Project Profile
Value: Undisclosed
Location: Southern Bolivia
Total production: 38 million barrels of oil and gas (produced till now)
Drilling Depth: 4,000 metres
Start-up Year: -
Monteagudo is a gas field located in southern Bolivia. Clontarf Energy has a 30% interest in this condensate and gas producing field. The block is operated by Repsol YPF (30%) and includes Petrobras as a 20% partner, as well as Petro Andina Resources with 20%, a company owned by Repsol and YTFB. Monteagudo has produced more than 38 million barrels of oil and gas from 57 wells since 1968. The area offers significant opportunities for infill drilling and work-over as well as deeper exploration potential.
Clontarf inherited a company which has been active in Bolivia for over 20 years and this acquisition brought interests in Monteagudo producing field. The Monteagudo oil and gas field has been producing for 40 years and is in decline. There is a well defined deep target (4,000 metres) in the Block, in the Devonian Formations. Giant gas discoveries, of trillions of cubic feet, have been made in the Huamapampa and Santa Rosa Formations on adjacent blocks by Total, Petrobras and Repsol. Agreement has been reached and formalised with operating partner Repsol, as well as Petrobras, for both to sell their stakes, subject to normal state approvals. Operatorship will be transferred to Clontarf’s new partner, Latinoamericana de Energia, which will result in significantly lower operating costs and hence, profitability, for the Monteagudo Field. This restructuring will also facilitate early drilling of the deep gas play. Approval by the Bolivian Government and Legislature is to be received at the end of 2012.
Operators:
Repsol YPF: Operator with 30% interest
Clontarf Energy: 30% interest
Petrobras: 20% interest
Petro Andina Resources (Repsol): 30% interest