YPFB and Petrovietnam sign exploration agreement for three new areas

abarrelfull wrote on 24 Aug 2011 06:45
Tags: bolivia petrovietnam upstream ypfb

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The president of YPFB Corporation, Carlos Villegas and the representative of the Corporation for Oil Exploration and Exploitation (Petrovietnam), Van Thi Thuy, will sign Friday in the city of Santa Cruz a Estudiopara Convention prospecting perform tasks in three areas of hydrocarbon interest in Bolivia.

The Board authorized the state oil company signing the agreement in reference to the areas reserved for YPFB: Isipote, Yoai and locust, gas and condensate potential.

"Isipote is located in a Traditional Area in the departments of Chuquisaca and Tarija. In this area there are good chances of finding oil and gas in the anticlines of the area, investigating the reservoirs of San Telmo formations, Cangapi, Tapecua, Castellon and Flask. The type of hydrocarbon prospects in the area is gas-condensate wells tested in the vicinity of San Roque Campos and Vuelta Grande, "says a report by YPFB.

Another area of ​​interest is Yoai Petrovietnam is located in a Non-Traditional Area in the departments of Chuquisaca and Santa Cruz. "He has good potential for oil and gas in the anticlines in this area, investigating the reservoirs Formation Cangapi, Tapecua, Jet and Tupambi. The type of oil is also existing natural gas and condensate.

Also, the area's hydrocarbon potential locust, Traditional Area located in the department of Tarija, has good potential for oil and gas because they were adjacent to wells and Field Marking Palo Madrejones.

The purpose of these agreements is to conduct studies to evaluate the hydrocarbon potential and establish the future basis for establishing future contracts for exploration and exploitation, development and production of hydrocarbons in the areas reserved for YPFB.

According to current procedure, the oil company concerned shall uninformed final agreement on the reserved area studied, it must be structured in accordance with international standards and industry requirements in the agreement.

Once issued the final report and approved by the Board of YPFB, the parties will enter a period of contract negotiations with Petrovietnam oil services based on the model contract approved by the Board and subsequent approval and authorization of that instance.

The agreement is valid for one calendar year to run from the date of probate unless it is terminated earlier in accordance with the provisions of the agreement.

The current legislation empowers the state oil company to sign agreements of study and other efforts for the implementation and execution of exploration and exploitation in areas reserved for YPFB. The total investment and costs of implementing this agreement will be assumed by the study Vietnamese oil.

• YPFB and Petrovietnam sign exploration agreement for three new areas

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