Petrobras and Repsol YPF Enter Gas Sales Agreement

Repsol YPF and Petrobras signed an agreement to sell Bolivian natural gas in Brazil. Repsol will be responsible for the production of the gas in Bolivia, in the San Alberto and San Antonio deposits. The gas will be transported to Brazil, where Petrobras will be responsible for its sale.

Repsol YPF says its reserves of oil and gas in Bolivia amount to 1.107 billion barrels. Production in 2001 amounted to 19.2 million barrels. Brazilian gas consumption is expected to quadruple by 2010.