Repsol main source of supply of gas to Argentina
Posted: 28 March 2010
Repsol Chairman Antonio Brufau met Bolivian President Evo Morales and Argentinean President Cristina Fernandez in Sucre to sign a gas supply agreement between both countries which will make Repsol the main supplier of the fuel.
This agreement makes the Margarita gas field, operated by Repsol with a 37.5 per cent stake, the main source of supply of Bolivian gas to Argentina and guarantees the profitability of the field’s future development.
The Margarita field, next to the Huacaya field and recently discovered by Repsol, is located in the Caipipendi area, in which the company will invest 1.5 billion dollars over the next five years to raise production.
The Margarita-Huacaya field development plan envisages an increase in gas output from the current 2 million cubic meters per day to 14 million by the end of 2013, allowing for an important increase in natural gas production for the domestic market and for export to Argentina.
The Caipipendi consortium is operated by Repsol Bolivia, with a 37.5 per cent stake, and includes BG Group (37.5 per cent) and PAE E&P Bolivia (25 per cent).
The agreement signed in Sucre, that will be carried out by YPFB and Enarsa, both state-owned corporations, contemplates increased exports of gas from Bolivia to Argentina, from the current 5 million cubic meters to 13 million in 2017, of which 10 million cubic meters will be supplied from the Repsol Margarita-Huacaya fields.
Posted by Richard Price, Editor, EnergyME.com
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