LA PAZ Ė An energy consortium made up of Spainís Repsol-YPF, Britainís BG Group and Argentinaís Pan American Energy has announced plans to invest nearly $1.3 billion to develop the Margarita and Huacaya gas fields in southern Bolivia, state energy firm YPFB said.
In a bulletin, YPFB said the investment will increase daily production at those fields by 14 million cubic meters (493 million cubic feet) per day through 2014.
A total of $140 million will be invested this year and almost $1.3 billion by 2015 to build two gas processing modules and drill up to seven development wells.
In April, Bolivian President Evo Morales threatened to take over the operations of foreign energy companies that failed to carry out promised investments.
The Caipipendi block, where the Margarita and Huacaya fields are located, is operated by Repsol with a 37.5 percent stake, while partners BG Group and Pan American Energy hold a 37.5 percent and 25 percent stake, respectively.
The two fields currently produce 2 million cmd (70.5 million cfd), but output will rise to 8 million cmd with the new investment, YPFB said.
This announcement coincided with a visit by Bolivian Vice President Alvaro Garcia Linera to the Margarita field, where he carried out an inspection accompanied by Repsol executives in Bolivia. EFE