OREANDA-NEWS. The Gazprom headquarters hosted today a working meeting between Alexey Miller, Chairman of the Company's Management Committee and Patrick Pouyanne, Chief Executive Officer and President of the Executive Committee of Total.

The parties addressed the core issues of the bilateral cooperation, giving attention to the current status of the agreements on joint development of oil and gas fields in Bolivia. It was noted that the preparation of wells and the relevant infrastructure was well underway as part of developing the Ipati and Aquio gas deposits before the start of commercial production scheduled for 2016.

The meeting also shared opinions regarding the project for joint development of hydrocarbon deposits in the Acero block. According to exploration data, the most promising structures within the contracted block are North Incahuasi and Ilinchupa.

The parties stressed the high potential of exploration activities in the new areas of Bolivia, taking into account the growth of gas consumption in the country.

Total is one of the world's largest energy companies handling the whole range of operations in the oil and gas sector from production to sales of marketable products to end consumers.

Bolivia has the third largest gas reserves in Latin America after Venezuela and Trinidad & Tobago. Bolivia's proven natural gas reserves make up 296 billion cubic meters.

The Ipati, Aquio and Acero licensed blocks are located in the southern part of Bolivia, within the Central Pre-Andean oil and gas bearing basin.

In 2010 Gazprom Group and Total signed a Farmout Agreement on the geological exploration project for the Ipati and Aquio blocks in Bolivia. Gazprom Group (represented by Gazprom EP International) holds 20 per cent in the project, Total – 60 per cent, Argentina's petroleum company Tecpetrol – 20 per cent.

In April 2008 YPFB and Gazprom signed an Agreement providing for the oil and gas potential of the Azero area to be studied, with the prospect of further exploration activity and field development.

In September 2008 Gazprom, YPFB and Total E&P Bolivie signed the trilateral Memorandum envisaging joint evaluation of the Azero block.

The project's shareholding structure at the stage of exploration in the Acero block is as follows: Gazprom Group (Gazprom EP International) – 50 per cent, Total (Total E&P Bolivie) – 50 per cent.