ESM1Zt1 vol.R ESMAP Energ Sect Management Assistance Programme Bolivia Preparation of Capitalization of the Hydrocarbon Sector Volume 11 Report No. 191196 JOINT UNDP/ WORLD BANK ENERGY SECTOR MANAGEMENT ASSISTANCE PROGRAMME (ESMAP) PURPOSE The Joint UNDP/World Bank Energy Sector Management Assistance Programme (ESMAP) is a special global technical assistance program run by the World Bank's Industry and Energy Department. ESMAP provides advice to governments on sustainable energy development. Established with the support of UNDP and 15 bilateral official donors in 1983, it focuses on policy and institutional reforms designed to promote increased private investment in energy and supply and end-use energy efficiency; natural gas development; and renewable, rural, and household energy. GOVERNANCE AND OPERATIONS ESMAP is governed by a Consultative Group (ESMAP CG), composed of representatives of the UNDP and World Bank, the governments and other institutions providing financial support, and the recipients of ESMAP's assistance. The ESMAP CG is chaired by the World Bank's Vice President, Finance and Private Sector Development, and advised by a Technical Advisory Group (TAG) of independent energy experts that reviews the Programme's strategic agenda, its work program, and other issues. ESMAP is staffed by a cadre of engineers, energy planners, and economists from the Industry and Energy Department of the World Bank. The Director of this Department is also the Manager of ESMAP, responsible for administering the Programme. FUNDING ESMAP is a cooperative effort supported by the World Bank, UNDP and other United Nations agencies, the European Community, Organization of American States (OAS), Latin American Energy Organization (OLADE), and public and private donors from countries including Australia, Belgium, Canada, Denmark, Germany, Finland, France, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Sweden, Switzerland, the United Kingdom, and the United States. FURTHER INFORMATION An up-to-date listing of completed ESMAP projects is appended to this report. For further information or copies of completed ESMAP reports, contact: ESMAP c/o Industry and Energy Department The World Bank 1818 H Street, N.W. Washington, D.C. 20433 U.S.A. BOLIVIA PREPARATION OF CAPITALIZATION OF THE HYDROCARBON SECTOR VOLUME 2 TABLE OF CONTENTS Annex I Activity Taitiation Brief and Term of Reference Annex II Exploration Related Material Annex III Production Related Material Annex IV Financial Related Material Annex V Legal and Contractual Related Material 1 ANNEX 1 PREPARATION OF CAPITALIZATION OF THE HYDROCARBON SECTOR ACIlVlY INlIATION BRIEF AND TERMS OF REFERENCE LIST OF CONTENTS Encl. No. Description Activity Initiation Brief: Preparation of Capitalization of the Hydncarbon Sector I Terms of Reference: StAtegy for Selection of Exploration Areas for a Capitalized YPFB. 2 Tenns of Reference: Level of Investment in Existing Producing Fields for a Capitalized YPFB. 3 Terms of Reference: Operation Contmacts Economics and YPFB Capitaliation Strategy. 2 Annex 1 JOINT UNDPIWORLD BANK ENERGY SECTOR MANAGEMENT ASSISTANCE PROGRAM (ESMAP) BOLIVIA PREPARATION OF CAPITALIZATION OF THE HYDROCARBON SECTOR ACTIVITY INTIATION BRIEF April 6, 1994 3 L lNTRODUCTION 1. The Govemment of Bolivia (GOB) has decided the capialization of YPFB, the national oil company. In addition to ESMA 1, the Bank is supporting this effort through two operais: one, a fast disbursing Capitalization Adjustment Credit (CAPO) conditioned on tranched policy implementaion by GOB and the other, a technical asistance credit, the Hydrocarbn Deregulaion and Capit in Credit (HDCC) which is asting the GOB in reforming the hydrocarbon sector and the prepartion and the lementon of the capitalization of YPFB. The February 1994 HCDC Bansk mission to La Paz has agreed with the GOB on several issues, studies and actions that are required to implement the caitalizion of YPFB. These are lsted in Annex 1 to show the complexity of decsions that GOB is faced with. Among all studies, the proposed studies to be financed under this ESMAP program have been discussed with GOB and are considered by the GOB t be urgent and crtical for its deciion-makg process in the preparation of the capitation of YPFB. Bank management agreed with this assesment and the region is jointly g these studies with IENOG. iL OBWECTIVES 2. Among the many important decdsions GOB needs to mame in the process of capitlig YPFB, three are considered urgent and criial the first concerns whih excploration armas now held by YPFB should remaim with the capialized YPFB and what would be the level of investments required m these areas? The seond concers the producing oil and gas fields of YPFB. What fields should rm with YPFB and what levd of investments would be reqred? Tne third concerns the opwation contracts YPPB has signed with some 17 oil companies. What are the economics of ths contracts for the country? Should they be transferred to YPFB in the process of cap tion? What would be the options and their implictions? The proposed studies would evaluate these options and recommend a course of action for GOB. JI BRECENT DEVELOP S Econ2=m 3. Bolivia's macroeconomic stabiization program has been highly effective in reducing inflaton and conining internal and external imbalances. inflation was down to under 10% in 1993; the GDP grew by 4.7%, compared to 2.7% and 5.3% in 1992 and 1991, respectively. Terms of trade have deteiorated over tue past few tears prmarily due to . ESMAP repo, december 1993: Bolivia: natural Gas sector Policies and Issues. Under preparaion by ESMAP is another study: Implementation of Natual Gas Srategy , March 2, 1994. 4 falling prices on minerals and natual gas. The trade deficit was about US$290 million in 1993. Sectors crucial to the economy, such as he hydrocrbon section, suffer from ineficiencies, underinvestment, unsatisfactory legislation, and counterproductive political involvement and state ownership. A fundamental feature of the Government's economic strategy is to remove the constraints to private investments in all productive sectors, improve public sector management, and shift public mvestments from the productive sectors to social sectors and infastrctre. Oil and Gas Secto 4. Natural gas is a key part of Bolivia's economy. Oil and (primarily) gas has until recently contributed about 50% of the exchequer's revenues, and absorbed about 35% of public investment. In 1993, natural gas exports accounted for 14% of total merchandise exports, following a downward trend in rilative tms since 1985 (55%) and in absolute revenue terms since 1990. Bolivia has about 180 billion cubic meters (BCM) of proven gas reserves, and 190 million barrels of liquids reserves. It is expected that the reserve base will inCrease substantlly, especally for gas, when more foregn capital becomes available from explomtion. In 1992, Bolivia produced 7.6 million barrls of liquids and 5,524 million cubic meters of gas. Much of the gas was used for reinjection into reservoirs to enhance liquids recovery; 2,126 million cubic meters were eportd to Argentina, 575 million cubic meters were consumed in the domestic market. Although small, the domestic gas market is expected to show a steady growth over the coming years primarily due to the growth of the Bolivian economy. Gas exports to Argentina are uncertain beyond a horizon of the next tree years (for which period gas aeports have been concluded) due to the substantial low cost gas reserves inside Argentina. A contrct for exports of large quantities of gas to Brazil (5-.5 BCM/year on plateau) was signed in Febnrary 1993, with deliveies to start in the latter part of the 1990s. The contract is pending on financing of the 2000 km pipdine from 3olivian Santa Cruz to Sao Pauo and beyond on the Brazilian Atlantic coast. 5. The Bolivian Government plans a fundamental retructuring of the hydrocrbon sect. The state oil and gas company, YPFB will be capitalized. This means that private, probably mainly foreign, investors will inject funds into the company at an amount equal to the value of the p-citaliized YPFB, ths doubling the value of the company, and taking over its management control. The 50% state owned part of the new YPFB will be handed over to population in the form of shares in pension funds and other types of funds. The capitaition may take place in 1995 at the earliesL YpFB may have to be split into scveral companies (upsteam, refining, retailing, gas ion, and others) and otherwise stamline its organizations to attract investors to the capitalition. In the new hydrocarbon law (under prePation), the Govemnment will set up a state entity to manage state interests in the hydrocarbon sector, interest which today are adminir mainly by YPFB. 5 Complementy ydrocrbon Sector Reforms 6. To make the capitalization of YPPB possible, and to further atact private investment in the hydrombon sector, the Government's strategy includes the following: (i) new oil and gas legisladon and regulation; (ii) liberalization of downstream petroleum opetons, including energy prices; (iii) free import and export of petroleum products and natual gas; OV) rg t of state activity and participation in the hydrocarbon sector (v) insitutional sgening of oil and gas authorities; (vi) establishment of a regulatory body to control the activities in natual monopolies for gas transportation and distribution, and for oil portation. IV. SCOPE OF WOREK 7. The ESMAP funds are planned to be used to: (71) evaluate the potential reserves in exploration areas held by YPFB, carry out an economic analysis and recommend to GOB which areas a capitaizwd YPFB could keep to enhance its value to prospective investors while promoting competition and investme in areas to be released from YPFB; (i) analyze investments required in producing fields now held by YPFB, carry out an economic analysis of each and recommend to GOB which producing fields should be kept by the capitlized YPFB in order to enhance its value and release non core assets to new investors; Ciii) evaluate the operafion contracts between YPFB and some 17 oil companies, evaluate both their potential fiscal imact for the Government and/or potential value in enhancing the capiaiztion of YPFB, and assess their implications (egal and operatonal) from the govenment and companies points of view-, O(v) advie GOB on levl of investments to be expectd from a potental investor in the capitalized YPFB. An important output of these studies consis of the information on the oil and gas reserves and expected production profile during the next 15 years. x2bo 2d RendgIaw 8. To attract private capital to all areas of the hydrocarbon sector, laws and reguations need to be improved. The Government is currently working on a new Hydrocarbon Law. This will inmtroduce clearer nrles for private sector eWloration and producion, toget with 6 more atractive fiscal tenrs. Oil products retailing will benefit from new pricing regimes (free pnces after a transitory period). Gas tansporters and distibutors will see a better investment chmate through market set pnices on gas as well as competng energies, together with cost-based tariffs for gas oraton. Pipeline systems will have open access for third parties. In a new National Regulatory Commission law, a regulatory body for gas (and for other industries with monopolistic elements) will be established. Underlying reguaon wil be required. 9. ESMAP has earlier worked on the establishment of a Natural Gas Code for Bolivia. The new Government, which took office in August 1993, has integrae major elements of this draft gas code into the new draft Hydrocrbon Law to be presented for Parliament within a few months. Another ESMAP study has been proposed to establish underlying regulation in the natural gas area& This regulation will contain, among other things, guidelines for constructng cost-based gas transportation and distribution tariffs; rules for third party access to the pipeline systems; standard of services; and the detailed functioning of the regulatory body for natural gas. V. TIME TABLE AND REPORTING 10. The Government managed to have a capilization law aproved by the National Congress in March 1994. Furthermore, the Govenment wants to forward to the National Cogress a proposal for a new Hydocarbon Law and a National Regulatory Commission Law by the end of April 1994. Prior to engaging the capitalion pmcess of YPFB, the GOB will issue either a Supreme Decree or a Law (this is unclear yet at this stage) for the cpitalization of YPPB which would decde, among other things, what assets would remain with YPFB, the caitalizaton prcess and the share distibution to Bolivian citizens. in this context, ESMAP will give advice in areas of major concen to GOB prior to the capitaization of YPFB, namely the exploration areas that would remain with the capized YPFB, the expected level of investmens in the capitized YPFB by the private investor and whethe some or all the operations contact would reain with the capitalzed YPPB. Despite the many recommendations by consultants and private companis that YPFB should be offerd as a separate business units, the GOB has not made yet a decsion on this. However in either case, ESMAP assistace would be necessary. The timing of ESMAP support is 1. expected to last through December 1994. Local as well as intenational consultants will be used for this work. 11. Three sepate ESMAP reports are planned for presenting recommendations and strategy for the ca lization on exlration areas selection, producing fields investment levels and existing operation contr economies. White cover is targeted for August 1994, Blue Cover for December 1994. 7 VL OBSTACLES 12. The proposed ESMAP progmm i based on extensive discussions with the Government. The Government shares the goals of the proposed ESMAP program. Potential obstacles to its ilelentation Les in delays of the Hydrocarbon Law, and the National Regulatory Commission Law, all planned to be passed by Congress this spring session. Another obstacle Lhes in the delays by the GOB in defining a caiton stategy and firm tmetable for YPFB. VII PROJECT MANAGEMENT AND REVIEW 13. MIis tehnical asistance project will be managed jointly by Chb Khelil and A. Mgathli, and monitored by a peer reviewer group consisting of Messrs. Thomas O'Connor (IENOG); Gorges Rafael Khoury-Haddad (IFC) and James Bond aIENPD). 8 VII. BUDGET No. of Budget Total Budet People Category Item MW USD 10 Personnel 11.01 ESMAP HIL St 20 56,000 11.50 Intenational Consultants' Fees 52 258,000 11.60 Intentonal Consultants' Travel 42,000 13.01 Adminisave Support 7 4,000 15.00 Official Travel 10,000 17.00 Local Consultants 4 10,000 s0 Mjscellaneous 52.00 Reporting Costs (Ind. - 1anDSlatins) 20,000 ii9 Agenaes Suport Costs (ASC) 159.1 UNTP 0 159.2 World Bank 20 66,000 179 Subtotal - Eternal Funding 466 Enclosures: Terms of Reference: 'Stategy for gelection of Exploration Areas for a Capitalized YPFB' 'Level of Investments in Existng Producing Fields for a Capitazed YPFBN 'Opertions Contracts Economics and YPFB Citalition Strategy' 9 Enclosure BOLIVIA STRATEGY FOR SELECTION OF EXPLRATION AREAS FOR A CAPITALIZED YPFB TERMS OF REFERENCE 1. Introdugfio. The Stte-owned company YPFB - Yacimitos Petroliferos Fiscales Bolivianos - has a monopoly over the hydrocarbon sector in Bolivia YPFB controls what the companies consider as the most prospective exploraton areas in the country. Bolivia oil production is about 27,000 BPB with YPFB productivity about 20,000 BPB. YPFB produces most of the natural gas and condensate (around 20,000 BPD) in Bolivia including the only significant oil production (about 3,000 BPD) which comes from a field operated by Maxus. YPFB is the contractual counterpart of private compaes active in exploration and production. It is in charge of al oil and gas transmission, refines all oil and supplies all petroleum products to retailers except for diesel oil when large quantties are expected. Supply of natural gas to large consumers and local distribution companies is peformed by YPFB. Local distribution companies infas is primarily owned by YPFB. 2. The Bolivian Govemment (GOB) wants to dergulate and restructure the energy sector. A new Hydrocarbon Law and a National Regulator, Commission Law are under preparaion. A multi-sectoral regulatory agency for, among others, natural gas is to be set up, and there are plans to deregulate energy prices. A plan of ctalization of YPFB is being developed, whereby prvate investors will obtain management control and double the value of the company through injection of funds. Through either a supreme decree or a law to be passed by Congess, GOB will issue the lgal instrument for the pizaion of YPFB. 3. Several options are available to GOB in the capitaliion of YPFB, and in particular whether YPFB would be capitalized as an integrated oompany or as seera business units. In any of these options, GOB need to know: (i) whether YPFB should klep all exploration areas and if not, which ones should YPFB klep, (U) what level of investments would be expected by the new owner in YPFB's exploration and prducing areas, and (iii) if it should allow the transfer of all aeisting 17 opeadon contracts to YPFB. 4. ScefWork. The consultants shal carry out a technical and financial evaluaton of al exploration prospective areas now held by YPFB and recommend which of these areas should be kept by YPFB in order to accomplish three major objectives: (i) that the level of exploration investments required of the new owners are consistent with generally 10 acpted industry ptice; iu) that sufficiently attractive exploration areas should be set aside for other companies to bid on and sdmuate competition; and (iii) that the exploration areas to be kept by YPFB would aally increase its value in the eyes of investors interested in the capiiation of YPFB. Past investments and work carried out in these areas by YPFB should be carefully inventoned and quantified. 5. Technical and Fnancial Evaluation. The consultants shall carry out a geophysical, geological and reservoir engineering evaluation of- the prospective area to esfimate what the expected potential reserves are using practices commonly used in the industry. The consultmts shall then estimate the required level of investments (geology, seismic and exploration wells as well as the development wells for expected succesful plays) and the expected financial return for delineating and developing the reserves for the most probable development and tsanpormion scenario. The consultants shall assume that the new opeator shall have signed a license contract under the draft version of fte new Hydrocabon Law, which is under preparation and that will be furnished to the consultants by theBank. In light of the constraints mentioned under pam. 4, the consultants shall report a range of scenarios to GOB and recommend the specfic areas that YPFB should keep, including the level of investments that may be required in this case (exploration and development, production and pipnes). The consultants wi}l carry out the evaluation over a 15-year period using a 12% discount fctor and World Bank fore for crude oil and gas prices. 6. Coordination. The conulants shall coopere with a Bolivian counterpart team headed by a representative from the National Secretariat of Capitalization and Investments, and National Secretariat of Energy and YPFB. Further, the Consultants shall liaise, as required, with repretatives of the World Bank and other consultants worlkng an level of investments in producing fields and operations contract economics for a capitalized YPFB. The World Bank will administe the contracts with the consultants and will appoint one of the consultants to coordinate the output of the consulat. 7. Re2orling. The Consultat sha deliver a 'Stra for Selection of Exploramion Areas for a Capitized YPFB- reporL It shall contain an easy-to-communicate presentation of the tchncal and financial evaluation, relevant data and slcted maps, and recommendations. It shall further contain a detailed manual giving the detailed data, detailed principles and derivation methods lying behind the evaluations. The report shall contain all data and informaton neceary to reproduce the relts of the evaluation without further assistance by the Consultants. In cases when the principles or approaches chosen could reasonably be challenged, the consultants shall describe and comment upon the altnative approaches that could have been chosen in particular as it concerns the legal premises used and reasoning thfrom. 8. Progress Report and Timing. The work of the consultants shall be finalized within 10 weeks after the Starting Date of the Assignent. While in Bolivia, 2-3 weeks into 11 the work, the Consultants shall deliver in a meetng with the Bolivian counterpart and the World Bank an Inception Memoandum presenting the information received, their work plan, and the main issues to be addressed. A draft final report shall be presented within 10 weeb and discussed in a meeting in Bolivia. The Consultants shall prepa the final report in English and provide a Spanish taslation. 9. Consultants Qualifications. The work shall be performed by consultants with long expenence in the technical and financial evalua8on of exploration areas under conditions which are not necessaily one could wish for. The required experts wil consist of a geophysicist, geologist, resevoir engimeer, financial specialist, and a contract spealist. The consultants doing field work shall be able to communicate in Spanish. 