Repsol Extends Bolivia's Caipipendi to 2046
Bolivian President Evo Morales and Repsol chairman Antonio Brufau signed an agreement October 26 to extend the contract for the operation of the Caipipendi area by 15 years until 2046.
Repsol said two exploration campaigns are planned through 2021 in the area operated by Repsol Bolivia, which are expected to add reserves and production in the short and medium term, with a total consortium investment of $500mn over five years. The Caipipendi consortium is made up of Repsol, operator with 37.5%, plus Shell 37.5% and PAE 25%.
Repsol chairman Antonio Brufau (left) and Bolivian President Evo Morales (Photo credit: Repsol)
New plans involve the implementation of an exploration, development and production program in Boyuy and Boicobo Sur, to the south and north of Caipipendi, over the next five years. If the exploration is successful, there is spare production capacity for at least the short term. Repsol technicians believe the two prospects may contain 3 trillion ft³ of gas.
Repsol in Bolivia
The Spanish operator holds rights to a total of 32 blocks in Bolivia: seven of which are exploration blocks and 25 of which are under development or in production. In 2015, net output to Repsol reached 15.3mn barrels of oil equivalent, mainly from the Margarita-Huacaya gas field.
Repsol is executing a third phase of the Margarita-Huacaya project. The project achieved a record output of 19mn m³/d production last November. Repsol is committed to producing at 18mn m³/d and said it achieved that level back in February 2015, a year ahead of target.