The Ministy of Hydrocarbons and Energy of Bolivia has signed an agreement with Consortio Caipipendi, operated by Spanish energy group Repsol (37.5%), Shell (37.5%) and national oil and gas company YPFB (25%), for the development of the Boicobo and Boyuibe gas fields in the southern Caipipendi block. The fields are estimated to hold around 5,000 bcf (more than 140 bcm) of gas and total investment could exceed US$1bn (at least US$350m in exploration and US$500m in development); US$500m will be invested over the next five years.
Repsol holds rights to a total of 32 blocks in Bolivia: seven of which are exploration blocks and 25 of which are under development or in production. In 2015, total net output reached 15.3 mboe mainly from the Margarita-Huacaya field. The company is executing the third phase of the Margarita-Huacaya project and currently has capacity to process 19 mcm/d, above its commitment of 18 mcm/d.
Bolivia bets on the development of its gas resources, as YPFB estimates national gas reserves at around 11,000 bcf (310 bcm). Gas accounts for nearly half of the country's exports, mainly to Brazil and Argentina.