12 Enclosure2 BOLIVIA LEVEL OF IVSENTS IN EXISTING PRODUCING FIELS FOR A CAPITALIZED YPEB TERMS OF REFERENCE 1. Introduction. The State-owned company YPFB - Yacimientos Petrolifems Fiscales Bolivianos - has a monopoly over the hydrocarbon sector in Bolivia. YPFB controls what the companies consider as the most prospective exploraton areas in the country.YPFB produces most of the natural gas and condensate (around 30,000 BPD) in Bolivia including the only significant oil production (about 3,000 BPD) which comes from a field operated by Maxus . YPFB is the contractual countepart of pnvate companies active in exploration and producton, is in chare of all oil and gas tansmission, refines all oil and supplies all petroleum products to retailers. Supply of natural gas to large consumers and local distribution companes is performed by YPFB. Local distribution companies infstructe is primarily owned by YPFB. 2. The Bolivian Govemment (GOB) wants to drgulat and restucture the energy sector. A new Hydrocarbon Law and a National Regulatory Commission Law are under prepamtion. Regulatory agencies for, among others, naural gas and power, are to be set up, and there are plans to deregulate energy prices. A plan of capitaliation of YPFB is being developed, whereby private investors will obtain management control and double the value of the company through injecdon of finds. Through either a supreme decree or a law to be passed by Congress, GOB will issue the legal instrument for the capitalization of YPB. 3. Several oons are available to GOB in the lizaon of YPFB, and in partcular wher YB would be capitaized as an integated company or as several busine units. In any of these options, GOB need to know: (i) whether YPFB should keep all existing producting fields and if not, which ones should YPFB keep, (ii) what level of investments would be exected by the new owner in YPFB's retained producting fields, and Ciii) what aroach should be takn to divest those fields which are considered maginals. 4. Sco of Wgrkl The consultants shall carry out a technical and financial evaluation of producing filds now held by YPFB and recommend which of these should be kept by YPFB in order to actually increase its value in the eyes of investors inerested in the capitalition of YPFB. 13 5. Technical and Financial Evaluat n. The consultants shall carry out a geophyical, geological, and reservoir engineering evaluation of the producing fields. The consultants shall then esfimate the expected oil and gas prduction profile, the required level of investments and the ected financial return for fully developing the reserves . The consultants shall assume that the new operator shall have signed a license contract under the draft version of the new Hydrocarbon Law, which is under prepaation and that will be furnished to the consultants by the Bank. light of the objective set under pagrph 4, the consultants shall report a range of scenaios to GOB and recommend the specific fields YPFB should keep as well as provide the level of investments that may be reqired in this case. These investments should include development wells, production facility and pipelines. The consultants shall carry out the evaluation over a 15-year period using a 12% discount factor and World Bank assumptions on oil and gas prices. 6. Coordination. The consultants shall cooperate with a Bolivian countepart team headed by a representafive fom the National Secretariat of Capitalition and Investments, and National Secretariat of Energy and YPFB. Further, the Consultants shall liaise, as required, with representatives of the World Bank and other consultants working on selected areas of exploration and operations contract economics for a capitalized YPFB. The World Bank will adminier the contracts with the consultants and will appoint a coordinator for the consultants. 7. ftorgng. The Consultants shall deliver a 'Levd of Investments in Existing Producing Fields for a Captalized YPFB' report. t sha contain an easy-to-ommunicate Presentation of the tuhnical. and financial evaluation, relevant data and selected maps, and recommendations, It shall further contain a detailed manual giving the detailed data, detailed pinciples and derivation methods lying behind the evaluations. The report shal conta all data and information necesary to reproduce the results of the evaluaton without further assistance by the Consultants. In cases when the principles or approaches chosen could reasonably be cllnged, the consultants sha descibe and commet upon the alternative approaches that could have been chosen. 8. Prness Report and Timing. The work of the consultants shall be finalized within 10 weeks after the Starting Date of the Assign t. While m Bolivia, 2-3 weeks into the work, the Consultants shall deliver in a meetig with the Bolivian countepart antd te World Bnnk an Incepn Mmandum pesenig fte infm receved, their work plan, and the main issues to be addressed. A draft final report shall be presented within 10 weels and discussed in a meeting in Bolivia The Consultants shall prpare the final report in English and provide a Spanish translation. 9. Consultnts Oualifications. The work shall be performed by consultants with long experience in the technical and financial evaluation of natural gas condensate producing filds which are not necessarily one could wish for. The required expertse will consist of a 14 geophysicist, geologist, reservoir, engineer, financial analyst, and a contact specialist. The consultants doing field work shall be able to communicate in Spanish. 15 Enclosur 3 BOLIVIA OPERATION CONTRACTS ECONOMICS AND YPFB CAPITALIZATION STRATEGY TERMS OF REIRNCE 1. LIffn. The State-owned company YPFB - Yacimientos Petroliferos Piscales Bolivianos - has a monopoly over the hydrocarbon sectr in Boliia. YPFB controls what the compames consder as the most prospective exploration areas in the country. YPFB produces most of &e natural gas and condensate (around 30,000 BPD) in Bolivia including the only sgnificant oil production (about 3,000 BPD) which comes from a field opeated by Maxs. YPFB is the contractual countepart of pnvate companies (about 17 opeion contracts) active in exploration and production, is in charge of all oil and gas tansmission, refines all oil and supplies all petroleum products to retailers. Supply of natural gas to large consumers and local distribution companies is performed by YPFB. Locl distributin companies infas is primaiily owned by YPFB. 2. The Bolivian Govenment (GOB) wants to dergulate and restucture the energy sector. A new Hydrocarbon Law and a Natonal Regulatory Commission Law are umder preparation. A multi-secinl regulatory agency for, among others, nanual gas and power, is to be set up, and there are plans to dergulat energy pric. A plan of citalion of YPFB is being developed, whereby private investrs will obtain management control and double the value of the company through injectin of funds. Through either a supreme decree or a law to be passed by Congress, GOB will issue the legal insume for the capitaliion of YPFB. 3. Sevral options are available to GOB in the c-ikalioi of YPFB, and in paricular whether YPFB would be capialized as an integrated company or as several business units. In any of these options, GOB need to know: (1) whether YPFB should keep all exploration areas and if not, which ones should YPFB kep, (iu) what level of investments would be expected by the new owner in YPFB's explorafion and producing areas, and (iii) if it should allow the tranfer of all 17 o on contracs to YPFB. 4. So=pof 7Te consultants shalU carry out a technical and financial evaluation of all existing oeAtion contrat for whiwh YPFB is now the govenment contractual countpart and estimate of potential fiscal reveues for the Government and/or potential value for a capitaized YPFB. Under the scenano whereby YPFB shal be capilized, the vaious options for the Government would be: i) to revert all these 16 operations contracts to the Government; (iH) rert only some of them; (iii) keep all of them with the capitized YPFB to enhance its value for investors. The consultants shall also analyze the options in terms of their implications (legal/contactal, operational and othr) from the gas and oil companies points of view. The consultants will also estimate the trms of the fiscal package that will be necessary to tansform the existing operation contracts into concession contracts with equivalent economic returns. 5. Technical and Financial Evaluation. The consultants shal carry out a geophisical, geological and resrvoir engineering and economic evaluation of the existing operAtion contracts in terms of fiscal revenues for the Government and/ or value enhancing for a capiiied YPFB. The Consultants shall report a range of scenarios to GOB and recommend the specfic operation contracts, if any, YPFB should keep in orer to possibly enhance its value for prospective investors. For all scenaios, the consultants shall discuss the legal/contractual and other implications. The consultants shall assume a 15-year period, a 12% discount factor and World Bank oil and gas price forecast. 6. Coordination. The consultants shall cooperate with a Bolivian countepart team headed by a rpresentative from the National Seceariat of Capitlization and Investments, National Secretart of Energy, YPFB and The National Secretariat of Administration and Finances. Further, the Consultants shall liaise, as required, with representatives of the World Bank and other consultnts woriang on selected areas of explortion and level of investments in producing fields for a capitalzed YPFB. The World Bank will adminis the contras with the Consultants and appoint a coordinator among the consultants. 7. Rewrting. The Consultnts 'shall deliver a Operations Contact Economies and Capitalization Stregyu report It shall contin an easy-to-comunicate presentation of the technical and financial evaluation, relevant data and selected maps, and recommendations. It shall further contain a detiled manual giving the detailed data, detailed principles and derivation methods lying behid the evaluations. The report shall contain aUl data and information necessary to reproduce the results of the evaluatn without further assistance by the Consultants. In cases when the principles or approaches chosen could reasonably be challenged, the consultants shall deibe and comment upon the alterative approaches that could have been chosen. 8. Proagess Reort and Timing. The work of the consultants shall be finalized within 10 weeks after the Staring Date of the Assignm=et While in Bolivia, 2-3 weels into the work, the Consultants shall deliver in a meeting with the Bolivian counterrt and the World Bank an Inception Memorandum presenting the information receved, ther work plan, and the main issues to be addressed. A drft final report shall be presented within 10 weeks and discussed in a meeting in Bolivia. The Consultants shall prepare the final report in English and provide a Spanish translation. 17 9. Consultants Oualificatons. The work shall be performed by consultants with long experence in the technical and financial evaluation of natural gas condensate producing fields which are not necessarily one could wish for. The required exps will consst of geophysiist, geologist, resrvoir enginee, financial analyst, and a contract speciais The consultants doing field work shall be able to communicate in Spanish. 18 Annex 1 La Paz, March 3, 1994 National Secretariat of Energy/World Bank Version 5 HYDROCARBON SECTOR ISSUES ACrlONS AND REFORM IMPLEMENTATION PLAN L REGULATORY LAW 1. Role of CONARE (a) Limited to mplementation of triffs, open access and customer problems with distribution and taspton of natural gas, and anti- competitive behavior for sectors. (b) CONARE to be financially independent. (c) CONARE's decisions could only be appealed to courts. (d) Agree on new draft Regulaory Agency Law. (e) Regulations. . (f) Organization Study. (g) Nomination of Board to supervise regulation and organization study. (h) Fmancing and management of work under e, f, g above. IL HYDROCARBON LAW ISSUES 1- Strngthening of worling group in charge of preparng and implemeting (Pject Unit) law and gulatory reform. 2. Organization of sector, CONAHD, DGH, CONARE. (a) s for pieine transpt to be awarded by CONAE1D. (b) Norms and stdards for safity, tehnical, and environment to be implemented by DGEL 3. Fnancing of CONAID (consensus with SoF, SoE, MoFED). (a) Budgets approved by SOE. (b) CONAEID to be financily independent. 4. Ficl package for E&P. Concession Contct. (a) 12% royalty escalating to 20%. (b) 40% or 45% income tax. (c) R fictor based royalty. 19 (d) Implications on fiscal revenues. (e) Lea rental as an opion replacing work cotments, area relinquishments and bank guarantee. (f) Transfer of national tax on gross production to capitalized YPFB. (g) Royalty or production tax to be paid by capitized YPFB. 5. Transitory povisons of law. (a) Transfer of assets, contracts, authizations to YPFE. 6. Solutions/procedures/timing for awarding to YPFB: (a) Existing producing areas. (b) Undeveloped discoveies. (c) Explon areas. (d) Pipelines (ownership and producers' entry). - include ownership of gas distibution inrastucte. (e) Refinery. (f) Wholesale and retail petroleum products distribution. (g) Other assets and corresponding authoizons. 7. Future of existing YPFB ations/license contcts (OISRC). (a) Article in HC Law assi g al nghts/obligations of YPFB to C CONAHI. (b) Issue of debt of YPFB to contratistas. (c) O/SRC contracts to be subject to original legal regimes, with opions for contratistas to superimpose lhbre disponibilidad3 of liquid hydbons. No rengotations or cowversion to concessions (view of WB, and of oil companies at conference). 1IL HYDROCARBON LAW ACTIONS TO IMPLEMIT WITH EFECIVE DATE OF LAW 1. Major Issue: Is 180 days after publcaton of the HC law sufficient tO complete the following? (a) Revise YPFB's status (Lay Oranica) in light of t he new legal/con ual/capization framework. (b) Award contracts, aIzations, patrimony to YPFB (6 a-g above). Review each by the task force to that effect (c) Organize, set up, and staff CONAEID. Study reqired to define skills, systems, data bank management. (d) Finalie and implement exc tax/VAT regime for downstm petroleum products. (e) Issue all regulations and model contracts for implemention of the HC Law. (f) Natal gas distibution contrcts. 20 - Review existing leases. - Award concessions according to the HC Law. - Agree on ownership and conditions for transfer of infrstructure. - Implement tariff regulation. (g) Oil and natural gas o n. - Implement tariff regulation. (h) Private sector petroleum and CNG distribution and marketing. - Issue operaional authorons. (i) the state's share of crude oil and natural gas production. - Short term contracts for YPFB's purchase. - Short term contracts for YPFB's tansortation and storage. (j) Fialize salelpurchase agreements for contratistas' share of present gas production (domestic and foreign market). (k) Subsidy program, if any. (1) C liion program to start after HC Law effectiveness. IV. YPFB, PIE-CAPrrAIZATION ISSUES 1. Set up working group to be in charge of YPFB captaization. 2. Upstream. (a) Upstream stucture. - One company. - Regional conWanies. (b) Define economic unit(s) for upstream companyQles). (c) Define divesiture process for assets excluded from economnc unit(s). (d) Evaluate fild-by-field reserves, development program, and investments. (e) Evaluate YPFB's exploxation acreage. (f) Recommended option and stategy for capitnlition. 3. TransporL (a) Transport structure. - One oil and gas anspoan company. - Sepate oil and gas t aon companies. One or two gas ans a companies (YABOG separate?.). (b) Gas pipeline to Brazil (c) Physical and financial audit of pipelines. - For capitalization. - For establishing tariffs. (d) Options for YPFB's gas distribution assets. - Valuation and disposal of physical assets. (e) Recommended option and strategy for caitalization. 21g 4. Refinery- (a) Economic viability. (b) Issue of ptcipation in wholesale and retail distribution in view of openg competition. (c) Valuation and captlization stategy. 5. Wholesale petroleum storage. (a) Packig to crate open, competitive markets. (b) Measures against possible anti-competitive behavior. (c) Valuation and capitaiation strategy. 6. Petroleum products retai distribution and markeing. (a) Analysis and zecommendations regarding YPFB's currently leased-out gasoine stations. (b) Packaging of YPFB-opBrted stations for capion to create open markets and competition. (c) Valuation of torion assets and gasoline stations, and capitalization strategy. 7. Other asses and services (drilling, sesmic, well workovers, and others) (a) Valuation and strategy for disposal. 83. Enviroment (a) Environmental audit. (b) Which envi l liabts to rem with YPFB? (c) Mitigtion plans to be implemented by new owners over time. 9. YPFB's.debt. (a) Analysis of debt. (b) Prepare strategy in relation to talization. (c) Debt financing sources of the Germent. 10. YPFB streamlining. (a) Personnel reducto (b) Investment prioridzation. (c) Implemention of assets disposal not requiring law. V. YPFB CPTAIZATION IMPLEMETATION ISSUES 1. Strategy. (a) All compais in one offeing, or separaty - if so: fiming. (b) Caiizn procedures defining how offering will be done: shares to the Bolivian people, tanser to pension fimds and mutual funds. 22 2. Capitalition implementation assince. (a) Investment bank (b) Legal consultants. (c) Bidding procedure and documentation. CKbdiil/bd 23 CONFIDENTIAL Report No. 14005 BO ANNEX II EXPLORATION - RELATED MATERJJ LIST OF CONTENTS Encl. No. Descrivtion 1. Bolivian Geology Annex 2. Block Descriptions - YPFB Exploration Blocks 3. Block Descriptions - YPFB Producing Blocks 4. Block Descriptions - Contractor Exploration Blocks 5. Block Descriptions - Contractor Producing Blocks 6. YPFB Exploration Blocks - Raw Pre-Development Costs 7. Bolivia Discovery History Chart 8. Bolivia Hydrocarbon Fields - Reserves - Boomerang Area 9. Bolivia Hydrocarbon Fields - Reserves - Pie de Monte-Chapare Area 10. Bolivia Hydrocarbon Fields - Reserves - Pie de Monte-Sur Area 11. Bolivia Hydrocarbon Fields - Reserves - Pie de Monte-Centro 12. Bolivia Hydrocarbon Fields - Reserves - Sub Andino-Sur 13. YPFB Proved and Probable Reserves'12/31/93 By Field 14. YPFB Exploration Blocks - Monte Carlo Volumetric Analysis Results 15. YPFB Exploration Blocks - Summary Reserve Dev. Cost Est. Scenarios 16. YPFB Exploration Blocks - Gas and Liquid Production Projections 17. Contractor Expl. Blocks - Monte Carlo Volumetric Analysis Results 18. Contractor Expl. Blocks - Summary Reserve Dev. Cost Est. Scenarios 19. Contractor Expl. Blocks - Gas and Liquid Production Projections 20. Bolivian Oils and Their Characteristics Sorted by Age and deg. API 24 Annex2 -1 BOLIVIAN GEOLOGY ANNEX STRUCTURE- Dominant structure in Bolivia is related to the Andean Orozenv, the initial movement causing compressive folding and faulting began no earlier than mid-Miocene, i.e. 10-12 million years before present (Mybp), and became demonstrable through isopachs by the end of the Miocene, i.e. +l-6 Mybp. During the Pliocene, 6-2 Mybp, the greatest deformation occunred with structural amplitude migrating from the west (Andes) to the plains during this time. During the Pleistocene and Recent most of the compressive energy was absorbed by duplex (successive thrust faulting) structures in the Sub-Andino thereby causing the plains structures (Pie de Monte) to cease growing. The Sub Andino province encompasses the rugged Andean foothills east of the East Cordillera. The Sub Andino is complexly folded and faulted with low angle overthrusts dominant. The productive Sub Andino Sur is separated from the, as yet unproductive, Sub Andino Norte, by the Boomerang fault zone typified by left lateral displacement. The Pie de Monte lies immediately east of the Sub Andino and is given a distinct designation smce it occurs east of the foothills and is much less intensely structed, although the type of folding and faulting is similnr. The productive Pie de Monte zone is further subdivided into the Sur, Centro, and Chapare areas. The Pie de Monte province is essentially terminated at the Boomerang fault zone and has little or no expression to the east of the Sub Andino Norte. The highly productive Boomerng fault zone strikes WNW-ESE and is distnguisahable from the mounain front in the west and the western plains. It may appear again in the Chiquitanas Hills in southeastern Bolivia. The Boomerang fault(s) had at least two periods of left lateal movement that were compressive, i.e. caused folding. One of these occmured between the Permian and mid-Cretaceous (Hercyman) and the later between the mid-Miocene and late Pleistocene (Andean). The Chaco Basin lies to the east of the Pie de Monte and west of the Brazilian Pre- Cambrian Shield. It is relatively unaffected by the Andean orogeny and is typified by very gentle stuces with or without faulting. Production has been attained in the Chaco, but to date it has been relatively insignificant. The Bemi Basin lies to the north of the Chaco Basin and the Boomerang zone and between the Sub Andino Norte and the Brazilian Shield. Along with the Sub Andino Norte, the Bemi Basin has no positive indications of the presence of hydrocarbons, although three recent discoveries just to the north of the Boomerang fault dividing the Pie de Monte and the Beni may, in fact, presage discovenes in the Beni Basin. The Beni Basin appears to be very gently structured and may require down-to-the-east faults to provide structual closure for traps that may exist. IPFP-Evaluation of Petroleum Potential Sub-Andean Bolivia between 180 - 22" S. Dec. 1993 25 The Madre de Dios Basin, in the northern Bolivian lowlands, is separated from the Beni Basin to the south by the Madidi fault zone (sometimes referred to as the Madidi Arch), a mirror image to the Boomerang, with a right lateral displacement. The Madre de Dios Basin extends northward into Peru where it is separated from the Ucayali Basin by the Fitzgerrald Arch (fault zone). The Madre de Dios, in its updip termination, also extends eastward into Brazil. Like the sister plains basin, the Madre de Dios Basin is only gently structured. However, larger features may be associated with lateral faults such as the Rondonia fault trending E-W through the basin center near which a recent well, Pando X-1, tested significant (not large) amounts of oil and gas. The north flank of the Madidi fault displays evidence of higher relief features. The Madidi zone is similar to the Boomerang without Andean structural influence but with greater length. The Altiplano lies in an elevated depression between the Western and Eastern Cordillera. The Altiplano contains several sub-basins more or less rhombic in shape bounded by lateral faults. Strucuring is highly complex but quite different from that of the equally complex Sub Andino. The presence of thick salt layers and volcanic intrusives, particularly in the westem portion, complicates the pictre further. However, there are many oil and gas seeps m the Altiplano and a small, now depleted, oil field (Pirin) on the north shore of Lake Titicaca in Peru, which attest to the prospectivitY of the Altiplano. The only other Andean region analogous to the Altiplano, contains the Upper and Middle Magdalena Basins in Colombia, which