Bolivia allows private firm to explore oil reserves

13:49, June 29, 2011      

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A private Bolivian company has gained permission for exploration in three oil reserves in eastern Bolivia, officials said.

Under a series of contracts inked Tuesday with state-run oil company Yacimientos Petroliferos Fiscales Bolivianos (YPFB), the private-hold Pluspetrol Bolivia Corporation would be able to conduct research activities in Florida, Taputa and Arenales reserves located in Bolivia's eastern province of Santa Cruz.

"We expect the three traditional reserves to have favorable results in the studies," YPFB President Carlos Villegas told reporters.

"We are going to review all the information of those areas and hope to locate some prospects of interest," said Salomon Akly, general manager of Pluspetrol.

The Florida reserve covers an area of 29,375 hectares, Taputa 42,500 hectares and Arenales a massive 98,875 hectares.

Akly said the research would be completed before the agreed dates.

"The research agreement is for one year, but the reports will be presented in 10 months in the case of Florida, in 11 months in the case of Arenales and in 12 months in the case of Taputa," he said.

Under Bolivian laws, before private bidders could explore and exploit the country's oil reserves, they must sign research agreements and submit technical and economic reports to the YPFB for evaluation.

Source: Xinhua
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