Repsol Chairman, Antonio Brufau, and the president of Bolivia, Evo Morales, today in La Paz, have agreed to the development of the Caipipendi block, which will multiply its gas production by seven in the next five years, reaching a total of 14 million cubic meters daily.
The block has resources of 3.7 Tcfs (three years of gas consumption in Spain) for the whole consortium, resources that will begin to be incorporated into proved reserves in the coming months.
The Minister of Hydrocarbons, Oscar Coca; the holder of Yacimientos Petrolíferos Fiscales Bolivianos (YPFB), Carlos Villegas; the Managing Director of Repsol Upstream, Nemesio Fernández-Cuesta; and the Chairman of Repsol Bolivia, Luis García Sánchez, also participated in the meeting.
Antonio Brufau explained to the Bolivian president Repsol's commitment to implementing the Caipipendi Block development plan that will multiply the current production levels by seven in 2013 and that will have an approximate investment of 400 million euros.
The Caipipendi block is located in the south of Bolivia, in the departments of Tarija and Chuquisaca. All the reservoirs in the area will be developed and exploited by the consortium formed by Repsol YPF Bolivia S.A. (37.5% -Operator), BG (37.5%), and PAE E&P Bolivia (25%) within the framework of the Operation Contract signed with Yacimientos Petrolíferos Fiscales Bolivianos.
The Margarita field began production in December 2004 when the installation of a gas adaptation plant was completed. Currently it has a processing capacity of 2 million cubic meters per day.