are highly productive. The more obvious Pre-Andean structure appears to be related to plate transforms, i.e. Lateral faults associated with the opening of the Atlantic Ocean. These plate transforms have a generAl E-W orientation and were likely mitiated in the Late Triassic - early Jurassic, (200 -180 Mybp). It should be noted that lateral faults may contain both compressive, tensional and pacific phases. Several of these lateral transforms cross Bolivia and appear to be identfied with positive structures (uplift) such as the Boomerang-Chinquas and portions of the Madidi and the Rondonia Fault Zone. Moreover, any offsets in the Andean front or anomalous low relief highs in the Plains area, i.e. Sierra San Josecito, may be suspected of being manifestations of transforms. Several deductions can be made: a) lateral transforms rarely are expressed as a single fault but represent a fault zone with offsets and splays diverging at acute angles from the major faults; b) major transforms are altenatively left and right lateral (For confirmnation, examine the detail of the Mid-Atlantic Ridge.); c) lateral ransforms rarely exhibit large vertical displacement, although a possible exception to this may be seen on the Boomerang feature which was significantly affected by the late Andean movements (other exceptions include the Pyrenees/Picos de 'Europa, Atlas, etc.); d) movement on lateral transforms is episodic, i.e. movements take place at inregular and often widely spaced periods after initiation. Other types of lateral faults which often exhibit huge vertical displacement have not yet been clearly idenified in Bolivia, but are highly likely in the Altiplano and could be present in the Cordillera. SOURCE ROCK- The only clearly substantiated petroleum source rock in Bolivia is the mid-Devonian shale particularly the Los Monos fn or its equivalent. The underlying Ila (L. Devonian) and Kirusillas (Silurian) shales are similar to and have equal or greater source potential but are most 26 often found in an over-pressured condition and are not likely to have been significant contributors to expelled hydrocarbons. This is difficult to prove, however, as the physical and chemical properties of the petroleum fluids would likely be essentially identical to those of the Los Monos. Other potential source rocks include the Upper Devonian - Lower Carboniferous shales of the Retama Series and the Upper Carboniferous - Lower Permian Copacabana fm. carbonates and shales. Other possible source rocks exist as well and any normal-pressured shale which yields elevated gas readings while drilling, should be targeted for examination as a potenftal source rock. Maturation and type of hydrocarbon yield is the second most important aspect after source-rock richness itself. Maturation is a direct function of timLe and temperture or burial, often expressed as dept of burial. With regard to the primary known source rock, the Mid- Devonian Los Monos shale in the "Traditional" Area entmered the "oil window" in the mid- Triassic, about 190 million years after deposition and 180 Mybp at approximately 3500 m depth and about 870C temperature. Oil expulsion and migration appears to have begun in the early Lower Cretaceous (about 132 Mybp), with the onset of additional sediment burial, and continued through to the mid-Upper Cretaceous (about 80 Mybp) when the Los Monos had been buried nearly 300 Million years. At this time, the Los Monos would have reached a depth of about 5000 m, at a temperature of about 130°C and passed into the overmature gas/condensate wnndow. As buinal increased from the late Cretaceous through the Miocene, expulsion of fluids, primarily wet gas, increased dramatically. Just prior to the Andean uplift, some 5 - 6 Mybp, the Los Monos was buried to a depth of about 7000 m and at a temperature of approximately 190PC, and had likely become extremely maumre yielding only dcy gas.2 It should be noted that source rock maturation is only slowed during uplift and is never reversed. Hence, while uplift may occur bringing an overmature source rck sufficienly shallow to re-enter the "oil window", essentially no oil will be generated as a result With this in mind, some of the production anomalies in Bolivia become rational. True oil is found in those reservoirs and traps which were extant dming the expulsion and migration of oil, i.e. onset of the Tertiary (about 60 Mybp) considering time for migration. These inchude the Sflurian Sara sandstone on the early Boomerang structure, various Carboniferous sandstones stuatigraphically trapped (which in some cases were re-positioned by Andean movements) and the Patujusal/Los Cusis and Surubi on early st=r in association with the early Boomerang feature but with different episodes of movement. The area of Camimi and Monteagudo fields may also have been a pre-Andean high and this possibility may have led to the Chevron Caipipendi exploration. The Andean structures according to this rmasonmg, received only gas/condensate. Finally, the youngest reservoirs on Andean structures are all dry gas from the very latest phase of Los Monos matation.3 2AU basic data on matwaton, depth of burial, temperare gradient etc., taken from IFP reports. interpretation varies, howevr. 31n thc above discuion, the temperature/burial depth gradien of 2.2° CllOOm (1.20 FlOOft) was used with ambient temperamres increasing fom 100 C in the Carboniferous to 240 C in the Pliocene. 27 In the Chaco Basin, the Los Monos was never buried more than 3500 m and generally less. It should therefore have been in the "oil window" from Mid-Mesozoic (200 Mybp) until the present as the temperature gradient is only slightly higher, perhaps 2.5° C/lOOm based on limited wells. The western Chaco does have a higher thermal regime, particularly in the vicinity of the Izazog High which may be a relatively recent intrusive as suggested by the elevated temperatures. The Silurian shale should be included in the Chaco evaluation and it too should have been in the 'oil window" for an extended period, excluding the effects of the thermal elevated Izazog High. The absence of any significant period of burial probably slowed, but should not have prevented, expulsion and migration of fluids from the source rocks. The Beni Basin source rocks, maturation, expuision and migration history, should be quite similar to the area to the south except subject to greater depth of burial during the Tertiary, tending to place the Cretaceous Beu shale deeper into the extremely mature zone prior to the Andean orogeny. Likewise, a potential Cretaceous source rock has been geochemically identified in the Altiplano. It is interesting to note that somewhat analogous source rocks have yielded more than one-half of the oil discovered in South America. The Madre de Dios Basin source rock, maturation, expulsion and migration, is also similiar to the southern area except that: a) younger source rocks, i.e. Retama series, and the Permo-Carboniferous Copacabana fm, are expected and b) much of the western part of the basin (east of the Andean orogeny) is still in the "oil window". It is in some respects, simiar to the Chaco except having greater regional dip should have had a greater efficiency of expulsion and migation. STRATIGRAPHY AND RESERVOIRS- Without going into paleographic detil, it is sufficient to say that a marine seaway underlay the eastern Cordillera and much of the plains during Siluran and Devonian time (435 - 340 Mybp) with water depths exceeding 300 m. In late Devonian, the seaway became filled by coarse clastics, e.g. Iquire sandstone sourced from the highlands to the west (perhaps another Continental plate, i.e. part of present day Alaska). Older sands, i.e. Santa Rosa, Robore, Huamampampa etc., were intermittently introduced into the marne seaway whose continuous deposition were the shales which became the only established source rock in Bolivia. While the Siluro-Devonian sands were mainly clean quartz sands, subsequent deep burial with partial pressure solution and re-deposition of silica, subsnally reduced the initial porosity and reservoir qualty. Those Siluro-Devonian sands remaiing in the high pressure shale regime were at least partialy protected and presently retain much of their initial porosity. The areal extent of these sands, however, is likely to be limited. While Devonian sands are important hydrocarbon reservoirs in Bolivia, their low quality is enhanced by extensive frares i the basically indumated and bride sands. The Devonian Iquire sands were overlain by the Carboniferous section with only a mmor hiatus. The Carboniferous is a contnental to marne section of fluvial and shallow water sands and shales deemed to be associated with glaciation, although likely at some distance since the fluvial sands are clean and form good reservoirs. The Carboniferous is however, somewhat chaotic as typified by a senes of channel cut-and-fill intervals supermposed on one another in 28 vanous positions and orientaion. Thus, while Carboniferous sandstone reservoirs are high quaity and numerous, individually they tend to be qite limuted in areal exent. As they lie immediately above the source rock, similar to the Devonian Iquire sands, they are the most important hydrocarbon reservoirs in Bolivia. Carboniferous sands are also sourced from the highla%nds to the west and southwest. During the early Permian, a new seaway appeared in northwest Bolivia. A deltaic sand and shale sequence began filling this seaway, the Cangapi fn, from the west in southern Bolivia. The Cangapi sands provide an important but modest hydrocarbon reservoir in southern Bolivia. The overlying marne sediments have been eroded where the Cangapi produces from Sub Andino and Pie de Monte structures, but is preserved as the Copacabana fin consisting of marine carbonates and shales in central and northern Bolivia where it has been identified as a potental source rock. The next major event is the pre-Cretaceous unconformity during which most of the Permian, Lower Triassic and Jurassic (if deposited) were removed by erosion. Following this unconformity, all sediments were derived from the east rather than the west as had ben the case, and a coastal basin (as opposed to a seaway) was formed in the present position of the Eastern Cordillera. The precise correlation of the Cretaceous section from area to area and over time, keeps changing in the minds of those closest to the problem. Apparently before fluviallmarine deposition began, Bolivia was desertified with a wide band of sand dunes paralleling the new Pacific coast. These sand dune deposits are caUed the Beu fin in the north and Tacuru in the south and are probably Lower Cretaceous in age. The first marnne transgression is represented by the Ichoa shales which are also likely to be in the upper part of the Lower Cretaceous. The Ichoa shale was folowed by Upper Cretaceous Yantata/Cajones sands (top wedge) durig the manne regreion. Both the Lower Cretaceous aeolian sands and the Upper Cretaceous Ichoa, Yantata, and Cajones are good quality reservoirs and contribute to a sizeable share of Bolivian hydrocarbon reservoirs. The middle Terdary Paleocene Petaca fm, mostly sand and bottom wedge of the next marine transgression, iS lithologically similar to and often confused with the Cajones. The Petaca fim sands are followed by the Yecua fin which is principally a marine shale with intermittent sandstone tongues. The Yecua is the latet known marne tansgression m Bolivia and the youngest potential seal for migrating hydrocarbons. The Petaca sands are a good reservoir containing significant hydrocarbons. The sands in the Yecua shale sequence are the youngest hydrocarbon reservoirs in Bolivia. Because of their common association, the uppermost Cretaceous Cajones, the Oligocene Petaca, and the lower Miocene Yecua reservoirs are combined into one reservoir play unit despite their age differences. The Miocene is a fairly thick sequence of fluvial sands and associated intervening shale layers and is separated into the Tariqia and Guandacay fins in some areas and lumped into the Chaco fn in others. The Miocene is only significant for the overburden it places on underlying sediments. 29 During the Pliocene, the direction of sedimenttransport was again turned to the east (Atlantic) as the Andes rose and blocked drainage to the west. In all probability, lacustrine deposits can be found in the Pliocene during these change of drainage orientation. As the Andes rose higher during the Quaternary, Pleistocene and Recent periods, all remains of the Sub- Andean Basin were eliminated by rapid deposition of coarse clastic at the mountain front and beyond. The Plio-Pleistocene is locally called the Emborozu fm and is lumped with the Chaco fm in other areas. The Altiplano area is an overall graben or half graben located between the structred eastem and the volcanic western CordiLleras. At least six sub-basins are found in the Altiplano which appear to be bounded by lateral faults and are filled with Cretaceous to Recent seduments. The itemnl fault orientation appears to be NNW-ESE and NNE-SSW. Structures associated with the faulting is extremely complex as evidenced on very recent seismic work conducted by YPFB. Substantial salt deposition is evidenced in the southern portion of the Altiplano accompanied by extensive igneous intrusives parucularly on the west side. Numerous oil seeps are present in the Altiplano as well as a small oil field (Pirin Field), located on the north shore of Lake Titicaca in Peru, which produced approximately 300,000 barrels of oil before being abandoned in the 1970s. GEOPHYSICAL ENVESTIGATIONS- Both gravity and magnetic surveys have been conducted in Bolivia since the 1950s. These surveys were first conducted by oil companies operatig in Bolivia and later by YPFB itself. Although the methods have been fairly good in determnng the basin deeps and some of the faulting, they have not been particularly successful in identifying drillable prospects. In conjunction with seismic data, gravity and magnetic interpretations can be quite useful in refining seismic interpretations. he seismic method has been singularly responsible for the latest petroleum developments in the country. Since the early 1950s, several tens of thousands of kilometers of seismic data have been acquired in Bolivia. The identification and subsequent development of the Boomerang area can be attributed to the seismic method durmg the 1960s. Subsequent developments and refming of the seismic method has led to a seres of discoveries in the Boomerang area as well as the identification of numerous structures in the Chaco, Bemn, Altiplano, Madre de Dios and the Chapare areas. Most recently, thee-dimensional, (3-D), seismic data have been acquired in the Tundy Field. The high quality and close control has allowed the mappmg of significant facies changes in the reservoirs resulting in increased production from the field. Unfortnately, the seismic method has not been found useful everywhere. In areas of high relief and very steep dips, such as is encountered in the Sub-Andino area and in some places in the Pie de Monte, the seismic method cannot be used to advantage as the quality of the data is very poor to unusable and incapable of mapping structure either shallow or deep. No doubt, in the futre, an innovative manner in which to acquire the seismic data will be devised whereby meaningful data can be acquired. 30 Annex 2- 2 BLOCK DESCRIUIONS YPFB EXPLORATION BLOCKS MONTEVERD-LOMERO BLOCK-(Chaco Basin - 8951 kin2) The Monteverde-Lomero Block is situated on the SE extension of the Carboniferous productive trend, about 170 km SE of Santa Cruz. The Tita Field, an abandoned Carboniferous and Devonian gas field with a final cumulative production of 4.2 MMbbl condensate and 111 BCF of gas, lies in the SE corner of the block. The Techi Field, a Carboniferous gas field currently on reserve, lies immediately SE of Tita. -Approximately 1800'km of seismic data have been acquired in the block as well as a limited amount of gravity in the western portion. Outside of the field areas, some six dry holes have been drilled on the block. Expected plays are gentle anticlines with a wide rnmber of lenticular sandstone reservoirs. 'Devonian sands are prospective on structure. Also, pinch-outs of the Paleozoic rocks under the Cretaceous may occur in the northem portion of the block. Approximate depths to Carboniferous targets as thought to be about 2500 m and to Devonian targets, about 4500 m. Some ten prospects are currently identified which have Carboniferous and Devonian targets and the additional stratigraphic possibilities are quite large. The block is assessed to have a mean poential of 169 MM oil equivalent barrels of which about 53% is expected to be oil and gas liquids (89 MMbbl) and 47% is expected to be gas (490 Bcf). ROBORE BLOCK-(Chaco Afea - 4300 kmi) The Robore Block is located about 350 km east of Santa Cruz in the east portion of the Chaco Basin. Some aeromagnic work as well as about 250 km of seismic work has been done in the block. No wells have been drilled in the block, however a well, OTQ-X1, drilled 30 km to the east, tested dry gas in the Devonian. Expected plays are gentle anticlines with statigraphic componen in west and subsuntially sharper features in the east. Six leads and 3 prospects have been identified on which targets would be Devomnan and L. Paleozoic sandstones at apoximately 4000 m depth. The block is assessed to have a mean potential of 32 MM oil equivalent barrels of which about 27% is expected to be oil and gas liquids (9 MMbbl) and 73% is expected to be gas (141 Bcf). CAUPOLICAN BLOCK-(Madre de Dios Basin - 14,160 km:2) The Caupolican Block is situated in the northernmost portion of Bolivia in the south portion of the Madre de Dios Basin and just north of the Madidi Fault Zone (Arch) which separates the Madre de Dios Basin from ihe Beni Basin on the south. The block lies some 180 km south of the discovery by Mobil, Pando No. 1, the initial discovery in the northern portion of Bolivia. Approxinately 600 km of old seismic data is available in the block as well as aeromagnetic and gravity work. No wells have been drilled in the block to date. Expected plays are fault-related structures and stratigraphic traps in the mid Devonian, the Permo-Carboniferous and the Tertiary/Cretaceous. Structural and areal closure is generally small, however, some structures could be rather large (greater than 60 ki2). About 12 31 structures have been identified in the block, two of which are thought to be purely stratigraphic. The block is assessed to have a mean potential of 154 MM oil equivalent barrels, of which about 60% is expected to be oil and gas liquids (93 MMbbl) and 40% is expected to be gas (357 Bcf). MANURIPI BLOCK-(Madre de Dios Basin - 1800 kin2) The Mamripi Block is located in the northem portion of the Madre de Dios Basin some 15 km south of the Mobil discovery well, Pando No 1, and just south of the Rondonia Fault Zone. Approximately 1700 km of old seismic data as well as aeromagnetic and geochemical work has been acquired in the block. No wells have been drilled in the block to date. Expected plays are gentle, very low relief fault-related structures and stratigraphic traps in the mid Devonian (depth 3500 m) and Tertiary (depth 2000 m). Some 8 structural and 4 stratigraphic leads have been identified in the block all of which would appear to be rather small in structual and areal closure. The block is assessed to have a mean potenial of 70 MM oil equivalent barrels of which about 68% is expected to be oil and gas liquids (48 Mmbbl) and 32% is expected to be gas (134 Bcf). 