Total Confirms Gas Discovery in Bolivia

PARIS (Dow Jones Newswires), Apr. 27, 2011

French oil major Total Wednesday confirmed it made a new gas discovery in Bolivia but declined to give further detail about the discovery and its potential.

Earlier Thursday, Bolivia's state news agency ABI reported that Total and Argentina's Tecpetrol, a unit of the Techint group, had struck gas in the Bolivian lowlands.

ABI also said that Bolivian president Evo Morales is slated to announce the results later Wednesday at an event to celebrate the find at the Aquio block in Santa Cruz province.

The companies have invested $70 million over the past 16 months to drill to a depth of 6,300 meters in search of the fuel, according to ABI.

Production capacity at the Aquio and Ipati blocs is currently estimated at 6.5 million cubic meters a day, which is likely to be doubled or to even reach 18 million cubic meters a day, also according to ABI.

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