today, BG Exploration and Production Limited (BG E&P), a subsidiary, and its partners have successfully tested the Margarita 1-X onshore exploration well in southern Bolivia.

The well is situated in the 2.5 million acre Caipipendi Block in the foothills of the Andes and is currently being tested. Results achieved to date gave flow rates of 23 million standard cubic feet of gas per day and 740 barrels of condensate per day over a 48 hour period through a half inch choke at a stabilised flowing tubing pressure of 4 625 psi. Rate was limited by the capacity of the tubing.

Maxus Bolivia Inc., a subsidiary of YPF S.A. of Argentina is the operator of the block and holds a 37.5 per cent interest; BG E&P has a 37.5 per cent shareholding; and Union Texas de Bolivia Limited, a subsidiary of ARCO, holds the remaining 25 per cent.

Further appraisal wells are currently planned to be drilled to evaluate the prospect and a target for gas sales is set for 2000.

BG E&P also has a 20 per cent interest in the Charagua Block adjoining the Caipipendi Block.

The blocks are close to the Bolivia to Brazil pipeline, where the first phase of construction, to Sao Paulo, will be completed next month. BG is one of seven shareholders in the development of the 3 200 km pipeline which will have a capacity of over one billion standard cubic feet of gas per day.

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