1ttNEZ BLOCK-(Madre de Dios Basin - 4170 kmn) The Itenez Block is located on the Eastem edge of the Madre de Dios Basin close to the outcrop of the Brazilian Shield about 250 km east of the Pando No 1 well. No seismic work has been done in the block, nor have any wells been drilled. Only a limited amount of aeromagnetic work has been done. The only plays anticipated in this block are pinchouts of the Paleozoic against the base of the Tertary. Targets are thought to be Devonian sandstones which are estimated at a depth of about 1300 m. The block is assessed to have aTmean potential of 4 MM oil equivalent barrels of which about 100% is expected to be oil and gas liquids (4 Mmbbl). MAMORE n-(Bei Basin - 11,600 ki2) The Mamore E Block is located some 180 km northwest of Santa Cruz and about 50 km north of the Boomerang area and 80 km north of the Surubi Field in the Beni Basin. No wells have been drilled in the block, however about 300 km of seismic data and some aeomnagnetic and gravity work has been done. Expected plays are block faults, structures associated with wrench faults and Cretceous truncation by Tertary shales. Approximate depths to possible targets are between 1500 and 2000 m. Some 15 structu and leads have been identified which could be increased by Cretaceous truncation. The block is assessed to have a mean potential of 22 MM oil eqivalent barrels of which about 90% is expected to be oil and gas liquids (20 Mmbbl) and 10% is expected to be gas (11 Bcf). ALTO BENI BLOCK-(Sub Andino Norte - 2200 km2) The Alto Beni Block is located about 400 km NW of Santa Cruz in the Sub Andino Norte Basin The area is characterized by high amplitude Andean type faultng and thrust 32 faulting. One dry hole has been drilled in the area and one well.is currently drilling with disappointing results. Geochemical and geological surveys have been conducted in the area and about 60 lkm of seismic data is available; however seismic data quality is extremely poor due to high relief and quite complicated duplex structures. Targets are considered to be in the Permian sandstones in aniclines associated with thrst faultng. Only one lead is identified in the area and depths to the targets are thought to be about 3500 to 4000 m. The block is assessed to have a mean potential of 15 MM oil equivalent barrels of which about 28% is expected to be oil and gas liquids (4 Mmbbl) and 72% is expected to be gas (66 Bcf). COIPASA BLOCK-(Altiplano Area - 7850 kin2) .The Coipasa Block is situated in the Altiplano Area in Western Bolivia some 200 km SW of Cochabamba. The Altiplano Area is located between the Eastem and Westem Cordillera and is characteristic of areas in high elevations. No wells have been drilled in the block although two wells have been drilled close to the southeast comer of the block. In addition to aeromagnetic, gravity and geochemical surveys conducted in the block, about 1,400 kan of seismic data has been acquired in the Coipasa Block. Targets are anticlines associated with reverse faulting, block faulting and drape. Reservoirs are expected in the Terdary and Cretaceous sandstones at a depth of about 4,000 m. Tbree well defined prospects have been identified. The block is assessed to have a mean potentil of 28 MM oil equivalent barrels of which about 75% is expected to be oil and gas liquids (21 MMbbl) and 25 % is expected to be gas (43 Bcf). COLCHANI BLOCK-(Altiplao Area - 10,700 kim) The Colchani Block is situated in the Altiplano Area in Western Bolivia some 500 km SW of Santa Cruz. One well has been drilled on the block and about 1,500 km of seismic data has been acquired, some quimte recently by YPFB. Recent seismic acquisition by YPFB is excellent in quality and demonstrates structural complexities not seen before on older seismic data. In contrast to other parts of Bohivia, the Colchani Block has salt deposits in the section as well as apparently, intrusive salt. Numerous oil seeps are present on the block as well as extensive vulcansm in the western portion of the block. Targets are Tertiary and Cretaceous sandstones on anticlines associated with normal and reverse faulting, fault blocks and possibly salt. Depth is esmated to be about 3500 to 4000 m. About ten strucures have been identified with the possibility of many more. YPFB is scheduled to dri}l a well (probably on the Pampa Colorada structure) during the latter part of 1994. The block is assessed to have a mean potential of 113 MM oil equivalent barrels of which about 78% is expeted to be oil and gas liquids (88 MMbbl) and 22% is expected to be gas (152 Bcf). CASIRA BLOCK-(Altiplano extension - 550 l;m) The Casira Block is located some 120 km SW of Tarija along the southern boundary of Bolivia. This block is on trend with wells in Argentina, Mulaguada and Tablaritas which confirmed the presence of oil in the Terdary. Several oil seeps are reported on the block. No wells have been drilled on the block and no seismic has been recorded; however, it is 33 reported that the IDB will fnance a short seismic program of 56 -km on the block soon. Plays consist of structures associated with reverse faulting in Terdary/Cretaceous sandstone reservoirs at a depth of about 3500 m. One structure is identified on the block. The block is assessed to have a mean potential of 3 MM oil equivalent barrels of which about 80% is expected to be oil and gas liquids (2.5 MMbbl) and 20 % is expected to be gas (4 Bcf). BERMEJO BLOCK-(Sub Andino Sur - 1,800 kin) The Bermejo Block is at the southern end of the Traditional Area in the Sub Andean belt and on trend with oil fields on similar structures in Argentina. The Bermejo Field, the oldest field in Bolivia, in within the outline of the block, but has been carved out for Phlspetrol to develop. A number of surface structures are on trend with and north of the Bermejo Field. No seismic has been acquired on the block due to difficulties and expected poor quality of data. Some surface geological work, Landsat, airphoto and geochemical work has been done on the block. Four dry holes have been drilled on the block with one currently drilling. Targets are estimated to be Devonian sandstone reservoirs located on faulted anticlines and deep structures. Approximately 5 to 7 structures have been identified to test the Lower Devonian at about 4000 m and the Middle Devonian at about 3500 m. The block is assessed to have a mean potential of 81 MM oil equivalent barrels of which about 19 % is expected to be oil and gas liquids (15 MMbbl) and 81% is expected to be gas (398 Bcf). CAMBARI BLOCK-(Sub Andino Sur - 2410 knin) The Cambari Block lies immediately to the west of the Bermejo Block in the southen end of the Traditional Area. Two dry holes have been drilled in the block and some surface geological, airphoto, LTsnait and geochemical work has been done. No seismic work has been conducted due to the difficulty of access and expected poor quality. Expected plays are typical of the Sub Andino area being faulted anticlines evident at the surface and possible deep plays. Some 16 structures have been identified with targets in the Lower Devonian at 4000 m, Middle Devonian at 3500 m and Carboniferous at 1500 m. The block is assessed to have a mean potential of 108 MM oil equivalent barrels of which about 28 % is expected to be oil and gas liquids (30 MMbbl) and 72% is expected to be gas (472 Bcf). JUAN LATINO BLOCK-(Pie de Monte Area - 812 kin2) The Juan Latino Block is located some 10 km NW of Santa Cruz in the Pie de Monte Area. Two producing fields are located whin the blocks and have been carved out to a foreign contractor. Approximately 300 km of seismic work has been done in the block as well as some gravity and geological field work. Four dry holes have been drilled largely related to located down-d accumulations from the existng fields. Plays are expected in Carboniferous sandstones on low relief anticlines. Other plays are Tanja channels which are present in the Tupambi which are obvious on the seismic sections. Sandstone lenses in these channels form auractive exploration targets at approximately 3000 m depth. Four structures or leads have been identified. The block is assessed to have a mean potential of 13 MM oil 34 equivalent barrels of which about 46% is expected to be oil and gas liquids (6 MMbbl) and 54% is expected to be gas (42 Bcf). ESPEJOS-PARABANO BLOCK -(Sub Andino Area - 3838 kmP2) The Espejos-Parabano Blocks is situated about 30 km SW of Santa Cruz and is nearly bisected by the line dividing the Sub Andino Sur area from the Pie de Monte area. one abandoned field, the Espejos Field is located on the block and one reserve field, the Rio Seco Field, is located just off the east boundary of the block. Approximately 400 km of seismic data has been acquired and four dry holes have been drilled in the block. Some oil and gas seeps are present. Expected plays are high relief anticlines typical of the Sub Andean area. Parabanos is a surface anticline which is on trend with and 40 km south of the Espejos Field. Two structres have been identified with targets in the Siluran-Devonian sandstones at 4500 m and the Carboniferous sandstones at about 1200 m. The block is assessed to have a mean potential of 5 MM oil equivalent barrels of which about 40% is expected to be oil and gas liquids (2 MMbbl) and 60% is expected to be gas (17 Bcf). I 3 35 Annex 2 - 3 BLOCK DESCRIPTIONS YPFB PPRODUCING BLOCKS CIMORE BLOCK-(Pie de Monte Chapare - 1344 km2) The Chimore Block is WSW of and adjoins the Sara Boomerang Block. Three producing fields: Bulo Bulo, Carrasco, and Katari are located on this block. Opportunity exists to extend the Pie de Monte trend of these fields to the west. Some 6 structures have been identified by seismic with Mid Devonian Robore Sandstones and Tertary Petaca sandstone as the principal targets. The mean potential from new discoveries is assessed to be 38 MMbbl of oil equivalent of which 34% is expected to be oil and gas liquids (13 MMbbl) and 66% is expected to be gas (148 Bcf). SARA BOOMERANG BLOCK-(Boomerang Area - 8450 kin2) The Sara Boomerang Block encompasses all of the Boomerang structural element. Seven producing fields are located on this block: Cascabel, H.S.R., Los Cusis, Patujusal, Sirari, Vibora, and Yapacani. In addition 11 other fields are on reserve. These are: Boqueron, Cobra, Enconada, Junin, Palacios, Palometas NW, Patuju, Puerto Palos, San Ignacio, Santa Rosa, and Santa Rosa W. The Boomerang zone proper has been thoroughly drilled and has very little potential for discovery. However, additional prospects are being developed along the Los Cusis-Petaca trend north of the main Boomerang. At least 5 more traps are expected on this or related trends. Other possibilities exist for sub-unconformity traps as Paleozoic reservoirs are truncated by the L. Cretaceous, a shaly zone in this area. The Carboniferous pinches out on the block south of the Boomerang feature and the Devonian and Silurian pinch out north of the Los Cusis-Patujusal faL These somewhat remote possibilities are not included in the assessment. The block is assessed to have a mean potential for new discovery of 20 MM oil equivalent barrels, of which 85% is expected to be oil and gas liquids (17 MMbbl) and 15 % is expected to be gas (19 Bcf). GRIGOTA BLOCK-(Pie de Monte Centro - 1359 kIn) The Grigota Block contains the La Pena, Rio Grande, and Tundy producing fields. The principal future potential is to extend the Carboniferous lenticular sandstone trend and the Teriary Petaca structural trend to the SSE to the edge of the block. Three areas of Carboniferous traps and one Teriary structural trap (SE Rio Grande) are envisioned. The mean potential for new discovery is assessed at 17 MMbbl of oil equivalent, of which 41% is expected to be oil and gas liquids (7 MMbbl) and 59% is expected to be gas (57 Bcf). NARANJILLOS BLOCK-(Sub Andino Sur - 1824 kIn2) The Naranjillos Block contains the producing Naranjillos Field and the Rio Seco Field on reserve. Both these fields are productive in the Carboniferous and both have deeper potential in the Devonian Huamampampa sandstone. No other structures of significance are located on the block. The block is assessed to have a mean potential for new discovery of 2 MM oil equivalent barrels, of which 27% is expected to be oil or gas liquids (0.6 MMbbl) and 73% is expected to be gas (2.2 Bcf). 36 CAMRI BLOCK-(Sub Andino Sur - 1263 km?) The Camiri Block, which contains the Camiri Field, lies about 250 km south of Santa Cruz. Potential for future discovery of Devonian Iquiri sandstone reservoirs exists as a north extension to Camiri or on one of more of the structures in the western portion of the block which contains a dry hole but may not be fully evaluated, e.g. Pirarenda. The block is assessed to have a mean potential for future discovery of 2 MM barrels of oil equivalent, of which 95% is expected to be oil and gas liquids (1.9 MMbbl) and 5% is expected to be gas (0.8 Bcf). VUELTA GRANDE BLOCK-(Pie de Monte Sur - 3138 krm2) The Vuelta Grande Block contains the San Roque, Villamontes, and Vuelta Grande producing fields and the Nupuco Field on reserve. The potential for new discovery lies in the several undrilled and/or seveal pardally evaluated structures remaining on the block The principal targets are the Permo-Triassic Cangapi sandstone reservoirs and the Terdary Petaca sandstone. The block is assessed to have a mean potential for new discovery of 15 MM oil equivalent barrels, of which 45% is expected to be oil and gas liquids (6.8 MMbbl) and 55% is expected to be gas (49 Bcf). 37 Annex 2- 4 BLOCK DESCRIPONS CONTRACTOR EXPLORATION BLOCKS MADRE DE DIOS BLOCK-(Madre de Dios Basin - 20,000 kcm2) The Madre de Dios Block covers a large area in the central and southern portion of the basin. The northern boundary is about 80 km south of the Peruvian border. Mobil, the operator, has acquired 604 line km of seismic data and reprocessed 2400 line km of prior seismic. Mobil has drilled three exploratory wells, all along the Rondonia lateral fault zone. One of these wells, Pando X-1, resulted in an oil discovery, the first discovery in the Madre de Dios Basin. While tbis well flowed 28.5 API oil from Devonian sandstone at the rather modest 100-200 bbllday rate, Mobil considers it significant and is attempting to enlarge their position by adding contract areas in both Bolivia and Peru. A fourth exploratory well is planned for later in 1994. Major objectives are the Devonian and Permo-Carboniferous sandstone reservoirs in structures associated with the Rondonia and Madidi fault systems and low relief structures in the basin center. Down dip nearer the mountains, the Cretaceous and Tertary reservoirs may also become prospective. Some 12 prospects have been identified to date at depths of 1500-3500 m depending on basin position. The block is assessed to have a mean potential of 202 MM oil equivalent barrels, of which about 63 % is expected to be oil and gas liquids (127 MMbbl) and 37% is expected to be gas (452 Bcf). MADEDI BLOCK -(Sub Andino Norte - 14,825 cm2) The Madidi Block covers a significant portion, approximately 40% of the Sub Andino region extnding from the Peruvian border some 300 km to the southeast. Texaco, the operator, has acquired 376 line km of seismic under very difficult conditions. An exploratory well, probably very deep and very high cost, is in the final planning stage. The highly folded and hsfaulted Sub Andio Norte is typified by high risk and high cost exploration. No discovery has been made nor any significant shows recorded in the 4 exploratory wells drilled in the Sub Andino Norte to date. Thus it remains speculative whether the potential Justifies the cost. Target objectives include the Devonian sandstones and Permo-Carboniferous sandstones in the overthrust blocks and the Lower Cretaceous Beu sandstone in subthrust structures. This latter reservoir conains giant gas and gas liquid resrves in the Camisea area of Peru about 450 km to the northwest. A risk adjusted 14 strumcral traps are estimated for the Madidi block (many more can be counted based on surface structure). The block is also estimated to have a 30% chance of containing no commercial hydrocarbons. The block is assessed to have a mean potential of 148 MM oil equivalent barrels, of which about 28% is expected to be oil and gas liquids (41 MM bbl) and 72% is exected to be gas (639 Bcf). CHAPARE BLOCK-(Beni Basin - 13,925 km2) The Chapare Block is located in north cental Bolivia about 110 km southwest of Trinidad and about 40 km east of the Sub Andino mountain front. Maxas, the operator, having acquired the block in July 1993, has acquired 195 line km of new seismic and is in the process of reprocessing 830 km of old data. Additonal seismic acquisition is in progress and the first exploratory well is not contemplated before late 1995. Prospects on the 38 Chapare Block are more or less limited to Cretaceous and Tertiary sandstones on low relief structures enhanced by probable up-to-the-basin faults. Fields similar to the recently discovered Surubi, Patujusal, and Los Cusis north of the main Boomerang fault are anticipated. Some 10 prospective areas have been identified to date. It is estimated that this block has a 30% chance of finding no commercial hydrocarbons. The block is assessed to have a mean potential of 47 MM oil equivalent barrels, of which about 85 % is expected to be oil and gas liquids (40 MM bbl) and 15% is expected to be gas (45 Bcf). CURAHUARA DE CARANGAS BLOCK-(Altiplano - 14,375 kn2) The Curahuara de Carangas Block is located in the north-western part of the Altiplano with the north boundary about 25 km southwest of La Paz. Aside from acquiring recent seismic data and reprocessing of older seismic data, has also drilled one shallow stratigraphic well to determine source rock potertial. Two of the five prior exploratory wells drilled in the Altiplano, are located NW and E of the block. Altiplano geology is very complex and even more so in the Phillips block. The Cretaceous and Tertiary sandstones are the most Ifliely objectives. It is reported that Phillips will abandon the block without exploratory drilling. Some three commercial prospects have been assumed for purposes of assessment. Tne block is assessed to have a mean potential of 30 MM oil equivalent barrels, of which about 80% is expected to be oil and gas liquids (24 MMbbl) and 20% is expected to be gas (36 Bcf). POOPO NORTE BLOCK-(Altiplano - 11,238 kn2) The Poopo Norte Block lies in the east central Altiplano, the center of the block located about 30 kmn NW of Oruro, which is within the SE corner of block. Esso, the operator, has acquired about 81 line km of new seismic of a proposed 300 line kn program. Esso has also reprocessed 450 line km of old seismic data. They have also driled 6 shallow stratigraphic tests for source rock analysis. One dry exploratory well is located on the block. An exploratory well is scbeduled for early 1995. Target objectives are Cretaceous and Lower Tertary sandstones at depths ranging from 2000-3000 m. Structures are very complex resulting from lateral faulting in several directions causing strctrl reversal, i.e. what was high becomes low and vice versa. While prospect details are confidentil, 5 prospects capable of commercal development are assumed. The block is assessed to have a mean potential of 50 MM oil equivale barrels of oil and gas liquids, of which about 80% is expected to be oil and gas liquids (40 MMbbl) and 20% is expected to be gas (Bcf). POOPO SUR BLOCK-(Altiplano - 13,281 kinr) The Poopo Sur Block is located in the east central Altiplano about 25 km south of Oruro and about 80 km west of Potosi, adjoining the Poopo Norte Block on the south. Esso, the operator, has recently completed acquisition of 300 line km of new seismic, reprocessed 30 line km of older seismic data, and conducted a gravity survey. In addition, 2 shallow stratigraphic wells were drilled for geochemical analysis. One dry exploratory well is located in the far south of the block and another is located about 10 km west of the SW comer of the block. Esso plans to begin exploratory drilling in early 1995, whether before or after the Poopo Norte well or the YPFB Colchani well, is not yet known. The geology of this block is equally complex as the Poopo Norte block, however, the block appears to 39 have a better position within the basin than the Poopo Norte block. The Poopo Sur Block is assessed to have a mean potential of 90 MM oil equivalent barrels, of which 80% is expected to be oil and gas liquids (72 MMbbl) and 20% is expected to be gas (108 Bcf). LAGUNELLAS BLOCK -(Sub Andino Sur - 3051 kn2) The Lagunillas Block lies in the central portion of the Sub Andino Sur. It has a highly irregular shape and surrounds two YPFB enclaves: Campo Tatarenda in the north and Campo Monteagudo in the southwest. Petrolex, the operator, has acquired 55 line kan of new seismic data in an area where seismic is rarely used because of high relief and poor quality. Three dry exploratory wells are located on the block. One of the wells, on the Inao structure, tested oil and gas but was never developed. Petrolex is scheduled to begin exploratory drilling in late 1995 or early 1996. This block lies in the more complexly folded portion of the Sub Andino Sur. Targets are primarily the mid and lower Devonian sandstones at 20004000 m. At least 16 prospects are known, including those which may have been partally tested by dry or non-commercial wells (in this area no complex surface structure can possibly be evaluated by a single well). The block is assessed to have a mean potential of 56 MM oil equivalent barrels, of which 32% is expected to be oil and gas liquids (18 MMbbl) and 68% is expected to be gas (231 Bcf). CAEPIPENDI BLOCK-(Sub Andino Sur - 10,181 km2) The Caipipendi Block is a large irregularly shaped block whose cental portion lies just east of Camiri in the south centrl portion of the Sub Andino Sur. Chevron, the operator, has acquired 1069 line km of new seismic data and reprocessed 572 line km of prior data. Chevron also conducted a gravity survey and recently completed their first well, a dry hole. Target objectives are basically Mid-Lower Devonian sandstones in complex overtrust traps. In addition to the recent well, there have been 7 prior dry holes. Nevertheless, this particular portion of the Sub Andino Sur is only lightly drilled with some 33 undrilled surface features yet to be tested. Prospect depths range from 20004500 m. The block is assessed to have a mean potential of 108 MM oil equivalent barrels, of which about 39% is expected to be oil and gas liquids (42 MMbbl) and 61% is expected to be gas (395 Bcf). CARANDAIGUA BLOCK-(Pie de Monte Sur - 5,838 kn2) The Carandaigua Block lies in the northern-most part of the Pie de Monte Sur about 150 km south of Santa Cruz. The operator, Santa Fe, has acquired 413 line km of new seimic data, has drilled one exploratory well which was dry and is currently drilng another. Only one pnor dry exploratory well was drilled on the block. The prmcipal targets are Cretaceous and Terdary sandstones with secondary targets in Permo-Carboniferous and Devonian sandstones. Structures consist of faulted anticlines much less deformed than in the Sub Andino immediately to the west. More than 6 structures, as yet undrilled, are identified. The block is assessed to have a mean potential of 27 MM oil equivalent barrels, of which 37 % is expected to be oil and gas liquids (10 MMbbl) and 63 % is expected to be gas (101 Bcf). 40 EIITO VILLAZON BLOCK-(Chaco Basin - 10,125 km2) The Hito Villazon Block lies to the east of the central portion of the Pie de Monte Sur in the Chaco Basin. The eastem boundary of the block abuts the Paraguay border. Texaco, the operator, is in the process of reprocessing some 650 line km of seismic data. The area has been covered by a reasonable dense grid of seismic lines. Texaco has drilled one dry exploratory well, which is the only well on the block to date. The primary targets are Cretaceous and Teriary sandstone with the deeper Permo-Carboniferous sands as a secondary objective. Strucures are gentle and may be enhanced by up-to-the-basin faults. More than 6 structures have been identified. The block is assessed to have a mean potental of 25 MM oil equivalent barrels, of which 44% is expected to be oil and gas liquids (11 MMbbI) and 56% is expected to be gas (86 Bcf). TARLTA BLOCK-(Pie de Monte Sur - 4,675 kn2) The Tarija Block is an irregular block in the southern part of the Pie de Monte Sur with the southern boundary just to the north of the border with Argentina. The westen quarter of the block lies in the Sub Andino Sur, however the greater potenial is in the Pie de Monte. Tesoro, the operator, has conducted an active seismic program over the past years and has a reasonable grid in the Pie de Monte portion. Recently Tesoro completed a discovery well at Los Suris in the northem part of the block. This discovery is in reserve. While there have been eight dry holes drilled on this block, some 8 to 10 identified structures remain to be tested, of which at least 4 are expected to be productive. Targets are Devonian, Carboniferous, and Tertiary sandstones; the latter being the major objective. Strucures are faulted antclines of moderate relief. Depths range from 3500-5000 m. The block is assessed to have a mean potential of 22 MM oil equivalent barrels, of which 32% is expected to be oil and gas liqwids (7 MMbbl) and 68% is expected to be gas (86 Bcf). 