Russian gas group Gazprom and Bolivia's state-owned energy group Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) have agreed to jointly evaluate the hydrocarbon potential in three areas in the Southeast, South and West of Bolivia. This announcement follows an earlier agreement (February 2016) for cooperation and joint search for new exploration, production and hydrocarbon transportation projects.
The companies will assess resources in Vitiacua (departments of Santa Cruz and Chuquisaca), La Ceiba (Tarija) and Madidi (La Paz). The Madidi area is located in a protected national park, but a governmental decree opened protected natural areas to exploration and production in 2015.
The Bolivian energy sector was nationalised in 2006. In recent years, the government has adopted the Law on the Promotion of Investments in Hydrocarbons Exploration and Exploitation and has been implementing an aggressive exploration policy.