Azero Project

The Azero license block (7,856 km²) is located within the Central Preandian oil-and-gas basin in the south of Bolivia. Based on the currently available G&G data, Incahuasi Norte and Illinchupa are the most prospective structures. The target horizons are Huamampampa and Santa Rosa.

Since 2014, the companies have been operating within the Azero block under a Services Contract that includes, among other things, the Articles of Association of YPFB Petroazero S.A.M. (a joint venture between YPFB (55%), Gazprom EP International (22.5%), and Total E&P Bolivie (22.5%)). If a commercial reservoir is discovered here, the JV will do the development. However, the Consortium consists of Gazprom EP International (50%) and Total E&P Bolivie (50%) at the exploration stage.

To date, the magnetotelluric survey has been carried out in full. In February 2019, the Consortium started constructing the first exploration well within the Azero block — Ñancahuazu-X1. In late 2020, well construction was completed despite of the complex geological environment. The well depth was 5,830 m, an all-time record for this region. The company has fulfilled its exploratory obligations under the contract and gained unique technical and operating experience.