41 Annex 2 - 5 BLOCK DESCRIPONS CONTRACTOR PRODUCING BLOCKS MAMORE I-(3oomerang/Beni Basin - 6500 ki2) The Mamore I Block, operated by Maxus, lies on the north edge of the Boomerang fault zone and into the southern Bemn Basin. The only producing field is Surubi, a recent discovery. The main objective is the Tertiary Petaca sandstone and the primary potential for future discovery lies in extending this production along the Surubi trend. The block is assessed to have a mean potential for new discovery of 22 MM barrels of oil equivalent, of which 48% is expected to be oil and gas liquids (10.5 MMbbl) and 52% is expected to be gas (69 Bcf). PALMAR DE ORATORIO-(Pie de Monte Centro - 785 kin2) The Palmar Block, operated by Sopetrol, is located in the Centro portion of the Pie de Monte about 20 kan east of Santa Cruz. The Palmar Field is the sole producer on the block. Several prospects exist in the NE extension to the block. The primary objectives are the several Carboniferous sands which may be trapped either stratigraphically or structurally. The block is assessed to have a mean potential for new discovery of 4 MM barrels of oil equivalent, of which 35% is expected to be oil and gas liquids (1.4 Mmbbl) and 67% is expected to be gas (16 Bcf). CHACO BLOCK-(Pie de Monte Sur/Chaco - 3006 kmi2) The Chaco Block, operated by Diamond Shamrock (Oxy), is located in the southern Pie de Monte with the eastern third extendig into the Chaco region. The Porvenir Field is the only producig property on the block. A recent discovery has been made at Supuati X-1 but requires further confirmation to determine commerciality. Some 8 or more structures remain untested. Principal targets are the Permo-Triassic Cangapi sandstones and the Tertary Petaca sandstones. The block is assessed to have a mean potential for new discovery of 15 MM oil equivalent barrels, of which 33% is expected to be oil and gas liquids (5 Mmbbl) and 67% is expected to be gas (60 Bcf). SERRANIA DEL CANDADO-(Sub Andino Sur - 228 kan) The Serrania del Candado Block, operated by Pluspetrol, is located in the far south of the Sub Andino touching the Argentine border. Producing fields are Bermejo and Toro. The principal objectives for future discoveries are in deeper drilling on the four strucures in this small block, including the Lower Devonian Santa Rosa sandstone and the mid- Devonian Huamampampa sandstone. The block is assessed to have a mean potental for new discovery of 25 MM oil equivalent barrels, of which 16% is expected to be oil and gas liquids (4 Mmbbl) and 84% is expected to be gas (124 Bcf). 42 E XP: Y P F B EXPLORATION BLOCKS Total Cost Ai.. km2 Wells Types of Traps Age of No fPro Developmnent Ares Slackl name lA rooSm2 Geophyalcel & Geologlcal Died B4pcted Reservoir Plospects or Comments Evelustlon Requirements Costs $US Mlion MiN set"., 00a&d e. . nls Pies. No. ot. WIs. Setags t)dlno MO&$ de Vol x LRo. c 14,1ro OOtm' t tdit"|* | om"0 0 HOW14 Ak..F d I0 on.a v I 1 a4bn dta i. fig dct 11 .97 18.40 2837 Ci1.14,L Iw a,. 41y Ad.14.0.,4. Cn.0 Mnh 1.500 *OO a...m 7 .and,.i. Calind, hp;. ... 0 . v neybb l tn..gv g 1 0.44aw ad. 30l. 44 6.30 24.00 30.30 _0 utah.,. 'pa Cut... An..landnd ai.nnao... Il..i.iiqC. 0.n.i4Cn CI.,. etaNf. cani..-PI. .n4. ..v 1 ,.0.an dc1h,.C Ii..,, 4, t70 a l.n..oi c 40..... 0 a... a4b T.n lc @ _Vi h nt a.o- p..o.. . iA Ci . of waS IlOOmn hn dpwl. n 40 4 80 I 6.80 , f*--4lb h"ev|~~~~~~~~aaw *we.n 400 ... I .1. i.. V" .. a I*Mkt- M* Prd. I IW nd I p y dhffLkCn.a. IcKl .d. n Cmn. n.inAa.. n4. 05. .,h .430..C.. .0 3 11 Sob And.,eN AhoB9&t 2,200 .at..d 1. Lk.ndaiCoi. aa...y M.4,yl.n4. 33*."nil.y liShSUn. Cna.4*i C. 2.Bt00mni 1. 400.03i,oo..ta. 4 25 bv Oa -84. *E-g .~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~tO,, 3an.3k.4 m.i ,0i aC0 m C 0 .i.ad10 Aiy..a.n _j. au APttrano - Colriam 7* t°° w *^m,° 860 * tand.,i 0oi. __ " 0 Toeti 0@ C1i.Ch.- I *iV. W.a 1. daii,t00 _n, If Iai.nat.: ano onSo.. 3.44 32.40 35.84 Cok~' tO,700 0143.44,1 °Cam,', W0" , 30 ,Sn ab m*4O. 0d v lOb a.3i3i 2 inn.. 3C l.a. imnlhin'lO Cainid. Iii.3.3a54. a,*1 nn--pdb.01,1Mln4. C., 1.SI4.30332,4013.3. WCotoib 10,700 19,k 1 14i44554a C kwa.tCd .0 i.a.it I" a-3140IdT.I33t 300.4. ~ PC.Iadi.W.IP. 114. 1 an ,,I d.1awd.ihn 4..n.4 anl 3 24 8 419 W04 L..dket a eknf C.up. 1430A.t n, 400a. On hand mi,h A,C.ili wCo., I w0 aIt "'abin,. 1.11-W. CaCC18 *50 * m.. O... * 4 0 4i._* * 0-na--a a .- * 4 &l.A.anm a ?O,13W.V 4th an an. .4C3, p w.3 1.1 31 1' 1 0.2 1 07 1. 197 Cac11o6 anpe aan laClaIa a...3. C.C3n Ik4a PI. ,.ni. .4.1,3an33Int1 *430n, Co.p3. 1 i.iwCa 10 by bv,.-. I.A.. 61,~~~~~~~~~~~~~~~~~~~~~~~. 343g53003.. 43 EXFt Y P F B EXPLORATION BLOCKS No. of Total Cost Are& Block nmo AtPUIO. Geophysical & GeologIcal Wol Types of Traps Age so Prospects ot Comments EvalutIlon Reqtlrements Pro e s B W5l n Mito lApprox-I ~~~~Owed Expected Reservoirs LeedsCot,4 IM M n tlJde 0091*al I~ .tlO3Go e.g. N "a. .4 W. Wd -11 | S.,0 Dae. M-M_ .7 .1 1 .800 *0 ot.9914 o4, 0946. O0o. .l......ttio, ~ 00000049I4 0.00 20.40 20640 wwwo saw-U.4 ~ py. 4419004OWt0.t 94.4 911. wft1lO >n ~ t-0 _ _ _ *Ms_ 9A**% _s*f-__* O 000 21.30 21.30 44404,4. lflloyt.~~~~6. .44*0.4.. *..l ,0.ttb.t.. 1-4.0000 C-1 t.000 fw*oo00 40 100 I w.I40 P.,.b-.o. Esp*"*I 3 * _ 1,04.... 4 a 4&Y 0 _ . lod 994 -..k td I.- 90* ."m .4 0 .t h 4,000.. 1m, 37 O e6 4. _ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~60. ... __ tsoo.lab Jtn S,Cs0* 9i4 l4 90W0tn bh AS-OO IW d h 0* 1tOt I. *"00 * 1 4 tS; 1.4.4 mN ts 1. 0 09 40.0.0.00 EIl5454 4 9 _00 f...4 _ __ . ,_ __ hdh116~~~~~~~~~~~~~S M Ah-ft A fth -.-0 _~. _,It O. T_ ___f- Ulh t0 by "* 0 " f'1 wAsht ... olW 1.MS k 5.0 5.40 10.40 eh en tor0l4hdnd 5,001.2 C d lc . wI sn 0.09 4rl. ..@4 43.4 IvWe 9.oodStOO 4 C C,0,.M144II I OCP )00 t0$ 2 04*.0 -31000 tot 009 46.00 47920 ra V- .% nks _1 0C0 a4 UN OM , _I _.V _400k ..11 94.4 Ittiot, ~~~~~~~ lOOItMo"VW9W4OTO #,.1R0 , II iwba'o 4,300 la 0 "ar-o~~~~~~~~~~0th .,I-oA L* 00* 04 USo0 fd *11090 g. I .10 .200020 5.44 5.490 MImole It 11.800 100 @4 O.0.oot@4 4no..4.o,by ~~~~~Sa. -WC 0144 W otff oo00 o 6.00h TOTAL 70,190 48.B9 261.20 3497.0 44 DISCRATE. hart 1 BOLIVIA - DISCOVERY HISTORY 350 300 - 250 -, 200 - w A In 150 100 50 A O tO)N N to O 0) 0)0 0 YEARS 45 BOLIVIA HYDROCARBON FIELDS _ _ _ _ _~ - _ _ I- - I I-_ _ _ _ I I --- - = IN-SITU ____ =_Recoverable, Proved + Probable - Field Neme Yr. 01cc. Depth m~~~~Oi Solution Cn Free Gas Cond per 0l os Con,d Free Gas Cond per Field Name Yr. Oise. Formatlon Depth m MMbbl 0s Sct MGMb"l Bc Ot MMcF i MMbbi SoB s 0 R MMbbl Bct MMCF 0 __~ -_ -_ _ - BOOMERANG Y:pacani 1988 T Peteca 0 __ _ 0 3.3 106.2 31 O _ 0 0 , 1.3 0.3 12 Yapecmnl 1968 K Ytntto 0 10 0 131.7 11 0 _ 0 1 101.7 11 Y specenl 1968 Du Aren. I 0 0 0.1 119.3 6 _ 4. 8 Yapeceni 196b8 u Aren. 2 _0 0 0__ 3.3 5 0 0 0 2.41 Yepacenl 1989 Du Ayacucho 00 0 0 35.4 6 0 0 1 26.9 _ Yepaceni 1988 Du Pirs 0 0 0 0 0 0 8 0 2.7 Yepecni a iii S Sar 27.1 28.7 1068 4 372.8 86 44.6 22.4 2829 1.7 269.1 TOTAL I I 27.1 28.7 9 1 872.1 8 8 - 22.4 4.1 497.3 Enconads 1972 IT lPatace * 0 ___0 0 0.4 42 9 _ __0 0 0 0.3 28.5 -9 Sents fose W 1973 Du vr. __,_ 0 O 0 0 0 10.8 3 0 0 0 0 8.3 3 Santa flose W 1973 S Sare - 0 0 0 11.2 3 0 0 0 Ct C. b3 TOTAL I_ _ ___0 0 0 211.8 ___ -___0 0 _ _ 0- 17 Palometes NW 1973 Du Avecucho 0 0 0 0.3 40.9 7 0 _ 0 0 0.3 28 7 Palometes NW 1973 DuPirel 0 0 0 O 4.5 2 0 0 0 _ CI_ 1 PelometasNW 1973 5 Safe _ 0 0 0 0 33.9 2 O__0 0 0 0 23.4 2 TOTALt = __ 0.3 79.3 0.3 62.4 Paleclos 1974 K Cejones _ 0 0 0 4 40.3 - - O C 0.3 30:' 9 Santa Rosa 1982 Du Var, _ 0 ° O0 0 Tr 17 4 0 0 0 - T 12.9 3 H S R 1982 Du Var. 0 - 0 0 0.1 6.7 9 0 0 0 2.1 4 vSR 1982 S Sara ____ .7 2.5 -345 0.11 7.9 101 1.2 WS 0.1T 708 05 4.5 1 TOTAL _ 67 2.5 __ _ 0.2 1 1.2 0 .1 ___6_ 1 _ C_scabet 1985 K Petaa_e_e _ 0 0 0 0.2 2.8 74 O 0 0 _ 0 0.1 2.2 87 Cascabet 1-9086 K Yenttet _ _ _ _ _ _ _ _ 0 _ _ _ 0 _ _ _ 0 0.2 12,1 15 __ _ __ _ _ 0 ___ ___ 0-0.1, 7.6 14 Cescebet 1985 DI Rob. ____ 01 0 0.1 4 26 ____O_0 0 0 - 291 Cascabel 1985 S arne 4.3 653 1248 0.2 1879 _ 1.1O 37.6 3.7 3366 0.1- 14.6 1 TOTAL - 4.31 5.31 0.7 37.81__3_71 1.1 37 _27_3 TOTAL T- - __ _03 2. 4 6 BOLIVIA HYDROCARBON FIELDS _ = 1 IZ2iZLIII'IZEI IZZZiII _ - - IN-SITU - - Recoverable, Peoved + Probable all Soiutlon Cond freGsa Cond prCn ,.G9Cn e Fleld Name Yr. Dlsc. 0 Formatlon Depth m do" Sojuitor, t O P Free per D MMbbl Salo'ss t 0 Cvnd Free Gas C Fnd per MMbbl Gas Bet MMbbl Dcl MMCF Be Dl MMbbi Bct mmC BOOMERANG Sirl' 1995 T Paace 0 -0 0 21. 33,3 03 0 t 00 0 9 23.3 SI Strait l9ss K Yanlete. __ ___ C 3.3 17 _ _4 0 _ _0 0 286 8716 4 Sltsal 199G Du Aren. I 0 -0 0 0.1 6.4 is O 0 0 0.1 48. 1 Slr_ _ 1_ 85 D_ u Av9cucho O 0 0 0 55. 3 0 0 0t 0 4.6 2 TOTAL I__ _ I__I__ 131.2 1__ _ ___ ___ _ ___ _ quston 1985IT P - 0 0 0 0.2 2.9 49 0 t 0 0 041 2i2 42 Vibore l999 V Petece 0 ___0 0 4.7 64.1 866__ 0 _ _ 0 0 2.2 47.1 47 Vibo - 1908 K Vaybte 0_ _ 0 1 48.8 _ 5 _ s 0 0 43 t °103.7 37 Vibore 1989 S Ssar 18.5 23 1245 4.3 89.5 48 . 44 10.4 5859 11 4 71.7 10 Vibora 1998 S Cotoce I 0.5 500 0 0 0. 40. 4 TOTAL 19.1 23.1 11.7 292.44 3.7 - 18.9 7.4 222.5 Paluju 1989 T PetCe 0 0 0 020 3.2 _ -0 0 0 0 1.7 Il Paluu 1999 colores U 0 O 0 0 0.3 .9 _0 0 0 0.1 102 PaIuellur _ 1999 K Yantiete 0 0 0 0.2 11.6 _ 0 0 O 0.1 10 . 8 T07AL __ _ _ _ _ _ -..5* 3. . 7~ _ _ _ -- -_ _ _ _ 0.2 21.9 _ _ _ Soen Ignalo 1990 Du AK Ycnuco 0 0 0 0.1 21.2 0 t O _ . i 1.3 4 Jtunln 1991 T Pelace 80 0 0 0.2 19 r0 0 0 0.1 14.5 a 9 Jtuinl 1991 K__ C,Jonee ______ 0 0 0 0.1 15.7 _______ 0 0 0 0.1 12.1 a Jurin 1991 K Yeiartet 0 .0 0 0 6.2 __ _ _ _ _ _ _ _ _ _ _ _00 _ _ 0 4.7 a___ Junin 1991 S Sarae 0 0 0 0 2.1 ___ 0 0 0 1. ___ TOTAL 0.3, "43 _ _ _ _ _ _ _ _ ___ 0.2 33 _ __ Cobra 191 K Yaritate 0 0 0 0.4 12.2 0 ___0 0 0.3 9.8 31 Puerto Palos 1992 K Colones 0 0 0 0 4.9 0 ___0 0 0 3. 9 Puerto Palos 1992 K Ynle -ist 0 0 0 9.7 ___ 0 ___0 0 - 0 o0 ~ 4 TOTAL 3___- -We _ PotujusellLoa s0 92l 10292 0 01 3. lcusla 1993 IT Peisca l6 21 . 47 BOLIVIA HYDROCARBON FIELDS _ _~ ___LLZZLZILZ_LZZ _ _ IN- ITU Recoverable, Proved + Probable Field Nsme Yr. Dlsc. Formation Depth m MMbbl Solutinln a o Cond Free Gas Cond pFs oil MMbbu | G . t MGMobCd Fees Mnd CFder 4 0..~~~~~~Mbi(5 Blof MMbbI Rot MMCF act Mbi R( MC PIE DE MONTE - CHAPARE Bulobulo 1064 K Celones 0 0 0 0 4.4 17 0 0 0 Ir 3.5 16 3ulobulo 1904 DO Rob. 1 0 0 0 24.3 608.4 40 0 0 _0 12.2 395.6 31 8ulobulo 1964 Dl Rob .2 0 0 0 1.8 70 25 0 0 0 0.9 42.1 21 #uiobulo 1904 Di Rob. 3 0 O 0 1.4 104.6 14 - = t 0.8 35.3 1t TOTAL 27.6 5 87.3 _ 13.9 476.4 _ _ Suiubl 1992 T p lice _ _ 105 215 2048 0 0 21 44 129 6143 0 O0 Ceirrsco 1991 I Palace 0 0 0 24.8 163.5 0 0 0 12.3 121.10 102 Carrasco 1991 K Yentate 0 0 0 14.2 25.6 0- 0 0 4.3 16.7 272 Carrasco 1991 K __ Ichoe _ 0 0 0 1.1 17.6 e0 0 0 0.6 13.2 39 Cerresco 1991 Dl Rob. 1 _______ - ~~~0 0 0 7 66.4 ___ 0 -0 ___ 0 3.15 39.1 6 Cerresco ~~1991 Di Rob. I 89 26 20.380 18991t0~~ TOTAL __ _ _ _ __ _ _ 46.9 263.3 0__ _ _ _ _ _ _ _ 0__ _ _ 2 . 0 1 91 _ _ _ KetrIl 1991 K YontYate 0 0 0 0.5 4 C 0 0.4 2.6 132 Kahnr 1991 DI Aob _____0 0 0 12.6 122 ___ 0 0 0 6.31 85.1 74 Ketsrl 1991 Dl Nob. 2 0 0 0 3.6 35.6 0 0 0 1.8 24.7 74 Kaleri Iget DI Rob. 3 3.1 10.4 3346 0 0 - 0.6 46 5.2 . 9161 0 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~- 34 00 .6465. 96 TOTAL 3.1 10.4 10.7 10t01.6 0.6 9.2 6.5 112.61 i. 48 -____ ___ ___ BOLIVIA HYDROCARBON FIELDS .______________ 1 WINSITU flecoverable, Proved + Probable a Oil Solution Cond Free Gas Cond per ail Sot Ga. Cond rree Gas Cond per Field Nome Yr. Dlic. 0 Formation Depth m MMbbl Gas Scf 0OR MMbbi Dl MC Mb Oct - Mb c MMCF PIE DE MONTE SUR Nupuco 1977 PIT litIacua 0 0 0 0.2 9.9 17 0 =0 C 0.1 7.6 16 Nupuco 1977 PtT Cenaepi 0 0 0 0.2 13.8 1 2 0 0 0 0.1 10.2 11 Nupuco 1985 Cu Santelmo 0 D 0 0 0.1 6.5 9 3 0 0 a 0 4.2 12 _9_DuI ut 0 0 0 0 3.11 0 _ _0 __0 __ 0 0 2.5 0 TOTAL 1986 0 ______ 0 o o o 0.5 32.1 t O _ _ 0 0 0.2 24.4 ( La Vertlents 1977 t Yocum ______ 0 ____0 0 1.5 40.1 39 0___ 0 - 0.9 31 28 La Vertienta 1977 T Petaca 0 0 = 0 . 243.4 35 _0 0 a 5.1 162.5 31 La Vertlente 1977 PIT Cenaspl 0 0 0 1.7 47.3 35 0 0 0 0.7 25 25 Lo Vertlants -1977 Cu Sentalmo ___ 0 0 0 1 26.5 34 ____0 ___0 ____ 0 0.5 17.6 30 La Vertlentie ' t977 Cu Esncrp. L 4.8 1.6 374 T. 21 52 0C2 _ 1.1 7228 0.4 14.71 29 T-O -TAL __ _ _ _4.6 1.i _ _ _ 13.9 3186. _ _ _ 0.2 1.1 _ _ _ _ 7.6 261.71_ __ _ VuattaGrande 1978 K Yacus _______ ______ ~~0 ____0 0 3.3 s0 ss ____ _____ 0 0 1.4 49.2 27 VuelteGrande 1978 K T pecue 0 e 0 40.9 8 66 47 _ 0 0 20.5 697.7 3 1 Vuella Gtands 1 979 P/T Cengepl = 0 0 0 11.1 232 49 O 0 5.5 185.1 TOTAL__ _ _ __ _ _ 0 0 55___ 3* 1190 _ _ _ _ _ _ 0 0 _ _ 0 __ __ _ 27.6 932 _ _ _ Porvenir 178 Cu Celigapl 0 0 0 17.4 237.8 73 0 = ° 0 14.2 170.8 0 PI 1sn 979 Cm Chorro ____ 0 ____0 0 3.0 741. 57 ____0 ___0 o __ 2 49.4 40 ElTspino 1979 Ci Tupambl I 0 0 0 0.2 3.6 03 0 0 0 0.1 2.6 36 TOTAL __ _ _ _ _ _ _ _ _ _0 _ _ 0 _ _ _ _ 4 77.9 _ _ __0 _ 0 _ _ _ 2.1 52 _ _ _ Escondido 1990 lYacus _____ _____ ~~ ~ ~~0 0 0 0.2 9.7 19 ___ 0 __ ___ 0 0.1 7__ 9 Escondido 1990 T Paces 0 = 0 0 .7 65.8 26 _0 - 0 0O.7 492 14 Eacovndido 990 P/Canget ____ 0 ____ .0 11.11 56.6 19 ___ 0 ___0 0 0.4 45.3 11 Eacondidlo 1990 Cu Scnheimo _______ ______ 0 0 0 1.2 47.1 20 0 0 0 C 0.5 238.2 13 Uscondido iii6~jo Cu Eacarp .L ____0 0 0 0.9 917.1 53 ____0 -0 0 . 372 Ti~ondAd 0 0 5.1 195.5 ___ 0 0 0 1 2.1 1 63.4 ___ --~TigALt18 PITc Crop ____0 0 0 1.2 47.4 20 ____0 _ _ 0 ____0 0.5 37.91 13 T :9usti 1991 Cu Senteimo -0 O 3.9 62.91 62 0 - 0 . 50.3 39 TOTAL 0 ~~ ~~~~~0 5- .1 110.3 0 0__ _____ 8!__ LosSuns 9991 Cm Ch~~~~~onr _ 0 . 0 0 5 325.7 ___15 __ _0 ~ 0 ___ 0 2 ieO.5 6 0 C Sun lloq-I 998 f f yacus -Cot 0 0 0 o. 9.7 33 ____ 0__ 0 0.2 6.8 22 ~sn Roque 1981 Paace - 0 -0 0d 2.56 76.4 33 ____0 _ 0 0 1.4 -65.7 21 Sen Ro ue 999 K atlo ___ 0 0 06 4.2 121 33 0 ____0 0 2.7 so 33 So _an ue ____K_e t_l__0_ ____4 __ 0 0 0.2 5.4 Snfloque 199 PIT Vitiacue 02 00 0 0.3 6.41 45__ _____ 0 0 __ ____ Son Roque 9989 Cu Cangapt R . . ___ .~ 0.9 .5 __ 0 0__ 1999 Cu _______ _______ 0 0. 0 0 San 112qua CenapA -1. 1.3 - ~ ___ ~034 San Noque ______ ~Cu CngapiCh 71 6.3 92 0 _ _ 0 0 2.3 45 4.floe____ 4.15oqt1240 0 0 0 2.24 3.9 1638 4 0 0 TOTAL ________ *~~~~~~~~~I 1241 14817. 21. _ __ 4.9 - 8.9 __ _ _ _4.51 157.9 _ _ _ 49 PlMu\ ,M BOLIVIA HYDROCARBON FIELDS -_ - - - IN.SITU _ = iRecoversiie, Proved + Probable Field Name Yr. Diac. l Fo| matlon Depth m Oil Solution | Cond rFe as Cond per Oil Sol Gas Cond Free Gas Cond par 4 ~~~~~~~~~MMbbt Gas Oct MMbbt Oct MMCF MMbbl Oef MMbbl act MMCF PIE DE MONTE - CENTRO AREA Cerands 1960 T ChecoL 2 0.7 0 0 19O7 0 0.4 50 0.1 0 16.2 Cratnds 1960 T Yocum C 0 0 0 0 48_ 0 0 0 0 0 36 Certands 1960 T Yecu D 1.9 i 0 0 5 7 0 0850 0.? 0 44 Carands I960 T Pealac __I_ O_ 0 ______ 0 02 47.3 0 0 0 0 0.1 36.4 Catanda 1960 T Petece JL t 0 a 0 0 02 62 0 _ 0 0 0.1 47.7 Cerenda 1960 T Peteca MOO 0 0 0 02 621 t0 6 _ _ - 0 40.1 Cerands 1960 1 Peltca S9U 111.6 7.6 0 0 0 0 2.9 60 6.7 0 0 Csrfnda 1960 t Peteci TV 6.7 15.2 0 0 0 0 2 7 0 91 t 0 Carands 1960 K Cl. MK 8.6 4 3 t 0 77 0 2.9 1d 3.7 0 5.9 Carenda 1960 K C M_L_ 6.2 4.6 0 0 0 _ 0 165 0 3.8 °° 0 - °0 0 Cternde 1960 K _CM 13.1 9.4___0 __ 0 ___0 _ 0 4.6 50 8.2 0 ___ 0 CorandI t960 K Coe. O/P .17 22.4 _ 0 0 0 0 5.3 60 13. 0 O ol Carands ~~~1960 K _ Col.MRIU __ _5 3.6 0 __ _0 __ _0 __ 0 1.1 0 W 2.6 ____ ___ __ _ Cartnds 1960 K CoMRL 10.3 22.3 0 0 ° 0 _ .4 50 14 ___ _ _ _ ° _ 0 Carands 1960 P/T Cengpl 1.2 1.3 0 O 0 0.6 0 01 o 1.1 0 0.4 Ceranda 1960 Cu Son Telmo 3.4 35 6 0 0 1 9 60 2 0 0 9 Ceranda 1960 Cu T ty. DIE .1 7.2 0 _ _0 2t0 62.1 50 .8 _ 0 0 o Caranda 1960 Cu !Ttj OGW 7.2 21.5 0 0 0 O 3.1 50 13.9 _ 0 0 Curends 1960 Cu 3 8t./2 E 3B 44.4 0 0 3 0 36 0 0 0 Cs-randse 190 C T 173 _ _ _.8 20.5 __ __ 0 0 __ _ _0 __ _ _0 3.0 60 17.2 _ _ _ _ _ _ 0 __ _ _0 __ __ Carands 1960 Cu T ty. MU 1 R 0.6 0.6 0 0.5 20.9 _ 0 0.1 s0 0.6 0.4 . Caraindfa 1960 Cu !,v. M U _ __ 4.5 ___5 0 ___0 ___0 __ 0 0.7 s0 4__ _____ 0 x carna1960 Cu _T ty. M LW ____ 17.1 34.7 0 _ _ 0 _ _ 0 _ _ 0 4.3 50 22.5 ________0 ____0 0 Carandi 1960 Cu T ty. M L E d I11.9 19.3 0 0 0 _ 0 4. 50 12.0 L __ O ° X Carands 1960 Du Iquirlt 0 0 0 0 1.4 0 0_ 0 0 0 1.1 I TOTAL ________ 187.2 249 ____ 1.1 223.7 ___ 60.8 1798.0____ 0.7 171.8 ____ Ri~~ Grands 1962 T Pataca L 0 __ _ _0 __ _ _0 6.5 -- -125 _ _ _ _ _ _ 0 __ _ _0 0 33 96.6 _ _ _ RIO llo ands 1962 Cu Tgy W _ _ _0 __ _ 0 _ _ 6 103 __ _ _ _ _ _ _0 0_ 0 4.9 86.6 __ _ Rioorende 1962 Cu Tig-lv tyWM 0 __ 0 0 11.3 138 ________ 0 __ ___ 0 5.7 11i ___ nio Grands 196 Cu Il W _ _ __ _ __0 _ _ 0 0 13.5 169 -0 __ _ _ _0 _ _ _ 0 _ _ 3 90.6 _ _ _ 0 80~~~~5 Rioa Grandse96 Cu I v.V _ __ 0 __ _ 0 0 76 - 1086 __ _ _ _ _ _ _0 __ 0 _ _8 flioGrande 1962 Cu ~~Ttv. 0U N ___ __0 0 0 ___0 2.11___ ___ ___ 0 0 ___0 1.6 Gi rand 19 Cu Igty. 0 L N __ _ _ _ __0 0 0 2.1 0__ _ _ _ _ _ _ __ __ _ __ _ _ _ _ _ Ri rnds 192 C uab ___ 0 0.3 13.4 ____0 __ ___ 0 0 - 0.2 - 9.4____ liaeds 192 I Tupambi N ___ 0 0 04 94 ___ 0 _____ 00 717 RioOtAnL ____p _ 0 0m-12 170.6 _____0 ____ 77.2 562. 50 PIMOC BOLIVIA HYDROCARBON FIELDS 0.~~~T i--g (7-ll III - - - - - - IN-SITU -ecoverable, Proved * Probable Flefd Name Yr. t ' | F}| ormston Depth m Oil Soullon | Cond FroeGa Cond per Oil Sot Go" Cond FreeG0. Cond per Plaid Name Yr. Dice. ~~. Formation Depth m MbW Ge 1 0 t MMbbl Oaf MMCF MMbbl Sot OI1 MMbbl Oct MMCF PIE DE MONTE - CENTRO AREA Nalmenrlo 19U 4 t SonuCeiro o 7 0. 21 _ _ _ 0 2 17_.1 190ngiloi tse4 K JCe|. =0 t O O 0.2 27.4 0. 4 4 0.21 23. Notenrlto 1974 Cu lcap. U C _ O O O.t 12.9 C = __ C O.t _0.9 tM8ntecltol 1764 Cu IEceim. SIN ____ ____ 0___ 15__ 7 _____ ______ -3 Nisqo [ yI9 i s4 CU lTot td;o = t O 0 0.2 13,7 t _ Ct 0.2 11.S Moranpllos 1974 Cm Tds o O O 0 0 2.9 . t 0 0 02.2 Tefop 1904 Cl Tupumbi t O 0 0.2 i.4 ° o o o 4.5 TOTAL ____2--_f -O008 3. 5nl C=l ~~~1 @e4 K Ilhom _ C --- To 0f 0. _(07 sa Snte Cruz 19t4 Cl Tupambi A C_ _ O_O 36.7 C __ a 0. 2 19.93. Stnte Cruz Ies S Cl Tupombt a 0c o o 1.2 43.2 . 0 0.8 395.4 '^Imar 1se4 K-Ichos _ C 0 0.4 6.7 C = _ 0.3 s. _ RioSeola 1978 Cu EscarP. 0____ DA i_ 4 = __ ___0_3_6 Lio PSen 1907 Cu Esceip. 2 a1 0 = c a o 0 . TLobons 1982 Cm Choro 9 ° ° 0.2 I a = 43 a 0.2 7.3 Loarns. 1985 T__ Boevren. 05041 1. 0343 2. . . urPns 1970 Cu Nd Pen. 7 a o 0.c 2.t o C 0 0 2.3 La Pes Dm HMP O. t o t C 0 _ 3 o o 51 BOLIVIA HYDROCARBON FIELDS ___________,__ IN-SITU Recove ble, Proved + Probable Field Name YW. Disc. & Formation Depth, m Oibl Solution Cond Free Got Cond p. MIStGs~Cord Free Gas Cod s MMbbl ot MCF c MMbbl Oct MMCF SUB ANDINO SUR 1924 Cm Tail. _ 15.5 0 _ 0 _ 0 3.2 0 0 0 0 B jermri 1824 4 i aupmbi 7.6 0 0 0 1.7o is 0 0 0 0 8erm,jo t924 Du Iqulrl 0 0 0 0 -O 0 _O - 0 0 - 0 0 Berme1o - 986 Dim HMP 2 0t 0 0 2. 7 13.8 t8 O 0.8 6i Et Berniajo 1986 DOm HMP 2 0 O 199.3 iC 0 O 0 3.4 169.4 19 tm* , 1980 vm HMP 3 0 _ 0 0O 1.5 .1.9 0 0 0 10.(8 1 6.i 0OA - __ -23 0- jr-.e 3i9 4.9 0 ____4.8 282.7 __ Cemlir 1927 Dm Group 1 40 19.9 i47f 0 ' -O O 7 9 4868 16.1 203 O C O Cmnjiri 1927 Din Palapsil 2 __ I .~ 06 0 . 888 _ _ _ amirl 1927 WmjEeAkh .-- _____. _____ o 6 Carnbl 1927 Din Camrir 1 10.8 809 533 0 0 0 37 48.8 7.6 2046 _ 0 0 0 Cemill 1927 Dm CuminO 2 1.7 0 0 0 0.6 O _S48. 0.8_ _ - O o __ Cemirl 1927 Om x I - . 0 8 _o . 48.8 0.4 ,757 0 O i Cemlri 101192 Di ue.8LA6 67 550 06 6 0 -3-7.- 48.89 32.6 678 0___ C!minrl 1927 DinSuiar. 9L.0.8 6.1 3.8 629 0 0 0 2.11 49.8 3.3 1593 0 ___ 0 CTOmi 1927 Di Oroup 10-12 O2 1.2 0 0 0 0 48 8 _ --O_ C _ C Camil.i 1927 Din Orqup S.45 __ _.3 _ _4 i40 0 _ _0 0 1.448.83.7 157 ~ 0 _ _0 _ Cemi8 1947 D rupI2.3 1.4 0 - OCt 46 b ! _3 0 _ _ C i Camlil 192) Din Guoiruy 16.2 0__ 0.7 0.5 418__ _°__ °0 ° C - Camlni 1927 Dm in Group 161-3 00 3.8 072 0 o 0 0.3 48.8 ___ a O C t COMM 1927 DI Uieasteu. 2.3 1.4 o 0 0 - - 4 . - - 6 - o Cmlrrl 1i27 DI = . --01 i O u O __ 0 0 0 TOTAl. ______ ~~~~~~ ~~~~~~~~~180.7 611.9 ____ 0 1i.4 71 _____ 0_ Coui;vindl 1931 Du I 1.6 O__ O ° 0, -0.4 14-53 0°0 0 CiMaeindi IDSS Du 7 _u1tl- 2.5 0 0 ll0 0 0 0.7 45.38.. 0 0 - O TOTAL __ 4.1 a___ 0 0 0 ____ 1.1 0 _____ 0 0 qGualtuy 1947 Du lquiiiTL - . - . 117 0 __0 __ -~_ __ __ 0 0 ____________ _______ ___ 4.9 5.7 0 ______ 1.1 41.8 1.3 1185 ________~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0 II4. aq 0 9UaLr!Uv~ 1990 DmSsrefr. _ _2 _ _0 0 06 0 0 0,2 41. 0 0 gu_alruy 1990 DinM aiu 1.9 ,0 0. 0 ___ 0.4 400. 0 0 0 1990 Din "aMaor 5.6 3.8 672 06 0 0 1.J1. . 918 0 TOTAL - -14.4 9.5 __ 0 _ 0 3_ .6 3___ 3 Toro 1954 Cm Teia2 0_ _ S_ .2? 0 _ _ 0 0~ Two 1~--9-54 _CiTupambi 1.1- 0 __ _ _ _0 0 0 _ 00.2 1 _ _ 0 0 _ _ _______ iS~~954Du iuirl 4.2 0 0 0 0 -0 ~0.7 0~ 0~0 0 TOTAL ____27.3 _ _ 0 _ _ _0 _ _ 0 _ _ _ -6. 0 _ __ __00 Los Monos 1955 Din HMP'8 ____ 3.1 1.8 578 ().6 ___ 0 0 -4318 0.4 17309 6 . Los Monos 1_9_56 OmHNfM __ _ 0.00 . 0 0l0 0 0490 Los Monos l95s DMn H - .1.6 1 6 0 4.3 - 0044. . 132903.0 Los Monos 1955 Din HM- I___ 0.81 654 0 0. 0 0 43.9 i3 TOTAL A___ I 5.7. 3.4f 011.6 0.4 09____ 5 2 BOLIVIA HYDKOCARBON FIELDS - - - - - __ _ ___ IN-SI TU Recoverable, Proved + Probable Field Name Yr. Dime & Formation Depth m Oil Solution CWnd Free Gas Cond par Sol .Gas A Cond Free Gas Cond per Field Name Yr, Dbile Formetlon Depth m MMbbi Gas Betf aoR MMbbl Ocaf MMCF Oll MMbbl IcG 0 0 R MMbbl Oct MMCF SUB ANDINO SUR - - - - - - - - - - -~~~~- Buono Vlste 1956 Cl Tupsmbi I 0 0 0 0 0 0.3 38.7 0 0 0 0 0 BuonoVia 1958 Du Igulil 0.3 0 0 0 0 0 38.70 0 0 a0 0 TOTAL 1n3 0 0 0 0.3 0 49 35 ____ C 0 Taterends 1964 Dm OpeF usu 0t2 0.2 0 0 0 0 6 49.4 0 0 0 0 0 Tatarands 1964 Om Tatrarnds 14.2 3.3 230 01___ 0 0 6.4 49.4 2.3 358 ____0 ___ 0 ___ 0 Tetarends 1964 Dm IFIrst mbv 1.21 0.7 ____ ___0 ____0 ___ 0 0.5 49.41 0.5 ____ 0 ___ 0 0 Tatarends 1964 Dm Cdurua.3 0.2 0.2 __ 0 0 0.1 49. 0.1 O0 0 0 Teteronda 1984 1 m lYumao.3 1.4 3 ___ 0 ____0 0 0.7 49.4 2.3 _____0 ____0 0 Tateranda 1964 DI Santa Rose - 02 0.7 - 0 0 0.1 49.4 0.7 ; 0 0 0 TOTAL __ __1714 6.1 0_ _ 0 7.8 ____ ____________ 6.9 _ __ __ 0 _ _ 0 _ _ Monteagudo ~1967 T Yahus __ 0 0 .0 _ _ 0 64.5 0___6__ 0 0 0 46.1 0 Monteaguilo 1967 K Atutduy 0.8 0.9 O0 0 0 0.6 48.7 0.7 2511 0 0 0 Monteagudo 1967 K Tlmboy 1 1.5 7.1 617 0 0 0 1.7 48.7 4.2 1906 0 0 0 Monteagudo 197 K Son Jose 7.1 5.7 905 ____0 ___ 0 0 ___ _3 48.7 5.71 _____o___ 0 0 Mntagudo 1 K ngre 45.5 28.1 68 0 _ 0 0 0 21.6 48.7 22.3 130 0 30 3 0 MOTAtoagud 1967 K PI/TMmI 36.2 22.3 ale 0 0 0 16.3 48.7 17.8 1295 0 ( i _ 0 304E 0 MonletepagU 1967 Tucumrl 2.0 2.7 0 0 0 _ 1 48.7 2.1 70 i3840 C 0 Monteagudo 1~i967 ' P/T Le Dormida ___ 4.3 6.4 1612 0 ___ 0 0 1.9 48.7 5.6 3110 0 ___ 0 ____0 MonIes udo 1967 Cu Cliu ulsaca 0 0 0 0.3 17.3 is 0 0 0 0.2 12.1 16 TOTAL 10 73.2 q0.3 71. 