The meeting was particularly focused on the cooperation in geological exploration and field development in Bolivia. Further actions were outlined as part of the Farmout Agreement within Bolivia's Ipati and Aquio blocks exploration project approved by the National Congress of Bolivia on March 26, 2013.
The meeting also addressed the prospects for joint implementation of the Shtokman project and the possibility of reducing capital and operational costs. An agreement was reached to prepare a Roadmap with a view to signing a new Agreement on project implementation.
Bolivia has the third largest gas reserves in Latin America after Venezuela and Trinidad and Tobago. Bolivia's proven natural gas and oil reserves average 0.28 trillion cubic meters and 31 million tons resepectively.
Ipati and Aquio licensed blocks are located in the southern part of Bolivia comprising the Subandino petroleum basin of the Andes foreland.
On September 30, 2010 Gazprom Group and French petroleum company Total signed a Farmout Agreement within Bolivia's Ipati and Aquio blocks exploration project.
Upon the approval of this transaction by Bolivian authorities, the equity stake of Gazprom Group (Gazprom EP International) in the project will make up 20 per cent, Total – 60 per cent, Argentina's petroleum company TecPetrol – 20 per cent.
The Shtokman field is situated in the central part of the continental shelf within the Russian sector of the Barents Sea. C1 reserves of the field make up 3.9 trillion cubic meters of gas and 56 million tons of gas condensate. Gazprom holds the gas and gas condensate exploration and production license for the Shtokman field. Currently Gazprom holds 75 per cent and Total – 25 per cent in Shtokman Development, a special-purpose company.