Repsol discovered a new gas reserves in Bolivia – World

 2:30 p.m.
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 EFE .- The Spanish oil company Repsol announced Saturday the discovery of a new natural gas reserves in southeastern Bolivia and additional investments of $ 293 million through 2018 , that will ensure export to the markets of Brazil and Argentina.

The announcement was made during a ceremony at the well Margarita 7, President of Bolivia, Evo Morales participated; the Repsol, Antonio Brufau; the executive director of the firm, Josu Jon Imaz, and the Bolivian Hydrocarbon Minister Luis Sanchez.

The Spanish executives traveled to Margarita 7 well located in the Bolivian Chaco, in the department of Chuquisaca, close to other wells in the Margarita field in the neighboring region of Tarija.

Brufau said in a speech in the coming days culminating in the reservoirs tests well, but may add more than three million cubic meters a day to the production of that area, It is now in 18 million cubic meters.

He said again today demonstrated “with facts and successful society” consolidated with the Bolivian state, which he considers “a strategic partner for the importance of the Margarita-Huacaya project for Repsol and its partners worldwide “.

Repsol said in a statement that the discovery also marks the beginning of Phase III of the development of the Margarita-Huacaya fields with an investment of $ 293 million, together with its partner British Gas (BG) and Anglo Argentina Pan American Energy (PAE).

According to a report of the company, the completion of the drilling Margarita 7, which reached 6,000 meters deep, is a “significant exploration success” because it allowed discover a new reserve gas in the geological formation Huamampampa.

The volume of reserves found it has not yet been quantified by the Spanish company, but the Bolivian Minister of Hydrocarbons said that may be 0.8 trillion cubic feet (Bolivia certified in 2014 10.45 trillion cubic feet of reserves).

Morales highlighted in his speech the importance of the oil sector nationalization decreed nine years ago on a date like today and the policy that foreign companies with operations in Bolivia are not owners of the natural but partner resources, as it has done the Hispanic oil, he said.

recalled that last February, Repsol announced a discovery in the well Margarita 8 to produce two million cubic meters per day, which added to the confirmed today, there are already five million cubic meters day in so far this year.

Bolivia produces 60 million cubic meters per day, of which about 32 million are sent to Brazil and 16 million to the Argentine market.

piercing Margarita 7 should reach 5,000 meters deep but the companies decided to follow up last March to find the new site, after seven months of work.

When you are ready to go into production, the development of the well will be required an investment of 113 million dollars.

The new Repsol investment commitments involve drilling the beginning of this year of two new wells, the improvement of facilities in the area and the expansion of the gas processing capacity in Margarita, among other works.

The first two phases of development of the Margarita-Huacaya fields required an investment of 1,250 million dollars, which allowed in the period 2010-2014 “multiply eight times the production of these fields “the company said.

The Caipipendi block where the Margarita and Huacaya fields are, as partners Repsol has a 37.5% stake, BG with a similar percentage as PAE, with 25% .