46.1 58.6 __ _0.2 . 68.2 SanAlberta 11967 Cl Miller 36_ _0 _ _0 _ _0 ~ 0 0 0.73660 _ _0 _ _0 _ _0 0 San Alberto 1990 Om HIMP- I 0 __ 0 0 a__ 273.7 221 0 _ _ 0 ___ 0 3.2 202.5 Is §San Ablbern 1990 GM HMP-2 0 _ _ 0 _ _ 0 24.5 1122.3 22 0 _ _ 0 ___ 0 13.2 830.68 SanAlbrta 199 GmI4M.3 0 13.9 835.2 0 ______ ___ 0 7.5 470.1 TonTAlbro 19 Dm _HMP _3 3. 0 ___ 44.4 2031.2 ____0.7 ______0 _____ 23.9 1603.1 ___ Cei~ .~......... 193 am LosMono& 0.1 0 175 _ 0 _ _0 0 0 46.2 0 666 0_ _ol 0 _ 19~~~~~~73 Omh HMP-S _ 0 266 _ 0 _ _1 0 0 45.2 0 473 0 0.7 _ _ CaI~~~ 1973 G~~~m HMP-C ~4.7 2.6 68ol __ 0 0.4 0 1.6 44.2 1.7 1093 _ _ 0 0.3 ___ 1973 Om HMP-8 ~10.8 3.7 344 _ _0 _ _0 0 4.9 45. 2.5 522 0 _ Ceigue 1980 G~~ ~~I Icia _ _ __ __ __ _ _ _ __ __ 0 ____7___ 0 ____0 _ _ _ 0 __ _ _ 0 ___3_ C~~9~~LOGlSanteDI antose 0 o~ 0.1 18.7 3 9. ________ ___ 0 0 16.7 3 TOTAL ________ 1~~~~ ~~~~~~~ ~ ~~5.6 6.3 0.1 29.6 __ _ _ .6 4.2 _ _ _ _ __ 0 25 _ _ _ TOArbiL 17 uCmat 4.21 3.7 972 0 ____0 __ 0 1.5 47.1 3.4 2329 0 ___ 0 0 Cambaltl 1976 u 1j -or 2..31. j.7 208 0 ~0 0 0.7 47.1 5.7 _818o 0 0 _f0 _TAL 8.~~ ~~~~6. 10.4 -0 _ _ 0 __ _ _2.2 _ _9.1 __ _1___ _ 0 l4uayco ~~~1982 Om Los Monos __ 0 __ 0 0 0 16.8 3 _ __0__ __ 0 0 0 13.3 3 _______ 1982 Gm HMP 0 0o 0.1 20.8 51 0 __0 0 0 9.6 5 l4uayco __~182 -HMP__ 0 -0.1 36.2 _ __ _ __0 _ _0 _ __0 22.9 __ _ 0 ___0 0 0.2 6.4 26 _____ 0 0. 1 ~ 4.9 14 Vilfemontes 1987 PfT Cengapl ________ - - Villamontee 1987 Cu Santelmo - ~~~~ ~~~ ~~~~~~~ ~ ~ ~~~~~~~3.4 36 04 0 0 0 4 29 3046 001 0 0l TVlaontALc 5-nsm 3.4 3 __ _ 0.2 6.4 __ _ _ _ _ _ _ _ _ 2.91_ _ _ _ 0.1 4.8 __ __ Aedeejones 7 Cl Tupambi 4.8 208 ~~~~~ ~ ~ ~ ~ ~~~ ~~4325 0 0 0 1___ 2_ 1 16.71 139441 0 00 Sanand,ta p Cm I~~~~IL........... s.s-o~~N1 0o o o 2 : 2. 1 41 i 0 9airedar@ P O~~~~u Iguifl 0C0 01 0.21 19 0 0o 0f ._ 0.1 Annex 2-13 RESRVFLD.YPF YPFB - PROVED AND PROBABLE RESERVES t2131193 - BY FIELD p ESTIMATED IN-PLACE ESTIMATED RECOV. CUM. PRODUCTION REMAINING AREA FIELD LIQUIDS MMbbi GAS Bc QI GAS Bcf MMbblS GAS_ MMbbUID GAS Chupafe Bulo Buo 27.5 787.3 13.9 476.4 0.05 1.3 13.8 472.1 Camnsco 46.9 253.3 20.6 189.1 1.21 12.2 19.4 176.9 Kaun 19.8 172 9.1 117.8 0.65 7.3 8.4 110.5 TOTAL S4.2 1212.6 43.6 783.3 1.91 20.8 41.6 759.5 Boomerang Boqueron 0.2 2.9 0.1 2.2 0 0 0.1 2.2 Cascabel 5 43.1 1.4 31 1.32 15 0.1 16 Cobu 0.4 12.2 0.3 9.6 0 0 0.3 9.6 Econada 0.4 42 0.3 28.5 0 0 0.3 28.5 H.S.R. 6.8 10.4 1.2 4.5 0.99 3.2 0.2 1.3 Jurin 0.3 43 0.2 33 0 0 0.2 33 PalaWOs 0.4 40.3 0.3 30.4 0 0 0.3 30A Palomens NW 0.3 79.3 0.1 52.4 0 0 0.1 52.4 Pstuju 0.5 38.7 0.2 21.9 0 0 0.2 21.9 Poem 38.6 24.4 17.2 10.6 0.02 0 17.2 10.6 _ PuenoPabos 0 13.6 0 10.8 0 0 0 10.8 Son Ignaci 0.1 21.2 0 16.3 0 0 0 16.3 Santa Rosa 0 17 0 12.9 0 0 0 12.9 Santa Rosa, W 0 21.8 O t 7 O O 0 1 7 Siren 5.5 131.2 4.6 10 2.58 56.5 2 43.5 Vibor 38.2 315.9 11.1 241.1 3.5 44.3 7.6 196.8 Yapacani 36.2 700.8 12.7 519.7 0.9 15.1 11.8 504.6 TOTAL 133.1 1557.8 49.7 1141.9 9.31 134.1 40.4 1007.8 Centro La Poen 104.5 143.5 37.7 97.7 33.37 58.7 4.3 39 Monteensto 3.4 58.9 2 38.2 0.14 2.7 1.9 35.5 NeranpUos 1.2 160.6 0.8 135.7 0.22 33.8 0.6 101.9 Rio Grande 124 3240 77.2 2170.6 63.61 1620.6 13.6 550 Ii Soco 0.1 11.8 0 9.4 0 0 0 9.4 Santa Cnmz 9.3 238.8 4 195.5 1.98 59.8 2 135.7 Tacobo 0.2 1i64 0.1 7.3 0 0 0.1 7.3 Tachi 0.4 123 0 100 0 0 0 100 IrIt 11.9 178.4 5.1 152 4.24 111.4 0.9 40.6 Twidv 7.2 1 2.1 0.7 0.17 0 0.5 0.7 Wwnes 0.3 20.2 0.2 16.2 0 0.1 0.2 16.1 TOTAL 262.6 4186.6 129.2 2923.3 103.73 1887.1 24.1 1036.2 SuT BuenaVmst 1.3 0 0.3 0 0.3 0 0 0 Ca" 15.7 36.1 6.5 29.2 6.26 4.3 0.2 24.9 Camn cfndi 4.1 0 1.1 0 1.01 0 0.1 0 Cambeit 6.5 10.4 2.2 9.1 1.13 5.5 1.1 3.6 Camon 150.7 81.9 58.4 71 49.31 12.8 9.1 58.2 El EsPo __ 4 77.9 2.1 52 0.97 26.5 1.1 26.5 Guaiu 14.4 9.5 3.6 3 2.36 0.1 1.2 2.9 Huayco 0.1 36.2 0 22.9 0 0 0 22.9 L85MoSns 5.7 15 0.4 9.8 0.38 0.9 O 8.9 Mantadgudo 108.3 145 46.3 116.8 34.24 56.9 121 59.9 Nupuco 0.5 32.1 0.2 24.4 0 0 0.2 24.4 San Alberto 48 2031.2 24.6 1503.1 0.66 0.9 23.9 1502.2 Son Roque 19.7 233.3 9.4 166.8 5.38 75.9 4 90.9 Tataerwan 17.4 8.1 7.8 5.9 7.71 3.1 0.1 2.8 VaEmores 3.6 10 1.1 7.8 0.71 1.1 0.4 6.7 Vuelta Grande 55.3 1160 27.5 932 7.41 228.8 20.1 703.2 TOTAL 485.3 3886.7 191.6 23.8 117.83 416.8 73.6 2363 TOTAL YPFB 945.1 10643.7 414 78023 232.78 2458.8 179.7 5941.5 54 I Annex 2 - 14 BOLIVIA YPEB EXPLORATION BLOCKS MONTE CARLO VOLUMETRIC ANALYSIS RESULTS 55 YPFB EXPLORATION BLOCKS LIST OF BLOCKS WITH COMPUTED VOLUMETRIC (MONrE CARLO) ANALYSIS DATA Nbr. of Area Block Targets Subandina N. Alto Beni 1 Subandino S. Bermejo 3 Subandino S. Cambari 3 Altiplano Casira 1 Madre de Dios Caupolican 2 Chiquitos Chiquitos 1 Altiplano Coipasa 1 Altiplano Colchani 1 Sub-Andino Espejos-Parabanos 2 Madre de Dios Itenez 1 Pie de Monte Juan Latino 1 Centro Los Liros 4 Beni Basin Mamore II 1 Madre de Dios Manuripi 2 Chaco Monteverde 2 Chiquitos Panatanal 1 Chaco Robore 1 56 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO NORTE AREA ALTO BENI BLOCK PERMIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 11.39 169.5 38.51 10. 8.15 134.3 32.08 20. 6.26 103.5 22.79 30. 4.83 71.8 16.80 40. 3.80 60.9 13.39 50. 2.95 49.1 11.33 60. 2.48 44.9 10.14 70. 2.23 33.6 8.10 80. 1.74 30.8 7.20 90. 1.14 22.6 5.19 95. 1.10 21.8 4.74 Minimum .88 12.4 3.06 Maximum 19_Z6 296.6 68.69 Range 18.38 2B4.2 65.64 Median 2.95 49.1 11.33 Mean 4.15 65.5 15.06 Std. Dev. 3.20 44.1 .10.39 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 150. Porosity, % 12. 20. 28. Water Sat. X 10. -- 50. Pct. Trap Filled 10. 0. 40. FvF (oil), v/v 1.60 1.75 1.95 FvF (Gas), v/v .0035 .0040 .0050 Rec. Factor (oil), ' 10. 20. 40. Rec. Factor (gas), % 55. 67. 75. Nbr. Traps = 4. Discovery Probability = 50.. Pct. Oil Factor = 30.. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 57 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA BERMEJO BLOCK L. DEVONIAN SANTA ROSA TARGET MIDDLE DEVONIAN TARGET CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BDOE 5. 26. 687. 127. 10. 21. 566. 115. 20. 18. 507. 103. 30. 17. 470. 96. 40. 15. 422. 86. 50. 14. 395. 80. 60. 14. 362. 74. 70. 11. 300. 61. e0. 9. 263. 54. 90. B. 227. 47. 95. 7. 202. 41. Minimum 6. 157. 37. Maximum 30. 758. 156. Range 24. 601. 119. Median 14. 395. 80. Mean 15. 39B. 81. Std. Dev. 5. 133. 27. Data Pts. 1000 1000 1000 58 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO AREA BERMEJO BLOCK MIDDLE DEVONIAN TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 26.79 672.0 130.90 10. 18.90 536.2 113.45 20. 16.52 410.5 85.43 30. 11.39 317.7 64.62 40. 10.32 271.5 55.75 50. 8.73 244.4 52.37 60. 7.26 190.7 39.51 70. 5.08 146.1 29.91 80. 3.98 105.2 22.61 90. 3.33 82.4 16.82 95. 2.34 74.4 15.30 Minimum 1.37 42.3 8.42 Maximum 39,49 1040.6 211.23 Range 38.11 998.3 202.81 Median 8.73 244.4 52.37 Mean 10.40 277.5 56.64 Std. Dev. 7.63 191.9 39.31 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 250. Porosity, % 10. 14. 20. Water Sat. / 10. -- 40. Pct. Trap Filled -10. 0. 100. FVF (oil), v/v 1.55 1.70 1.90 FVF (Gas), v/v .0035 .0040 .0045 Rec. Factor (oil), 'X 10. 20. 40. Rec. Factor (gas), Z 55. 65. 70. Nbr. Traps = 5. Discovery Probability = 170.% Pct. Oil Factor = 20.7. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 59 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATrON RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA BERMEJO BLOCK CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 2.35. 17.6 5.15 10. 1.96 14.1 4.42 20. 1.56 12.0 3.52 30. 1.15 9.2 2.64 40. .97 7.5 2.32 50. .89 6.6 1.98 60. .75 6.0 1.76 70. .67 5.0 1.50 BO. .53 4.0 1.20 90. .44 3.7 1.06 95. .36 3.5 .93 Minimum .24 1.9 .62 Maximum 3.19 21.2 6.09 Range .2.95 19.4 5.47 Median .89 6.6 1.98 Mean 1.05 8.0 2.38 Std. Dev. .62 4.3 1.30 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 50. Porosity, X 15. 20. 28. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.20 1.30 1.40 FVF (Gas), v/v .0048 .0055 .0060 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), * 25. 32. 40. Nbr. Traps 1. Discovery Probability = 100.X Pct. Oil Factor = 20.' BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 60 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA BERMEJO BLOCK L. DEVONIAN - SANTA ROSA Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BDE 5. 10.71 357.2 76.01 10. 9.55 267.5 52.94 20. 7.30 239.0 46.48 30. 5.36 168.7 33.27 40. 4.51 148.6 28.97 50. 4.00 133.6 27.20 60. 3.27 111.4 22.57 70. 2.58 89.4 17.55 80. 2.18 71.1 13.71 90. 1.63 59.5 11.88 95. 1.55 47.0 9.75 Minimum .85 31.1 6.03 Maximum 16.48 418.6 82.37 Range 15.63 387.5 76.34 Median 4.00 133.6 27.20 Mean 4.73 153.1 30.25 Std. Dev. 3.07 90.2 17.83 Data Pts. 1000 1000 1000 DATA INPUT M MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 100. Porosity, %. 10. 12. 20. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FvF (oil), v/v 1.65 1.80 2.00 FVF (Gas), v/v .0032 .0038 .0043 Rec. Factor (oil), X. 10. 20. 40. Rec. Factor (gas), % 60. 70. 75. Nbr. Traps = 7. Discovery Probability = 100.. Pct. Oil Factor = 20.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 61 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO AREA CAMBARI BLOCK L. DEVONIAN TARGET MIDDLE DEVONIAN TARGET CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 46. 786. 158. 10. 43. 650. 144. 20. 37. 601. 135. 30. 34. 547. 124. 40. 31. 506. 116. 50. 31. 484. 110. 60. 29. 422. 105. 70. 25. 390. 85. 80. 20. 314. 74. 90. 18. 279. 66. 95. 17. 247. 59. Minimum 16. 218. 57. Maximum 52. 900. 194. Range 37. 682. 136. Median 31. 484. 110. Mean 30. 472. 108. Std. Dev. 9. 148. 31. Data Pts. 1000 1000 1000 62 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA CAMBARI BLOCK L. DEVONIAN - SANTA ROSA Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 11.92 504.5 103.00 10. 11.13 399.3 75.62 20. 8.38 335.1 64.39 30. 6.07 223.3 44.31 40. 4.89 205.0 36.80 50. 4.38 179.9 35.23 60. 3.48 151.2 28.74 70. 2.85 132.8 25.58 80. 2.30 99.6 19.24 90. 1.73 80.8 15.05 95. 1.61 67.5 13.26 Minimum .98 41.6 7.91 Maximum 18.s2 582.3 108.97 Range 17.94 540.7 101.05 Median 4.38 179.9 35.23 Mean 5.26 213.3 40.81 Std. Dev. 3.56 129.8 24.85 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 100. Porosity, X 10. 12. 20. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.70 1.90 2.20 FVF (Gas), v/v .0025 .0035 .0043 Rec. Factor (oil), ' 10. 20. 40. Rec. Factor (gas), X 65. 75. BO. Nbr. Traps 9. Discovery Probability = 80.% Pct. Oil Factor = 20.X BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 63 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA CAMBARI BLOCK MIDDLE DEVONIAN TARGET Pct OiL Resv. Gas Resv. Total > MMM bbls Bcf MM BOE 5. 27.22 692.8 135.45 10. 20.20 568.9 122.04 20. 16.82 428.6 90.04 30. 11.67 319.4 64.14 40. 10.05 267.7 52.76 50. 8.30 238.8 48.65 60. 6.86 182.2 36.97 70. 4.97 144.2 29.96 80. 4.16 106.6 21.24 90. 3.10 79.9 16.65 95. 2.34 76.8 15.54 Minimum 1.39 43.6 8.65 Maximum 40.91 1016.3 207.05 Range 39.52 972.8 198.40 Median 8.30 238.8 48.65 Mean 10.59 275.2 56.46 Std. Dev. 8.17 194.5 40.10 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 250. Porosity, % 1o. 15. 20. Water Sat. % ' X . - 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.60 1.70 1.80 FVF (Gas), v/v .0035 .0040 .0045 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), X. 55. 62. 70. Nbr. Traps = 9. Discovery Probability =80. Pct. Oil Factor = 20.. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognorlmal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 64 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO SUR AREA CAMBARI BLOCK CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 38. 71. 53. 10. 33. 59. 43. 20. 26. 51. 34. 30. 19. 36. 25. 40. 15. 29. 20. 50. 14. 27. 19. 60. 12. 23. 15. 70. 11. 20. 15. 80. 9. 16. 12. 90. 6. 15. 9. 95. 5. 14. S. Minimum 4. 7. 6. Maximum 53. 87. 65. Range 49. 79. 59. Median 14. 27. 19. Mean 17. 32. 22. Std. Dev. 10. 18. 13. Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 50. Porosity, X 15. 20. 28. Water Sat. %. 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.20 1.30 1.40 FVF (Gas), v/v .0047 .0054 .0058 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), *. 25. 32. 38. Nbr. Traps = 7. Discovery Probability = 80.% Pct. Oil Factor = 50.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 65 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALTIPLANO AREA CASIRA BLOCK CRETACEOUS / TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 7.21 11.9 8.70 10. 6.39 8.9 7.98 -20. 4.45 6.6 5.41 30. 3.09 4.7 3.77 40. 2.33 4.0 2.98 50. 1.99 3.2 2.53 60. 1.58 2.5 2.00 70. 1.27 2.2 1.69 80. 1.09 1.6 1.36 90. .76 1.2 .94 95. .68 1.1 .89 Minimum .35 .7 .46 Maximum 11.47 14.4 13.50 Range 11.12 13.8 13.04 Median 1.99. 3.2 2.53 Mean 2.71 4.2 3.41 Std. Dev. 2.18 3.1 2.66 Data Pts. 1000 1000 1000 DATA INPUT t MIN MODE MAX Area, M acres 1. 0. 5. Thickness, ft 15. 0. 200. Porosity, X 12. 20. 30. Water Sat. * 15. -- 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.55 1.60 1.85 FVF (Gas), v/v .0036 .0040 .0045 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), % 50. 63. 70. Nbr. Traps = 1. Discovery Probability = 80.'. Pct. Oil Factor = 80.-X BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 66 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA CAUPOLICAN BLOCK MID-DEVONIAN SS TARGET CRETACEOUS SS/TERTIARY TARGET Pet OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5.. 175. 641. 259. 10. 141. 523. 219. 20. 124. 479. 200. 30. 112. 413. 179. 40. 99. 378. 167. 50. 90. 341. 158. 60. 82. 300. 131. 70. 65. 276. 121. 80. 56. 219. 98. 90. 47. 172. 79. 95. 41.. 156. 74. Minimum 34. 78. 67. Maximum 227. 940. 562. Range 193. 862. 495. Median 90. 341. 158. Mean 93. 357. 154. Std. Dev. 38. 147. 56. Data Pts. 1000 1000 1000 67 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA CAUPOLICAN BLOCK MID-DEVONIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 72. 847. 199. 10. 58. 665. 172. 20. 42. 498. 129. 30. 30. 346. 85. 40. 24. 295. 73. 50. 18. 236. 60. 60. 16. 183. 46. 70. 12. 157. 38. 80. 10. 115. 26. 90. 7. 84. 22. 95. 6. 82. 20. Minimum 3. 45. 11. Maximum 113. 1142. 283. Range 109. 1097. 273. Median 18. 236. 60. Mean 26. 310. 78. Std. Dev. 22. 234. 60. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 250. Porosity, X B. 15. 24. Water Sat. % 15. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.70 2.00 FVF (Gas), v/v .0035 .0040 .0047 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), *. $0. 63. 70. Nbr. Traps = 10. Discovery Probability = 100.*. Pct. Oil Factor = 35..- BDE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 68 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA *CAUPOLICAN BLOCK CRETACEOUS SS / TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 190. 239. 218. 10. 172. 172. 203. 20. 134. 143. 158. 30. 87. 104. 112. 40. 73. 90. 85. 50. 58. 71. 72. 60. 49. 57. 58. 70. 42. 49. 48. 80. 33. 37. 42. 90. 23. -28. 2B. 95. 21. 24. 26. Minimum 13. 18. 16. Maximum 301. 280. 343. Range 288. 262. 327. Median 58.- 71. 72. Mean 79. 90. 94. Std. Dev. 5B. 62. 67. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 150. Porosity, *. 15. 20. 30. Water Sat. % 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.25 1.40 1.55 FVF (Gas), v/v .0045 .0050 .0060 Rec. Factor (oil), % 10. .20. 40. Rec. Factor (gas), X 30. 40. 50. Nbr. Traps = 12. Discovery Probability = 100.-. Pct. Oil Factor = 70.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 69 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHIGUITOS AREA CHIOUITOS BLOCK L. PALEOZOIC SS Pct OiL Resv. Gas Resv. Total > MM bbls Bc-f MM BOE 5. 8.80 13.1 10.56 10. 8.03 10.2 9.28 20. 5.64 8.5 6.97 30. 3.84 5.2 4.89 40. 2.71 4.5 3.46 50. 2.24 3.5 2.88 60. 1.97 3.0 2.44 70. 1.78 2.6 2.23 80. 1.34 1.9 1.91 90. .99 1.6 1.17 95. .76 1.2 1.07 Minimum .61 .9 .76 Maximum 13..57 17.7 16.52 Range 12.95 16.9 15.77 Median 2.24 3.5 2.88 Mean 3.37 4.9 4.19 Std. Dev. 2.65 3.6 3.20 Data Pts. 1000 1000 1000 DATA INPUT M PIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 100. Porosity, X 8. 12. 20. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.20 1.35 1.50 FVF (Gas), v/v .0042 .0052 .0065 Rec. Factor (oil), ' 10. 20. 40. Rec. Factor (gas), '. 25. 35. 45. Nbr. Traps = 1. Discovery Probability = 70.% Pct. Oil Factor = 60.'. BOE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 70 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALTIPLANO AREA COIPASA BLOCK CRETACEOUS / TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > *MM bbls Bcf MM BOE 5. 63. 126. 82. 10. 51. 104. 70. 20. 36. 74. 48. 30. 23. 4B. 33. 40. 18. 38. 22. 50. 13. 30. 19. 60. 11. 24. 15. 70. 10. 21. 14. 80. 8. 14. 1I. 90. 5. 12. 7. 95. 4. 10. 6. Minimum 3. 7. 4. Maximum 94. 191. 126. Range 91. 184. 122. Median 13. 30. 19. Mean 21. 43. 28. Std. Dev. 18. 34. 24. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, % 12. 20. 30. Water Sat. 5. 15. -- 60. Pet. Trap Filled 10. 0. 100. FVF (oil), v/v 1.65 1.80 2.00 FVF (Gas), v/v .0030 .0038 .0045 Rec. Factor (oil), /. 10. 20. 40. Rec. Factor (gas), X 60. 70. 80. Nbr. Traps 3. Discovery Probability = 80.X Pct. Oil Factor = 80.. BOE Factor = 6000. scf/bbl * If- mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 71 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALTIPLANO AREA COLCHANI BLOCK CRETACEOUS / TERTIARY Pct OiL Resv. Gas Resv.. Total > MM bbls Bcf MM BOE 5. 254. 428. 321. 10. 200. 359. 271. 20. 154. 263. 192. 30. 96. 167. 12B. 40. 73. 132. 90. 50. 56. 108. 74. 60. 47. 84. 60. 70. 41. 74. 55. 8o. 33. 51. 44. 90. 21. 42. 27. 95. 18. 35. 26. Minimum 12. 25. 16. Maximum 396. 652. 505. Range 384. 627. 489. Median 56. 108. 74. Mean 88. 152. 113. Std. Dev. 76. 120. 95. Data Pts. 1000 1000 1000 DATA INPUT $ MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, X 12. 22. 30. Water Sat. % 15. - 60. Pct. Trap Fl1ed 10. 0. 100. FVF (oil), v/v 1.55 1.70 2.00 FVF (Gas), v/v .0032 .0038 .0047 Rec. Factor (oil), %. 10. 20. 40. Rec. Factor (gas), ' 50. 65. 75. Nbr. Traps 10. Discovery Probability = 90.% Pct. Oil Factor = 80.% BOE Factor = 6000. scf/bbl g If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distri_ation is used. Water saturation is assumed as a function of porosity. 72 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-ANDINIO AREA ESPEJOS-PARABAND BLOCK SILURIAN-DEVONIAN SS TARGETS CARBONIFEROUS SS TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 3.3 29.3 8.3 10. 2.9 25.7 7.0 20. 2.7 22.8 6.4 30. 2.5 20.8 5.8 40. 2.2 18.2 5.4 50. 2.2 16.8 5.1 60. 1.9 15.5 4.5 70. 1.7 13.4 3.9 80. 3.4 11.7 3.5 90. 1.1 9.2 2.9 95. 1.1 8.7 2.7 Minimum 1.0 6.7 2.5 Maximum 6.9 37.3 16.3 Range 5.8 30.6 13.8 Median 2.2 16.8 5.1 Mean 2.1 17.4 5.0 Std. Dev. .7 6.2 1.6 Data Pts. 1000 1000 1000 73 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-ANDINO AREA ESPEJOS-PAR4BANO BLOCK SILURIAN-DEVONIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 1.67 34.7 7.12 10. 1.33 29.4 6.56 20. 1.11 22.9 4.96 30. .81 17.9 3.87 40. .69 15.4 3.23 50. .57 13.7 2.87 60. .49 10.6 2.34 70. .41 9.6 2.04 80. .32 6.9 1.56 90. .23 5.6 1.19 95. .21 5.3 1.14 Minimum .14 3.4 .72 Maximum 2..54 45.8 9.67 Range 2.40 42.4 8.95 Median .57 13.7 2.87 Mean .71- 15.7 3.32 Std. Dev. .48 9.4 2.00 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 1. 0. 4. Thickness, ft 10. 0. 100. Porosity, % 10. 12. 18. Water Sat. % 20. -- 40. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.70 1.80 2.00 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), % 65. 75. 80. Nbr. Traps = 2. Discovery Probability = 100.-. Pct. Oil Factor = 30.' BOE Factor = 6000. scf/bbl If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 74 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-ANDINO AREA ESPEJOS-PARABANO BLOCK CARBONIFEROUS SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 3.60 7.5 4.57 10. 3.12 5.8 4.20 20. 2.50 5.0 3.36 30. 1.72 3.7 2.51 40. 1.49 3.3 1.99 50. 1.33 2.7 1.79 60. 1.11 2.3 1.49 70. .98 2.0 1.29 80. .75 1.6 1.16 90. .62 '1.3 .82 95. .55 1.1 .77 Minimum .35 .9 .51 Maximum 5.30 8.3 6.57 Range 4.95 7.4 6.06 Median 1.33 2.7 1.79 Mean 1.60 3.2 2.14 Std. Dev. .99 1.8 1.27 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 1. 0. 4. Thickness, ft 10. 0. 60. Porosity, * 15. 20. 25. Water Sat. %. 20. -- 50. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.15 1.20 1.30 FvF (Gas), v/v .0050 .0056 .0062 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), % 20. 26. 30. Nbr. Traps = 2. Discovery Probability = 100.X Pct. Oil Factor = 40.-. BOE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 75 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA ITENEZ BLOCK PALEOZOIC (DEVONIAN SS) Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 9.84 .0 9.84 10. 7.62 .0 7.62 20. 6.07 .0 6.07 30. 4.28 .0 4.28 40. 3.24 .0 3.24 50. 2.64 .0 2.64 60. 2.47 .0 2.47 70. 2.10 .0 2.10 80. 1.85 .0 1.85 90. 1.33 .0 1.33 95. 1.09 .0 1.09 Minimum .72 .0 .72 Maximum 15.9,2 .0 15.92 Range 15.20 .0 15.20 Median 2.64 .0 2.64 Mean 3.76 .0 3.76 Std. Dev. 2.64 .0 2.64 Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 100. Porosity, % 12. 16. 24. Water Sat. Z 30. -- 50. Pct. Trap Filled 10. 0. 60. FVF (oil), v/v 1.15 1.25 1.35 FVF (Gas), v/v .0050 .0055 .0065 Rec. Factor (oil), % 15. 20. 40. Rec. Factor (gas), % 20. 30. 40. Nbr. Traps = 1. Discovery Probability = 50.. Pct. Oil Factor = 100.% BOE Factor = 6000. scf/bbl * If mnode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 76 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA JUAN LATINO BLOCK CARBONIFEROUS SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bc f MM BCE 5. 13.51 94.9 27.08 10. 9.83 77.0 22.66 20. 8.82 59.1 19.15 30. 6.60 48.4 14.69 40. 6.28 44.3 13.43 50. 4.96 38.4 12.62 60. 4.37 31.8 9.71 70. 3.35 25.2 7.72 80. 2.88 21.0 6.45 90. 2.33 17.1 5.28 95. 2.01 14.9 4.63 Minimum 1.06 9.3 2.60 Maximum 19.,50 126.9 38.11 Range 18.44 117.6 35.50 Median 4.96 38.4 12.62 Mean. 5.92 42.3 12.98 Std. Dev. 3.60 23.5 7.31 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 4. Thickness, ft 15. 0. 120. Porosity, ' 12. 20. 26. Water Sat. '. 20. -- 50. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.50 1.60 1.70 FVF (Gas), v/v .0040 .0045 .0050 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), *. 45. 56. 62. Nbr. Traps 4. Discovery Probability 100.'. Pct. Oil Factor = 40.-. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 77 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CENTRO AREA LOS LIRIOS BLOCK LOWER/MIDDLE DEVONIAN TARGETS CARBONIFEROUS TARGETS CRETACEOUS/TERTIARY TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 38. 280. 85. 10. 31. 271. 75. 20. 29. 250. 70. 30. 25. 235. 65. 40. 24. 216. 59. 50. 