The Bolivian Government has approved the extension of Spanish oil company Repsol's production contract to operate the Caipipendi area for an additional 15 years until 2046.
The company plans to move forward with two exploration campaigns in the region.
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Caipipendi is located in the south of Bolivia, in the regions of Tarija and Chuquisaca and the consortium is made up of Repsol, which is serving as the operator with a 37.5% interest, Shell (37.5%) and PAE (25%).
The operating contract for Caipipendi has been extended under a law that is aimed at promoting investment in the exploration, as well as production of hydrocarbons.
The latest contract marks a renewal by Repsol and its partners of their commitment to the country through a $500m investment over the next five years.
This investment is aimed at confirming the presence of gas and increasing hydrocarbons production in the prospects that have already been identified in the area.
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By GlobalDataAs part of its new plans, Repsol will carry out exploration, development and production programme in Boyuy and South Boicobo, to the north and south of Caipipendi.
In case the exploration campaigns are successful, there will be a possibility to add gas to the country’s supply through processing in existing facilities.
Repsol has rights to a total of 32 blocks in Bolivia, seven of which are exploration blocks and 25 currently under development or in production.
Image: President of the Plurinational State of Bolivia Evo Morales and Repsol chairman Antonio Brufau. Photo: © Repsol.
