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BOLIVIA


CAPITAL: La Paz

MONETARY UNIT: Boliviano

REFINING CAPACITY: 47,888 b/cd

OIL PRODUCTION: 27,000 b/d

OIL RESERVES: 131.9 million bbl

GAS RESERVES: 4.6 tcf

Bolivia opened all uncommitted E&D areas to private investment. For the first time, it offered acreage in developed areas with production infrastructure and unexplored areas with no infrastructure under the 1996 hydrocarbon law. About 236,000 sq miles of Bolivia has hydrocarbon-bearing potential, and 87% was uncommitted in 1997.

Repsol obtained the Tuichi, Rurrenabaque, Itau, and Pilcomayo exploration blocks. It will operate Tuichi and Rurrenabaque areas, where it has 25% in a group with Exxon, Elf Aquitaine, and Perez Companc. The blocks cover a combined 14,000 sq km in northwestern Bolivia.

Interests in the 400 sq km Itau block in the Subandino Sur basin are Repsol and Braspetro 50-50. Repsol was forming a group to explore 5,400 sq km Pilcomayo, near the border with Argentina. Investment on the four blocks was to be about $27 million over 3 years. Repsol already operated the Secure block in northwestern Bolivia.

A combine of Tecpetrol SA and Petrolera Argentina San Jorge SA, both of Buenos Aires, won the 246,000 Ipati block southeast of Sucre in the Subandean basin.

Transportation

High bidder for YPFB`s pipeline unit Transportadora de Hidrocarburos with $263.5 million was a joint venture of Enron Development Corp. and Shell International Gas Ltd.

At least part of the significance of this joint effort was to suggest that the massive gas reserves from Shell`s Camisea proposed development in Peru may be available to augment gas supplies headed to Brazil on a large diameter pipeline under construction from Santa Cruz, Bolivia, to Sao Paolo. Start-up was set for 1999.

Previous plans for Camisea included gas and condensate pipelines across the Andes to serve Lima. That is believed to be a certain market.

Officials said volumes of as much as 1.1 bcfd are expected to be reached on the Bolivia-Brazil pipeline in the fifth year of pipeline operation under a 20-year contract between YPFB and Brazil`s Petrobras. That is well ahead of earlier Petrobras projections. Previously, that volume was not expected to be reached for 12-15 years.

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