23. 208. 57. 60. 22. 190. 55. 70. i8. 178. 48. 80. 15. 148. 40. 90. 13. 132. 36. 95. 13. 124. 33. Minimum 12. 114. 31. Maximum 43. 314. 89. Range 31. 200. 58. Median 23. 208. 57. Mean 23. 204. 56. Std. Dev. 7. 51. 15. Data Pts. 1000 1000 1000 78 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CENTRO AREA LOS LIRIOS BLOCK MIDDLE DEVONIAN TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 8.35 99.3 23.45 10. 6.16 89.6 20.80 20. 4.67 71.5 17.32 30. 3.30 53.0 11.65 40. 2.78 42.6 10.02 50. 2.38 38.7 8.64 60. 2.16 32.1 7.32 70. 1.98 28.5 6.57 80. 1.64 23.6 5.69 90. 1.20 20.8 4.74 95. 1.06 19.1 4.35 Minimum .68 11.2 2.65 Maximum 9.B7 143.6 32.28 Range 9.19 132.3 29.63 Median 2.36 38.7 8.64 Mean 3.12 46.5 10.87 Std. Dev. 2.01 27.6 6.49 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. B. Thickness, ft 15. 0. 50. Porosity, % 10. 15. 24. Water Sat. * 10. -- 50. Pct. Trap,Filled 10. 0. 100. FVF (oil), v/v 1.60 1.75 1.90 FVF (Gas), v/v .0035 .0040 .0045 Rec. Factor (oil), % 10. 25. 40. Rec. Factor (gas), % 55. 65. 73. Nbr. Traps 3. Discovery Probability = 100.X Pct. Oil Factor = 30.% BOE Factor = 6000. scf/bbl If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 79 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CENTRO AREA LOS LIRIOS BLOCK L. DEVONIAN TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 5.41 110.5 25.75 10. 5.21 85.6 19.19 20. 3.87 74.9 16.34 30. 2.69 50.6 11.04 40. 2.19 44.6 9.63 50. 1.96 38.5 8.51 60. 1.58 31.1 7.03 70. 1.30 26.6 5.65 80. 1.10 20.8 4.55 90. .83 17.9 3.67 95. .77 14.3 3.43 Minimum .42 9.5 2.00 Maximum 8.65 126.3 27.49 Range 8.23 116.6 25.49 Median 1.98 38.5 8.51 Mean 2.42 46.1 10.10 Std. Dev. 1.64 28.3 6.24 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. S. Thickness, ft 15. 0. 100. Porosity, % 10. 15. 20. Water Sat. % 10. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.70 1.80 2.00 FVF (Gas), v/v .0033 .0038 .0042 Rec. Factor (oil), ' 10. .20. 40. Rec. Factor (gas), X 60. 70. 75. Nbr. Traps = 2. Discovery Probability = 100.% Pct. Oil Factor = 30.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 80 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATfON RESULTS FOR TOTAL BLOCK CENTRO AREA LOS LIRIOS BLOCK GRETACEOUS/TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 29. 187. 61. 10. 27. 135. 50. 20. 21. 111. 39. 30. 15. 77. 27. 40. 12. 70. 23. 50. 10. 58. 20. 60. 8. 47. 17. 70. 7. 38. 14. 80. 6. 30. 11. 90. 4. 24. 8. 95. 4. 19. 8. Minimum 2. 14. 5. Maximum 4a.. 209. 79. Range 45. 195. 74. Median 10. 58. 20. Mean 13. 70. 25. Std. Dev. 9. 46. 16. Data Pts. 1000 1000 1000 DATA INPUT t MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 120. Porosity, X 15. 22. 30. Water Sat. % 10. -- 55. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.20 1.35 1.50 FVF (Gas), v/v .0045 .0050 .0060 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), h 29. 36. 45. Nbr. Traps = 5. Discovery Probability = 100.Z Pct. Oil Factor = 3o.%. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 81 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CENTRO AREA LOS LIRIOS BLOCK CARBONNIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 15.35 154.0 44.17 10. 14.91 115.6 33.06 20. 10.10 95.1 25.95 30. 7.64 67.2 18.95 40. 6.10 58.5 16.22 50. 5.28 48.7 13.58 60. 4.26 39.6 11.78 70. 3.54 34.1 9.23 80. 2.91 27.0 7.81 90. 2.16 23.6 5.98 95. 1.99 18.4 5.48 Minimum 1.07 12.3 3.13 Maximum 26.51 173.4 52.17 Range 25.44 161.0 49.04 Median 5.28 48.7 13.58 Mean 6.65 60.7 16.76 Std. Dev. 4.82 38.6 10.89 Data Pts. 1000 1000 1000 DATA INPUT t MIN MODE MAX Area, M acres 2. 0. B. Thickness, ft 15. 0. 100. Porosity, % 12. 20. 30. Water Sat. X 10. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.40 1.55 1.70 FVF (Gas), v/v .0040 .0045 .0050 Rec. Factor (oil), Z 10. 20. 50. Rec. Factor (gas), % 45. 53. 60. Nbr. Traps = 3. Discovery Probability 100.. Pct. Oil Factor = 30.X. BOE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 82 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK BENI BASIN AREA MAMORE II BLOCK CRETACEDUS 55 / TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 46. 28. 51. 10. 41. 20. 45. 20. 32. 16. 35. 30. 23. 12. 25. 40. 19. 10. 20. 50. 16. B. 18. 60. 14. 7. 15. 70. 11. 6. 12. 80. 8. 5. 10. 90. 7. 4. 7. 95. 6. 3. 7. Minimum 4. 2. 4. Maximum 6-9. 31. 74. Range 66. 29. 70. Median 16.- 8. 18. Mean 20. 11. 22. Std. Dev. 14. 7. 15. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 120. Porosity, % 15. 20. 30. Water Sat. X 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.20 1.35 1.50 FVF (Gas), v/v .0045 .0050 .0060 Rec. Factor (oil), % 10. -25. 40. Rec. Factor (gas), *. 25. 35. 45. Nbr. Traps = 5. Discovery Probability = 60.% Pct. Oil Factor = 80.-X BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 83 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA MANURIPI BLOCK MID-DEVONIAN TARGET CRATACEOUS SS 1 TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbis Bcf MM BOE 5. 88. 226. 126. 10. 74. 191. 103. 20. 64. 174. 91. 30. 58. 156. 84. 40. 50. 141. 74. 50. 45. 135. 70. 60. 40. 120. 62. 70. 34. 105. 51. 80. 29. 86. 44. 90. 22. 67. 37. 95. 20. 66. 32. Minimum 16. 32. 28. Maximum 126. 335. 315. Range 110. 303. 287. Median 45. 135. 70. Mean 48. 134. 70. Std. Dev. 21. 51. 27. Data Pts. 1000 1000 1000 84 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA MANURIPI BLOCK MID-DEVONIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 23.28 278.9 65.57 10. 19.08 220.7 56.41 20. 13.27 164.2 42.06 30. 9.64 113.3 28.04 40. 7.49 97.3 24.00 50. 6.02 76.6 19.45 60. 4.97 60.9 15.12 70. 3.78 51.6 12.38 80. 3.29 37.7 8.58 90. 2.31 27.4 7.06 95. 1.88 26.8 6.63 Minimum 1.03 15.0 3.55 Maximum 36.21 378.0 92.84 Range 35.17 363.0 89.29 Median 6.02 76.6 19.45 Mean 8.46 102.1 25.47 Std. Dev. 6.99 77.4 .19.55 Data Pts. 1000 1000 1000 DATA INPUT $ MIN MODE MAX ------------ ------ ------ ------ Area, M acres 2. 0. 10. Thickness, ft 15. 0. 250. Porosity, X. B. 15. 24. Water Sat. Y. 15. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.55 1.70 1.90 FVF (Gas), v/v .0035 .0040 .0046 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), *. 50. 64. 73. Nbr. Traps 4. Discovery Probability = 80.X Pct. Oil Factor = 35.X BDE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 85 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS AREA MANURIPI BLOCK CRETACEOUS SS / TERTIARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 108. 127. 125. 10. 99. 92. 116. 20. 76. 76. 89. 30. 49. 55. 61. 40. 43. 48. 49. 50. 34. 38. 41. 60. 29. 31. 34. 70. 24. 26. 28. 80. 18. '20. 24. 90. 14. 15. 16. 95. 12. 13. 15. Minimum 7. 10. 9. Maximum 163. 149. 185. Range 156. 140. 176. Median 34. 38. 41. Mean 45. 48. 53. Std. Dev. 33. 33. 38. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 150. Porosity, X 15. 20. 30. Water Sat. % 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.30 1.40 1.50 FVF (Gas), v/v .0045 .0050 .0060 Rec. Factor (oil), % 10. 25. 40. Rec. Factor (gas), % 30. 40. 50. Nbr. Traps = 8. Discovery Probability = 80.. Pct. Oil Factor = 70.% BOE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as-/a function of porosity. 86 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO AREA MONTEVERDE BLOCK CARBONIFEROUS TARGET DEVONIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 145. 759. 269. 10. 125. 683. 232. 20. 114. 630. 215. 30. 102. 565. 206. 40. 94. 526. 182. 50. 89. 501. 171. 60. 79. 434. 158. 70. 71. 400. 136. 80. 577. 338. 111. 90. 45. 267. 90. 95. 44. 257. 88. Minimum 40. 148. 85. Maximum 320. 1006. 446. Range 280. 858. 361. Median 89. 501. 171. Mean 89. 490. 169. Std. Dev. 33. 159. 57. Data Pts. 1000 1000 1000 87 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO AREA MONTEVERDE BLOCK CARBONIFEROUS SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 157. 688. 279. 10. 149. 505. 228. 20. 111. 435. 183. 30. 77. 300. 132. 40. 64. 265. 107. 50. 57. 224. 94. 60. 45. 184. 77. 70. 37. 156. 65. 80. 31. 122. 55. 90. 24. 104. 40. 95. 22. 80. 39. Minimum 12. 62. 23. Maximum 248. 760. 362. Range 235. 698. 340. Median 57. 224. 94. Mean 70. 273. 115. Std. Dev. 47. 171. 74. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 100. Porosity, % 12. 20. 30. Water Sat. % 15. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.40 1.50 1.60 FVF (Gas), v/v .0042 .0047 .0052 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), X 40. 50. 60. Nbr. Traps = 20. Discovery Probability 100.X Pct. Oil Factor = 50.Z. BOE Factor = 6000. scf/bbl t If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 88 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK GHACO AREA MONTEVERDE BLOCK DEVONIAN SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 71. 696. 176. 10. 58. 526. 153. 20. 45. 419. 115. 30. 31. 292. 80. 40. 25. 266. 70. 50. 21. 222. 57. 60. 18. 16B. 46. 70. 13. 144. 38. 80. 12. 108. 27. 90. 8. '82. 23. 95. 7. 77. 20. Minimum 4. 43. 11. Maximum 114. 923. 247. Range 107. 880. 236. Median 21. 222. 57. Mean 28. 267. 72. Std. Dev. 21. 186. 51. Bata Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 200. Porosity, % 8. 14. 22. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.75 1.90 2.20 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), * 60. 72. 80. Nbr. Traps = 10. Discovery Probability 100.7. Pct. Oil Factor = 50.% DOE Factor = 6000. sef/bbl If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 89 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHIQUITOS AREA PANTANAL BLOCK L. PALEOZOIC SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 15.32 41.0 21.55 10. 14.06 31.4 18.12 20. 10.27 25.5 14.42 30. 6.68 16.1 10.17 40. 4.77 14.0 7.08 50. 3.97 11.0 5.73 60. 3.53 9.2 4.97 70. 3.16 8.0 4.49 80. 2.40 '6.0 4.06 90. 1.75 5.0 2.46 95. 1.34 3.8 2.28 Minimum 1.07 2.6 1.49 Maximum 23.63 54.4 32.69 Range 22.56 51.8 31.20 Median 3.97 11.0 5.73 Mean 5.95 15.2 8.47 Std. Dev. 4.68 11.0 6.40 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. -Thickness, ft 15. 0. 100. Porosity, *. 8. 12. 20. Water Sat. % 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.30 1.50 1.80 FVF (Gas), v/v .0040 .0047 .0055 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), % 35. 50. 60. Nbr. Traps = 2. Discovery Probability = 70.% Pct. Oil Factor = 60.'b BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 90 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO AREA ROBORE BLOCK DEVONIAN & L. PALEOZOIC SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 21.68 353.7 86.69 10. 19.14 272.7 65.29 20. 14.43 227.7 53.12 30. 10.17 152.2 34.99 40. 7.70 133.9 30.55 50. 6.76 109.0 25.41 60. 5.68 93.6 21.40 70. 4.89 78.7 17.92 80. 3.84 61.7 14.53 90. 2.82 53.2 11.60 95. 2.62 42.5 10.73 Minimum 1.60 28.2 6.30 Maximum 29.47 397.3 92.03 Range 27.87 369.0 85.73 Median 6.76 109.0 25.41 Mean 8.80. 140.8 32.26 Std. Dev. 6.10 90.5 20.87 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 100. Porosity, /. 8. 14. 22. Water Sat. X 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.65 1.80 2.00 FVF (Gas), v/v .0033 .0038 .0044 Rec. Factor (oil), /. 10. 30. 40. Rec. Factor (gas), . 60. 70. 75. Nbr. Traps = 6. Discovery Probability = 90.% Pct. Oil Factor = '0..- BBE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 91 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Caupolican (3) Scenario reserves Liquid: 20 MM bbls Gas 1283 Bcf Scenario maximum rates Liquid: 6000 B/d Gas : 320 MMcfd (sep. gas) Total producing wells: 31 Cost Estimates MM USD 1. Field facilities ........................ 4 (incl. infrastructure and gas comp.) 2. Gas processing plant -(300 MMcfd) ........ 20 3. Pipelines Liquid: 8-in. x 550 km (Cochabamba). 44 Gas: 26-in. x 490 km (to La Paz) ...; 192 4. Misc. and contingency .... ............... 39 5. Development drilling ....90 ............... 90 6. Overhead (20% of above) ................. 78 7. Total development investment ............ 467 92 BOLIVIAN DEVELOPMENT COST ESTIMaTES EXPLORATION BLOCKS Block: Coipasa Scenario reserves Liquid: 30 MM bbls Gas 180 scf Scenario maximum rates Liquid: 7500 BId Gas : 30 MMcfd (sep. gas) Total producing wells: 16 Cost Estimates MM USD 1. Field facilities ........................ 15 (incl. infrastructure and gas comp.) 2. Gas processing plant (30 MMcfd) 4 3. Pipelines Liquid: 6-5/8-in. x 280 km .17 Gas: 16-in. x 290 km .56 4. Misc. and contingency. 14 5. Development drilling .................... 88 6. Overhead (207. of above) ................. 39 7. Total development investment .233 93 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Colchani (1) Scenario reserves LiQuid: 88 Mm bbls Gas : 616 Bcf Scenario maximum rates Liquid: 24000 B/d Gas : 90 MMcfd (sep. gas) Total producing wells: 34 Cost Estimates ______________ *MM USD 1. Field facilities .27 (incl. infrastructure and gas comp.) 2. Gas processing plant (90 MMcfd) ........8 3. Pipelines Liquid: 10-in. x 500 km .53 Gas: 22-in. x 500 km .160 4. Misc. and contingency .37 5. Development drilling .211 6. Overhead (20% of above) .99 7. Total development investment . . 595 94 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Espejos-Parabonos Scenario reserves Liquid: 0.7 MM bbls Gas : 25 Bcf Scenario maximum rates Liquid: 400 B/d Gas : 7 MMcfd (sep. gas) Total producing wells: 2 Cost Estimates °------------- tMM USD 1. Field facilities. 2 (incl. infrastructure) 2. Gas processing plant:t(10 MMcfd) 3 3. Pipelines Liquid: 2-in. x 80 km 1 Gas: 6-in. x 80 km. 4 4. Misc. and contingency . . 2 5. Development drilling * . .0 6. Overhead (20% of above) .2 7. Total development investment .14 * No dev. wells required as 2 appraisal wells considered productive. 95 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Juan Latino Scenario reserves Liquid: 10 MM bbls Gas : 5 Bcf Scenario maximum rates Liquid: 2800 B/d Gas : 12 MMcfd (sep. gas) Total producing wells: 6 Cost Estimates ______________ MM USD 1. Field facilities ........................ 12 (incl. infrastructure and gas comp.) 2. Gas processing plant2 (12 MMcfd) ........ 4 3. Pipelines Liquid: 4-in. x 40 km ........... . I - Gas: 6-in. x 40 km . . 2 4. Misc. and contingency ................ 3 i. Development drilling .... ............ 9 6. Overhead (20% of above) . ................ 6 7. Total development investment ............ 37 96 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Mamore II Scenario reserves Liquid: 28 MM bbls Gas : 84 Bcf Scenario maximum rates Liquid: 7000 B/d Gas : 14 Mmcfd (sep. gas) Total producing wells: 15 Cost Estimates -------------- ~~~~~MM USD 1. Field facilities ..... ................... 18 (incl. infrastructure and gas comp.) 2. Gas processing plant (14 MMcfd) ........ 4 3. Pipelines Liquid: 6-in. x 230 km ... ......... 13 Gas:.14-in. x230 km .............. 46 4. Misc. and contingency ........... 12 5. Development drilling ................. ... 14 6. Overhead (20% of above) .. ............... 21 7. Total development investment ... ......... 126 97 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Manuripi Scenario reserves Liquid: 39 MM bbls Gas : 136 Bcf Scenario maximum rates Liquid: 10000 B/d Gas 26 MMcfd (sep. gas) Total producing wells: 25 Cost Estimates e_____________ MM USD 1. Field facilities.. 22 (incl. infrastructure and gas comp.) 2. Gas processing plant:(26 MMcfd) 5 3. Pipelines Liquid: 8-in. x 700 km .57 Gas: 18-in. x 700 km .154 4. Misc.and contingency . .36 5. Development drilling . .92 6. Overhead (20' of above). 73 7. Total development investment .439 98 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATIDN BLOCKS Block: Monteverde (2) Scenario reserves Liquid: 110 MM bbis Gas 550 Bcf Scenario maximum rates Liquid: 16000 B/d Gas 40 MMcfd (sep. gas) Total producing wells: 22 Cost Estimates MM USD 1. Field facilities .............. o ......... 30 (incl. infrastructure and gas comp.) 2. Gas processing plant- (40 MMcfd) ........ 5 3. Pipelines Liquid: 6-5/8-in.. x 180 km .11 Gas: 12-in. x 60 km .10 4. Misc. and contingency ............8....... 5. Development drilling .................... 12 6. Overhead (20% of above) ............ ..... 15 7. Total development investment ... ......... 91 99 BOLIVIAN DEVELOPMENT COST ESTITMATES EXPLORATION BLOCKS Block: Monteverde (5) Scenario reserves Liquid: 10 MM bbls Gas 400 Bcf Scenario maximum rates Liquid: 3900 B/d Gas 106 MMcfd (sep. gas) Total producing wells: 10 Cost Estimates ----------- --1MM USD 1. Field facilities. 3 (incl. infrastructure ) 2. Gas processing plant-(100 MMcfd) 8 3. Pipelines Liquid: 4-1/2-in. x 180 km 7 Gas: 16-in. x 60 km (to Brazil line) 12 4. Misc. and contingency. 5 5. Development drilling 0 O 6. Overhead (20% of above). 7 7. Total development investment .42 S No dev. wells required (except for appraisal wells). 100 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Robore Scenario reserves Liquid: 5.5 MM bbls Gas 192 Bcf Scenario maximum rates Liquid: 2500 B/d Gas : 48 MMcfd (sep. gas) Total producing wel ls: 5 Cost Estimates -------------- MM USD 1. Field facilities. 3 (incl. infrastructure ) 2. Gas processing plant--(50 MMcfd) 6 3. Pipelines Liquid: 4-1/2-in. x 60 km (to RR) 2 Gas: 14-in. x 60 km .11 4. Mi*c. and contingency. 3 5. Development drilling. 5 6. Overhead (20% of above). 6 7. Total development investment . ... 36 101 Annex 2 - 16 YPFB EXPLORATION BLOCKS GAS AND UQUID PRODUCION PROJECTIONS 102 Sun-Andino Norte Area Alto Beni Block Gas Production Projection (2004) Reserves= 105 Bcf Reservoir Gas Eeoarator Gas End Year Cum Resv Cond End Year Curr Time Gas Rate Yr Prod Prod Press Rate Gas Rate Yr Prod Prod Wel : Yrs T'M.scfd Bcf Bcf osia B/d MMs,fd 8cf §cf Prc 0 19.54 .0 .0 7000. 1241. 17.73 .0 .0 1 30.00 6.9 6.9 6549. 1316. 28.06 6. 3 6. _ 2 30.f00 I.C' 17.6 5870. 990. 28.56 10.3 16.7 - Z 30 .00 11.0 2-8.8 5236. 3 7. 28.78 10.5 2i 7 . 1 4 30.00 11.0 39.7 4640. 744. 28.91 10.5 37.7 - 5 30.0 0 11.0 50.7 4078. 661. 29.0i 10.6 48.2 7 _5.41 10.1 60.8 Z58Z. 539. 24.62 S.6 58.0 7 20.88 8.4 69.2 3138. 422. 20.26 8.2 66.2 8 17.07 6.9 76.2 2874. 334. 16.58 6.7 72.9 S 13.84 5.6 81.8 26'23. 264. 13.46 5.5 78.4 10 11.08 4.5 86.4 2424. 207. 10.78 4.4 62.8 5 11 i 8.70 3.6 90.0 2266. 160. 8.47 3.5 86.4 12 6.66 2.8 92.8 2148. 121. 6.49 2.7 89.1 4.94 2.1 94.9 2058. 89. 4.81 2.1 91.1 14 3.50 1.5 96.-4 1993. 63. 3.41 1.5 92.6 15 2.35 1.1 97.5 1947. 42. 2.29 1.0 93.7 16 1.45 .7 98.2 1918. 26. 1.41 .7 94.4 - 17 1.19 .5 98.7 1a98. 21. 1.16 .5 94.8 18 .86 .4 99.0 1882. 15. .84 .4 95.2 _ 103 Sun-rndino Norte Area Alto Beni BloCk Sec. Cond. Cor.d. Curr Time Ratio Yr. Prod. Cond. Yrs Bbl/MMcf M bbls M bbis Q 70.0 0. 0. 1 46.9 ?69. 369. 3,4.7 421. ,90. 3 29.1 -3, lo 4 25.7 289. 1412. 5 23-.5 26G. 1672. 6 21.9 _2. 189:. 7 20.8 175. 2Qo-. 8 20.1 138. 2207. 10 19.2 66OF. 240:. li 18.9 0/. 4. ;2 i18.7 51. 2520. 13., 18.5 38. 2556. 14 18.a 28. 2566. 15 18.3 19. 26O5. 16 18.3 i2. 2617. 17 18.3 9. 2626. 18 18.2- 7. 2632. PVGAS= 54737. MMscf PVCOND= 1695. M bbls IDiscount rate= 12.0 percent) 104 Subandino Area Bermejo Block 11) Gas Production Projection -;2C001) Reserves= 365 Bcf Peservoi r Gas r,d Year Cum Resv Cond End Year Curn Time Gas Rate Yr Prod Prot Press Pete Gas Rate Yr Prod Prod Wel' Yrs "Ms fd Ecf Bcf osia B/d MMscfd Bcf Bcf Pr_ 0 53.69 .0 .0 9000. 296-2. 49.37 .0 .0 i 102.03 19._ 19.1 8544. 4226. 95.86 17.8 17.3 -2 I -. C5.5 54.A e7,4i. 45=. 104.96 33.6 51.3 3 110.00 40.2 94.7 6908. 2990. 105.76 3'.5 69.8 4 110.O0 40.2 134.9 6136. 2562. 106.26 38.7 128.5 7 5 108.67 3 9.9 174.8 5424. 2316. 105.29 38.6 167.1 7 6 93.57 36.9 211.7 4807. 1867'. 90.84 35.8 202.9 7 80.90 31.8 243.5 4304. 1540. 78.66 30.9 233.6 a 70.06 27.6 271.1 3884. 1286. 68.18 26.6 260.6 7 9 60.68 23.9 295.0 3537. 1087. 59.29 23.3 283.9 ;0 52.67 20.8 315.7 3244. 923. 51.52 20.2 304.1 7 l1 45.85 18.0 333.;8 2995. 786. 44.70 17.6 321.7 12 39.66 15.6 349.4 2783. 670. 38.68 15.2 336.9 13 34.16 13.5 362.8 2603. 570. 33.32 13.1 350.0 14 29.25 11.6 374.4 2450. 483. 28.55 11.3 361.3 7 15 24.87 9.9 384.3 2320. 407. 24.28 9.6 371.0 / 16 20.94 8.4 392.6 2211. 341. 20.45 8.2 379.1 7 17 17.43 7.0 399.6 2121. 262. 17.02 6.8 386.0 18 14.31 5.8 405.4 2046. 230. 13.97 5.7 391.6 19 11.55 4.7 410.2 1985. 185. 11.28 4.6 396.2 7 20 9.16 3.8 413.9 1937. 146. 8.94 3.7 399.9 7 105 Subandino Area Bermejo Block r1) Seo. Cond. Cond. Cum Time RatiXo Yr. Prod. Cond . Yrs Bbl/MrlMcf r bbls r; bbls 0 60.0 0. 0. 1 44.1 923. 923. > 3~1292. 2215. 3 27.3 1158. Z 7 . 4 24.1 995. 4366. 5 -2 .0 890. 5258 . 6 20.6 762. 6019. 7 19.6 621. 6640. 8 18.9 515. 7155. 9 18.3 433. 7588. 10 17.9 367. 7954. 11 17.6 312. 8266. 12 17. 266. 853 v . 13 17.1 226. 8758. 14 16.9 192. 8950. 15 16.8 162. 9112. 16 16.7 136. 9249. 17 16.6 114. 9362. 16 16.5 93. 9456. 19 16.4 76. 9531. 20 16.4 60. 9592. PVGAS= 205690. Mmscf PVCOND= 5618. M bbls (Discount rate= 12.0 percent) 106 Subandino Area Bermejo Block (2) Gas Production Projection (2'004) Reserves= 419 Bcf Reservoir Gas Separator Gas E, Year Cum Resv 8ond End Year CuAm Time Gas Rate Yr Prod Prod Press Pete Gas Rate Yr Prod Prod We!' Yrs T-'Nscfd Bcf Bcf psia B/d MMscfd Bcf Bcf Pr- 0) i .7.T9 . .0 9000. 5_24. 9.74 .0 .0 - 1 125.00 37.4 37.4 6167. 4455. 118.50 34.9 34.9? 75.0 r) e745.6 83.0 7_22. I9O. 1i9. 70 43. 76.4 125. 00 45.6 128.6 6372. 7835 2.56 6.1 1015 2583 7 6 4 9274 3.12 . 9.2 1093 3290 ? 10 5 11514 3.79 13.0 1196 4341 12 13 6 13510 4.57 17.6 1333 5775 i6 ;6 7 15288 5.26 22.8 1511 7473 20 19 8 15985 5.71 28.6 1730 9248 25 - 21 9 15729 5.79 34.3 1985 10753 29 22 10 14633 5.54 39.9 2265 11776 32 22 11 13612 5.15 45.0 2560 12437 34 22 12 12663 4.80 49.8 2870 13020 36 -- _3 11781 4.46 54.3 3191 13518 7 2 14 10959 4.15 58.4 3522 13929 38 22 15 10195 3.86 62.3 3860 14250. 39 22 16 9484 3.59 65.9 4205 14483 40 2 17 8823 3.34 69.2 4552 14629 40 22 le 8206 3.11 72.3 4902 14692 40 22 19 7636 2.89 75.2 5250 14677 40 22 20 7103 2.69 77.9 5597 14589 40 22 21 6608 2.50 80.4 5940 14435 40 22 22 6147 2.33 82.8 6279 14222 39 22 23 5719 2.17 84.9 6610 13956 38 2 24 5320 2.01 86.9 6935 13644 37 -2 25 4949 1.87 88.8 7251 13293 36 22 * Note: This case involves an extended discovery and dev. ** At initial resv. press. period of 9 yrs. followinc the initial discovery. 