Bolivia, Venezuela agree to speed up oil investments

13:39, April 01, 2011      

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The governments of Bolivia and Venezuela on Thursday agreed to speed up investment activities of both country's state-run oil companies, the Bolivian oil company YPFB said.

"We have worked on the evaluation and agreements to be rescheduled in order to speed up the investments," said YPFB's executive president, Carlos Villegas, speaking at the end of the First Meeting on Bolivia-Venezuela Integration. The meeting was held in the southern Bolivian province of Cochabamba.

The two oil companies have jointly formed the YPFB Petroandina SAM to carry out oil exploration works in non-traditional hydrocarbon zones such as La Paz, as well as they work in areas where oil exploration already have been established such as El Chaco.

Villegas said both countries agreed that the rescheduling will take about 15 or 20 days.

The YPFB Petroandina SAM has programed to spend 140.4 million dollars in new investments in Bolivia in 2011, sharply up from the 87 million dollars invested in 2010, a company statement said.

This year, YPFB Petroandina SAM took the responsibility of enforcing 40 percent of the participation in oil exploration works in the traditional and non traditional zones of hydrocarbon exploitation in Bolivia.

Villegas said YPFB Petroandina SAM this year will drill the Timboy-X2 well in the Aguaragua Sur B exploration block in Chaco while it also will interpret seismic data from the Lliquimuni block in the northern department of La Paz.

More exploration work is scheduled for June and July this year while the search for new areas to exploit will be initiated in 2012.

Source: Xinhua
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