125938 Gas @ 15 yr 22.7 Pct of total GIIP $- Gas produced is low 268558 Gas @25 yr Dressure ( 200 osi) sep. gas. 48.8 Pct of total GIIP 125 Chaco Area Monteverde Block Oil Production Projection (4) Production starts 2001 Decline coef-F. o.76 Totai reserves= 60 MM-bb1s Initial rate ootential.b/d/w= 1200 ** Reserves or* decline= 33.4 MM bbls Sol. vOR. cffb= 1000 Maximum field rate= 15000 b/d Np/Npu at Pb = 0.18 Nominal final rate= i5QO b, d Total wells= 20 Rate Year End yr. Est. Year avg gas at end-yr prod. cum. oil GOR orod. gas rate Year b/d MM bbis MM bbls scf/bbi MMscf ** MMscfd Wells 1 5000 1.82 1.8 1000 1825 5 - O000 3.28 5.1 1000 3285 9 8 3 14000 5.11 10.2 1000 5110 14 14 4 15000 5.47 15.7 1043 5592 15 16 5 15000 5.47 21.2 1450 6823 19 18 6 15000 5.47 26.6 2015 9485 26 20 7 12943 5.09 31.7 2737 12096 33 20 8 11167 4.39 36.1 3566 13842 38 20 9 9636 3.7q 39.9 4479 15243 42 20 10 8314 3.27 4-.2 5453- 16237 44 20 ii 7174 2.82 46.0 6462 16807 46 20 12 6190 2.43 48.4 7481 16971 46 20 13 5341 2.10 50.5 8489 16772 46 20 14 460B 1.81 52.4 9467 16271 45 20 15 3976 1.56 53.9 10401 15535 43 20 16 3431 1.35 55.3 11281 14628 40 20 17 2960 1.16 56.4 12100 i3610 37 20 18 2554 1.00 57.4 12854 12533 34 20 19 2204 0.87 58.3 13542 11439 31 20 20 1901 0.75 59.1 14165 10360 28 20 21 1641 0.65 59.7 14726 9321 26 20 72 1416 0.56 60.3 15228 8338 23 2O 23 1221 0.48 60.7 15674 7423 0 20 24 1054 0.41 61.1 16070 6579 18 20 25 909 O.36 61.5 16420 5810 16 20 A* At initial resv. press. ** Gas produced is low Dressure (< 200 psi) sep. gas. l17195 Gas @ 15 yr 57.3 Pct of total GIiP _71955 Gas @25 yr 126 90.6 Pct of total GIIP 3hao CD rea Monteverde Block (3) Gas P-sduction Projection (2006) Reserves= 800 Bcf Reservoir Gas SeDarator Ga5 End Year Cum Resv C8nd End Year Cum Time Gas Rate Yr Prod Prod Press Rate Gas Rate Yr Prod Prod Weli Yrs MMscfd Bcf Bcf Dsia B/d MMscfd Bcf Bcf 0 Th94 .0 .0 5000. 1738. 31.60 .0 .0 1 100.54 12.3 12.3- 4949. 4801. 94.07 11.5 11.5 2 177.51 36.0 46.3 4801. 7-39. 167.75 3Z.9 45.4 3 271.-3 62.6 111.0 4551. 9195. 256.84 59.5 104.8 4 300.00 93.8 -204.8 4189. 8493. 288.55 89.9 194.7 2 5 300.00 106.0 310.8 3791. 7384. 290.05 102.2 296.9 7 297.33 109.O 419.8 3403. 6589. 288.45 105.6 402.5 7 247.92 99.5 519.3 3061. 5090. 241.06 96.6 499.1 I 8 205.88 82.8 602.2 2783. 4006. 200.48 80.6 579.7 3: 9 169.94 68.6 670.7 2558. 3179. 165.66 66.6 646.5 3f 10 13'8.87 56.4 727.1 2375. 2521. 135.47 55.0 701.5 11 111.96 45.8 772.;9 2229. 198B. 109.28 44.7 746.2 2, B8.66 36.6 809.5 2113. 1547. 86.57 35.7 781.9 3C 13 68.57 28.7 838.2 2022. 1181. 66.98 28.0 809.9 13 14 51.59 21.9 860.1 -1953. 880. 50.40 21.4 831.4 3 15 37.50 16.3 876.4 1903. 636. 36.65 15.9 847.2 3c 16 26.25 11.6 888.0 1866. 443. 25.65 11.4 858.6 3C 17 17.60 8.0 896.0 1841. 296. 17.20 7.8 866.4 18 11.41 5.3 901.3 1825. 191. 11.15 5.2 871.6 19 7.17 3.4 904.7 1814. 120. 7.01 3.3 874.9 20 4.39 2.1 906.8 1808. 73. 4.29 2.i 877.0 127 Chaco Area Mohteverde Block (3) Sep. 8ond. Cond. - :nme Ratio Yr. Prod. Cond. 'rS Bbl/MMcf M bbIs M bbIs 0 55.0 0. C. 1 51.0 609. 609. 2 43.2 1594. 220. _ 35.5 239. 454-. 4 9.4 2918. 7461. 5 25.5- 2806. .02167. 6 2.8 2549. 12816. 7 21.1 2124. 14940. 8 20.0 1656. 16506. 9 19.2 13-0. 17905. 10 18.6 1039. 1B943. 11 18.2 822; 1F765. 12 17.9 644. 20410. 13 17.6 498. 20907. 14 17.5 376. 212E3. 15 17.3 276. 21560. 16 17. ' 197. 2175 7. 17 17.2 135. 21891. 18 17.-2 89. 21980. 19 17.1 57. 22037. 20 . 17.1 35. 22072. PVGAS= 429923. MMscf PVCOND= 12034. M bbls (Discount rate= 1 2.0 percent) 128 Chaco Aree Monteverde Block (5) Gas P-3duction Projection (2003) Reserves= 400 Bcf ReservDir Gas SeGasatsr G@s End Year Cum Resv Cond End Year Cum Time Gas Rate Yr Prod Prod Press Rate Gas Rate Yr P-od Prod Wel : vrs MMscfd Bcf 8cf osIa a/d MMscfd 3cf Bcf Prc r0 A O. 6o .0 .0 5500. 2083. 37.86 .0 .0 I 78E. 0 14.6 14.6 5353. 5427. 74. 22 !3.7 - 7 2 i O 0. OC 7. 9 4_ .6 5o 7q. 5a6i. i (4.7 l5 :- * 4 40 l1 3 110.00 38.6 81.2 4714. 5248. 105.62 5c.9 77.1 4 110.00 40.2 121.3 43s49. 2853. i06.15 38.6 115.7 1' 5 110.00 40.2 161.5 3998. 2588. 106.51 38.8 154.5 iC- 6 110.00 40.2 201.6 3656. 2392. 106.77 38.9 193.5 IC 7 104.43 39.1 240.8 3338. 2133. 101.56 38.0 231.5 1 8 90.03 35.5 276.3 5056. 1750. 67.67 34.5 266.0 10 I 77.42 30.6 306.8 2819. ;449. 75.46 29. 2795.8 1{ i0 66.29 26.2 333.0 2619. 1205. 64.66 25.6 321.4 1C 11 56.40 22.4 355.'4 2451. 100i. 55.05 21.8 343.2 iC 12 47.59 19.0 374.4 2310. 829. 46.47 18.5 361.7 1(C 13 39.73 15.9 390.3 2192. 682. 38.81 15.6 377.3 1C* 14 32.69 13.2 403.6 2095. 554. 31.94 12.9 390.2 10 15 26.44 10.8 414.4 2017. 444. 25.84 10.5 400.7 1G 16 20.90 8.6 423.0 1954. 348. 20.43 8.4 409.2 IC 17 16.08 6.7 429.7 1905. 266. 15.72 6.6 415.B 1C; is 12.00 5.1 434.9 1868. 198. 11.74 5.0 420.8 iC 19 S..65 3.8 438.6 1841. 142. 8.46 3.7 424.5 lC, 20 5.98 2.7 441.3 1822. 98. 5.85 2.6 427.1 1I 129 Chaco Area Monteverde Block (5) Seo. Cond. Cond. CLim, Time Ratio Yr. Prod. Cond. Yrs Bbl/Mtmcf M bbls M bbls 0 55.0 G. 0. 1 46.1 692. 692. 2 37.1 1101. 1793. 3 _.C7 1253. 3046. 4 26.9 1113. 4160. 5 24.3 993. 515`. 6 _2.4 909. 6061. 7 21.0 625. 6887. a 20.0 707. 7594. 9 19.-2 563. 8177. 10 1B.6 484. 6661. 11 I8.2- 402.- 9063. 12 17.8 334. 9397. 13 17.6 275. 9672. 14 17.3 225. 9898. 15 17.2 182. 10080. 16 17.0 144. 10224. 17 16.9 112. 10336. 18 16.9 85. 10421. 1,9, 16.B 62. 10483. 20 16.8 44. 10527. PVGAS= 210470. MMscf PVCOND= 5874. M bbls (Discount rate= 12.0 percent) 130 * Chaco Area Robore Block Gas Production Projection '22005) Reserves= l92 Bcf Reservoir Sas Seoarator Gas -d Year Cum Pesv Cond Erd Year Cu^r ime Gas Pate Yr Prod Prod PreSS Rate Sas Rate yr Y rod Prod Wei : Yrs lisc4d Bcf Bcf Dsia B/d MMscfd Bcf Bcf Prc C' 40f.15 ..4 .0 65o0. 2714. 36.16 .0 .0 _ 5.00C) 14.1 14.1 6062. 2_73. 46.68 12.9 12.9 - 509. u:I 8.3 32.4 5524. i764. 47.42 I7. z2i 3 50).0D0 16.3 50.6 5016. 1507. 47.80 17.4 47.5 4 50.00 18I.3 68.9 4534. 1345. 48.04 17.5 65.0 5 50.0(' 1a.3 87.1 40 75. I-232. 48.20 17.6 82.5 6 47.5_; 17.8 104.9 3646. 1092. 45.94 17.2 99.7 - 39.67 15.9 120.8 3277. 865. 58.40 15.4 115.1 8 32.92 13.2 134.1 2983. 690. 31.92 12.8 128.0 t 27.09 11.0 145.0 2743. 552. 26.28 10.6 i3e.6 10 22.00 9.0 154.0 2550. 438. 21.36 8.7 147.3 11 17.56 7.2 161.2 2396. 344. 17.06 7.0 154.3 '12 1-3.66 5.7 166.9 2276. 264. 13.28 5.5 159.8 1> 10.27 4.4 171 2185. 197. 9.99 4.2 164.1 7.'3 3.2 174.5 2118. 139. 7.12 3.1 167.2 15 4.95 2.2 176.7 2071. 94. 4.81 2.2 169.4 16 3.10 1.5 178.2 2041. 58. 3.02 1.4 170.8 17 1.80 .9 179.1 2022. 34. 1.75 .9 171.7 18 .96 .5 179.6 2012. 18. .94 .5 172.2 19 ' .49 .3 179.9 2006. 9. .47 .3 172.4 20 .98 .3 180.1 2001. 18. .95 .3 172.7 131 Chaco Area Robore Block 5eo. Conr. L.ond. Cum Time Ratio Yr. Prod. Cond. Yrs BblM'1McI FM bc s M bbis 0 75.0 0. 0. 1 46., 7,F. 7q. 2 37.2 737. 1535. 3 31.5 597. 2131. 4 28.0 520. 2652. 5 2'5.6 470. '-12_. 6 23.8- 424. 3546. 6 21.6 28,. 4165. 9 2_.0 2o6. 4412. 1G 20.5 160. 4592. il 20.2 I43. 4735. 12 n 19.9 111. 4646. 13 19.7 84. 4930. 14 19.6 61.- 4991. ' 5 1 C?19.5 42. 5 0. i6 19.4 28. 5061. 17 19.4 17. 5078. 18 19.3 - 9. 5087. 19 19.3 '. 5092. 20 - 19.3 5. 5097. PVGAS= 97472. MMSCl PVCOND= 3249. M bbls (Discount rate= 12.0 oercent) 132 Annex 2 - 17 BOLIVIA CONTRACTOR ELORATTON BLOC5 ZIMONE CARLO VOUMMRIC ANALYSIS RSULTS 133 Volumetric Analysis of Potential Reserves The probability distribution for reserves for the Bolivian exploration areas was estimated using an adaptation of standard Monte Carlo simulation methods.* These numerical simlaations were based on volumetric reserves analyses, and included both non-prod:ucing exploration blocks and the exploration areas of currently producing blocks. The computations were made using computer programs developed specifically for the Bolivian project. For each calculation pass for a given geological target or prospect the hydrocarbon pore volume (HCPV) was first computed. The potential oil reserve for this value of the HCPV was then calculated, including certain risk factors. For the same HCPV the potential free gas reserves and equivalent barrels of oil (BOE) were then calculated. The computed oil reserve and gas BOE values were then combined to give a separate probability distribution for BOE. Thus computed data for three probability distributions, oil, free gas and BOE reserves, were obtaine for each calculation pass. A total of 1000 calculations passes were made for each target, and the results were combined to give the estimated probability distribution for each of the three reserve definitions. * McCrary, Arthur W.: Petroleum Evaluations and Economic Decisions Prentice-4Hall, Inc., Engle-wood Cliffs, fl.J. (1975).. Newendorp, Paul D.: Decision Analysis for Petroleuo Exploration, PPC Books, Tulsa, Okla. (175). 134 For the volumetric reserve analysis the following variables were considered as stochastic variables for each target, and the numerical values for these were determined randomly for each volume calculation pass: - producing area - producing thickness - porosity - water saturation - fraction of trap filled with hydrocarbons - formation volume factor -oil - formation volume factor - gas - recovery factor - oil - recovery factor - gas The area, thickness, and fraction of trap filled were assumed to follow a lognormal distribution defined by estimated miniman and m values. A number of studies have shown that the distribution of field areas and thickness tend to approximate a lognormal distribution. Tdis was also assumed to be the case for fractional fill volume. Ihe other variables treated stocastically were defined by triaulpWar distributions based on minimu, most likely, and maxicum estimates for each variable, except for water saturation which was considered to be a furction of porosity. The reserves estimates for free-gas reservoirs consider production at a minin-n wellhead pressure of 1250 psig, and therefore do not necessarily represent ultimate gas reserves. The following estinated parameter data were wcosidered to be deterministic values for each exploration target: - mmnber of traps - discovery probability - probability of oil reserve (as opposed to free-gas reserves). The computed free gas reserves values were converted to BOE using a c-nstant conversion factor of 6000 scf/bbl. 135 The data estimates used for the Yolumetric reserves estimates and the resulting Monte Carlo simulation computed probability distributions for reserves are given in the annex for each exploration target. Where an exploration block had more than one target the individual target results were sumxmed stocastically using a second Monte Carlo simulation program. The individual target probability distributions for computed reserves closely approximates a lognormal distribution, as expected, since the reserves calculations are the result of a series of miltiplications and divisions. For sunming multiple targets, the separate computed reserves distributions -. for each target were approximated by an idealized lognormal distribution defined by the mean and standard deviation of the computed reserves for each target. These smoothed target data were then combined for multiple-target blocks to give a computed total reserves probability distribution for the block. Since the totals for multiple-target blocks are based on addition of randomly selected target values, the resulting block total tends to approximate a normal, rather than lognormal, distribution, with approxnmately equal mean and media values. This result is in accord with the "central limit theorem" of statistics which states that sampling distributions tend to become normal, even for a small number of samples. That is, when samples are taken from 8ny type of distribution (in this case lognormal target reserves distributions) the mean values of the samples will tend to form a normal distribution. This applies also to random sample values which are summed to obtain a new or total distribution, such. as the total reserves probability distribution for the multiple-target exploration areas. 136 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA AZERA BLOCK (TEXACO) PERMO-CARBONIFEROUS TARGETS CRETACEOUS/TERTIARY TARGETS Pct OiL Resv. Gas Resv. Total > Mm bbls Bcf MM BOE 5. 10.4 76.9 23.1 10. 8.4 63.4 19.0 20. 7.4 56.4 16.8 30. 6.7 52.4 15.6 40. 5.9 47.7 13.9 50. 5.5 45.0 12.9 60. 5.0 39.6 11.7 70. 4.0 33.4 9.8 80. 3s4 29.8 8.5 90. 3.0 24.9 7.2 95. 2.6 22.5 6.4 minimum 2.2 14.7 5.7 Maximum 13.3 84.4 56.26 Range 11.1 69.7 50.6 Median 5.5 45.0 12.9 Mean 5.6 44.6 13.1 Std. Dev. 2.2 15.0 4.8 Data Pts. 1000 1000 1000 137 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA AZERA BLOCK (TEXACO) PERMO-CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 4.57 45.5 12.35 10. 4.14 35.1 10.00 20. 2.65 28.0 7.33 30. 2.14 21.5 6.13 40. 1.67 17.8 4.44 50. 1.41 14.5 3.86 60. 1.28 12.7 3.47 70. 1.13 10.8 2.99 80. .81 9.0 2.35 90. .65 7.5 1.98 95. .63 6.3 1.68 Minimum .39 4.2 1.08 Maximum 7.15 56.5 15.11 Range 6.77 52.3 14.03 Median 1.41 14.5 3.86 Mean 1.98 18.4 4.95 Std. Dev. 1.31 11.3 3.11 Data Pts. 1000 1000 1000 DATA INPUT t MIN MODE MAX Area, M acres 2. 0. 10. .Thickness, ft 15. 0. 100. Porosity, X 10. 20. 30. Water Sat. X 10. - 60. Pct. Trap Filled 10. 0. 50. FVF (oil), v/v 1.50 1.65 1.75 FVF (Gas), v/v .0037 .0042 .0057 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), X 53. 60. 66. Nbr. Traps = 2. Discovery Probability = 60.. Pct. Oil Factor = 35.% BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 138 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA AZERA BLOCK (TEXACO) CRETACEOUS/TERTI ARY TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 12.19 76.7 24.05 10. e.90 64.3 20.06 20. 6.54 45.6 13.51 30. 5.01 35.6 11.14 40. 4.00 28.5 8.74 50. 3.07 23.9 7.09 60. 2.77 20.0 6.20 70. 2.58 16.5 5.40 80. 1.76 14.0 4.10 90. 1.30 10.1 3.01 95. 1.19 8.93 2.92 Minimum .77 4.6 1.81 Maximum 18.10 98.4 33.28 Range 17.33 93.8 31.46 Median 3.07 23.9 7.09 Mean 4.42 30.7 9.53 Std. Dev. 3.37 21.1 6.75 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 200. Porosity, '. 12. 20. 30. Water Sat. % 10. -- 60. Pct. Trap F;lled 10. 0. 50. FVF (oil), v/v 1.30 1.50 1.70 PVF (Gas), v/v .0040 .0047 .0055 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), *. 35. 50. 60. Nbr. Traps = 3. Discovery Probability = 60.7X Pct. Oil Factor = 35.X DOE Factor 6000. scf/bbl If mode value = 0 a lognormal distrioution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 139 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB ANDINO AREA CAIPIPENDI (CHEVRON) L. DEVONIAN TARGETS MID. & UPPER DEVONIAN TARGETS Pct OiL Resv. Gas Resv. Total > MMbbls Bcf MM 8OE 5. 80. 700. 199. 10. 67. 5B5. 164. 20. 57. 522. 144. 30. 52. 473. 128. 40. 43. 424. 116. 50. 40. 385. 101. 60. 35. 358. 94. 70. 30. 287. 80. 80. 25. 252. 69. 90. 18. 215. 57. 95. 18. 192. 49. Minimum 13. 137. 42. Maximum 117. 843. 553. Range 104. 706. 511. Median 40. 385. 101. Mean 42. 395. 108. Std. Dev. 19. 145. 45. Data Pts. 1000 1000 1000 140 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB ANDINO AREA CAIPIPENDI (CHEVRON) L. DEVONIAN SS Pct OiL Resv. Gas Resv. Total > 11MM bbls Bc f MM BOE 5. 14.49 275.1 66.70 10. 13.53 212.6 48.90 20. 10.18 183.6 40.97 30. 7.38 125.1 27.62 40. 5.95 111.0 24.24 50. 5.33 97.9 21.05 60. 4.23 78.9 18.5B 70. 3.47 69.4 14.92 80. 2.80 53.5 11.99 90. 2.10 43.6 8.90 95. 1.95 :5.2 8.57 Minimum 1.20 23.8 5.16 Maximum 22.9.9 313.3 68.84 Range '21. 80 289.5 63.68 Median 5.33 97.9 21.05 Mean 6.39 114.8 25.53 Std. Dev. 4.33 69.9 15.65 Data Pts. 1000 1000 1000 DATA INPUT M MIN MODE MAX Area, M1 acres 2. 0. 9. Thickness, ft 15. 0. 100. Porosity, h. 10. 12. 20. Water Sat. 7. 10. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.70 1.90 2.20 FVF. (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), '. 65. 72. 78. Nbr. Traps = 10. Discovery Probability = 50.'. Pct. Oil Factor = 35.% BOE Factor 6000. scf /bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 141 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATIdN RESULTS FOR TOTAL BLOCK SUB ANDINO AREA CAIPIPENDI (CHEVRON) MID. & UPPER DEVONIAN Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 104. 763. 221. 10. 77. 678. 198. 20. 66. 492. 144. 30. 44. 356. 104. 40. 39. 316. 92. 50. 31. 286. 79. 60. 27. 209. 64. 70. 19. 176. 47. 80. 16. 121. 36. 90. 12. 98. 27. 95. 9. 97. 25. Minimum 6. 45. 13. Maximum 1584 1144. 336. Range 152. 1099. 323. Median 31. 286. 79. Mean 41. 321. 94. Std. Dev. 31. 222. 67. Data Pts. 1000 1000 1000 DATA INPUT * M IN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 250. Porosity, X 10. 15. 20. Water Sat. X 10. - 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.60 1.75 2.00 FVF (Gas), v/v .0035 .0045 .0048 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), % 60. 67. 42. Nbr. Traps = 33. Discovery Probability = 50.% Pct. Oil Factor = 35.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 142 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA CARANDIGUA BLOCK DEVON IAN SS TARGETS PERMO-CARBON I FEROUS TARGETS CRETACEOUS/TERT I ARY TARGETS Pct OiL Resv. Gas Resv. Total > PsMM bbls Bcf Mtl BOE 5. 18.0 153.8 43.7 10. 15.1 137.1 37.3 20. 13.2 122.4 33.5 30. 12.2 112.4 30.5 40. 11.0 106.7 29.5 50. 9.8 103.4 27.5 80. 9.4 97.4 25.7 70. 7.6 77.5 20.9 80. 4.2 65.7, 17.6 90. 5.3 61.1 15.5 95. 5.0 59.5 15.1 Minimum 4.5 55.5 14.1 Maximum 24.5 178.3 101.62 Range 20.1 122.8 87.5 Median 9.8 103.4 27.5 Mean 10.2 100.5 27.1 Std. Dev. 3.9 29.1 8.9 Data Pts. 1000 1000 1000 143 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA CARANDIGUA BLOCK (SANTA FE) DEVONIAN SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 3.53 66.0 14.00 10. 2.96 51.5 11.80 20. 2.11 41.5 9.03 30. 1.60 30.7 7.05 40. 1.29 26.1 5.45 50. 1.08 21.3 4.63 60. .97 19.0 4.25 70. .88 15.8 3.61 80. .64 12.8 2.78 90. .51 11.4 2.41 95. .47 8.8 1.99 Minimum .31 6.4 1.37 Maximum 5.Z5 82.6 18.17 Range 5.04 76.2 16.80 Median 1.08 21.3 4.63 Mean 1.44 26.7 5.89 Std. Dev. .98 15.7 3.53 Data Pts. 1000 1000 1000 DATA INPUT S MIN MODE MAX Area, M acres 2. 0. 10. Thickcness, ft 15. 0. 100. Porosity, % 8. 15. 20. Water Sat. Z 10. - 60. Pct. Trap Filled 10. 0. 50. FVF (oil), v/v 1.80 1.90 2.20 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), % 10. -20. 40. Rec. Factor (gas), Z .67. 75. 78. Nbr. Traps = 3. Discovery Probability = 50.-. Pct. Oil Factor = 35..- BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 144 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA CARANDIGUA BLOCK (SANTA FE) PERMO-CARBONIFEROUS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE - 5. 5.25 70.2 17.19 10. 4.77 54.1 13.81 20. 3.21 44.3 10.55 30. 2.41 33.3 8.35 40. 1.95 28.3 6.46 50. 1.66 22.3 5.38 60. 1.49 20.0 4.94 70. 1.31 17.1 4.32 80. .97 13.8 3.28 90. .77 11.9 2.76 95. .73 9.4 2.42 Minimum .48 6.9 1.62 Maximum 8498 85.8 20.82 Range 7.80 78.9 19.19 Median 1.66 22.3 5.38 Mean 2.19 28.6 6.96 Std. Dev. 1.51 17.1 4.26 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 100. Porosity, 'Z 12. 20. 30. Water Sat. '. 10. - 60. Pct. Trap Filled 10. 0. 50. FVF (oil), v/v 1.60 1.75 2.00 FVF (Gas), v/v .0035 .0040 .0048 Rec. Factor (oil), X. 10. 20. 40. Rec. Factor (gas), Z. 60. 67. 72. Nbr. Traps = 3. Discovery Probability 50.% Pct. Oil Factor = 35.'. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 145 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA CARANDIGUA BLOCK (SANTA FE) CRETACEOUS/TERTIARY SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 21.40 129.7 41.38 10. 15.11 115.5 36.71 20. 11.78 79.9 24.58 30. 9.01 65.6 19.79 40. 7.29 50.9 15.17 50. 5.58 42.0 12.98 60. 4.96 35.5 11.10 70. 4.60 29.8 9.67 80. 3.15 24.7 6.86 90. 2.34 17.9 5.49 95. 2.14 i6.6 5.25 Minimum 1.37 8.7 3.32 Maximum 31.77 177.2 58.32 Range 30.40 168.5 55.00 Median 5.58 42.0 12.99 Mean 7.85 54.8 16.99 Std. Dev. 5.96 37.3 .11.92 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 200. Porosity, % 12. 22. 30. Water Sat. % 10. - 60. Pct. Trap Filled 10. 0. 50. FVF (oil), v/v 1.30 1.50 1.70 FVF (Gas), v/v .0040 .0047 .0055 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), % 38. 48. 60. Nbr. Traps 6. Discovery Probability = 50.X Pct. Oil Factor = 35.'. BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 146 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK BENI BASIN CHAPARE BLOCK tBHP) CRETACEOUS/TERTIARY SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 90. 114. 110. 10. 81. 84. 95. 20. 63. 72. 75. 30. 47. 49. 55. 40. 37. 43. 43. 50. 32. 36. 38. 60. 27. 30. 32. 70. 22. 26. 26. 80. 17. 20. 22. 90. 13. 15. 16. 95. 12. 13. 15. Minimum 7. 9. 9. Maximum 137;. 129. 156. Range 130. 120. 147. Median 32. 36. 38. Mean 40. 45. 47. Std. Dev. 27. 28. 32. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 120. Porosity, % 15. 20. 30. Water Sat. Z 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.40 1.60 1.80 FVF (Gas), v/v .0036 .0044 .0052 Rec. Factor (oil), % 10. 25. 40. Rec. Factor (gas), % 42. 55. 65. Nbr. Traps = 10. Discovery Probability 70.'. Pct. Oil Factor = eO.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 147 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALTIPLANO AREA CURAHUARA DE CARANGAS BLOCK (PHILLIPS) CRETACEOUS/TERTIARY SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. - 69. 101. 85. 10. -c55. 89. 72. 20. 42. 62. 51. 30. 27. 40. 34. 40' 20. 30. 24. 50. 16. 25. 20. 60. 13. 20. 16. 70. 11. 17. 15. 90. 9. 12. 12. 90. 8. 10. 7. 95. 5. 8. 7. Minimum 3. 5. 4. Maximum 102. 165. 137. Range 106. 160. 132. Median 16. 25. 20. Mean 24. 36. 30. Std. Dev. 21. 28. 25. Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, . 12. 22. SO. Water Sat. % 15. -- 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.70 1.90 FVF (Sas), v/v .0033 .0040 .0058 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), Z 53. 63. 72. Nbr. Traps = 3. Discovery Probability = 80.Z Pct. Oil Factor = 80.Z BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 148 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE:.CARLO SIMULAT?ON RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA HITO VILLAZON BLOCK (TEXACO) PERMO-CARBONIFEROUS TARGETS CRETACEOUS/TERTIARY TARGETS Pct OiL Resv. Gas Resv. Total > ttlMM bbls Bcf MM DOE 5. 20. 152. 46. 10. 17. 125. 38. 20. 15. ill. 33. 30. 13. 102. 30. 40. 12. 91. 27. 50. 10. 85. 25. 60. 9. 78. 23. 70. 8. 65. is. 80. 7,. 56. 16. 90. 6. 48. 14. 95. 5. 43. 12. Minimum 4. 29. 10. Maximum 28. 173. 118. Range 24. 143. 108. Median 10. 85. 25. Mean 11. 86. 25. Std. Dev. 5. 30. 10. Data Pts. 1000 1000 1000 149 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION -RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA HITO VILLAZON BLOCK (TEXACO) PERMO-CARBONIFEROUS TARGET Pct DiL Resv. Gas Resv. Total > t11MM bbls Bcf MM BOE - 5. 6.85 74.2 19.46 10. 6.21 55.3 15.35 20. 3.98 43.7 11.27 30. 3.21 35.5 9.48 40. 2.50 29.5 7.11 50. 2.11 22.9 5.91 60. 1.92 20.5 5.51 70. 1.70 17.4 4.63 80. 1.21 14.1 3.66 90. .98 12.1 3.03 95. .95 -9.7 2.57 Minimum .58 7.2 1.78 Maximum 10.73 87.8 23.53 Range 10.15 80.7 21.75 Median 2.11 22.8 5.91 Mean 2.82 29.6 7.76 Std..Dev. 1.96' 18.1 4.87 Data Pts. - 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft. 15. 0. 100. Porosity, % 10. 20. 30. Water Sat. X 10. - 60. Pet. Trap Filled 10. 0. 50. FVF (oil), v/v 1.50 1.65 1.75 FVF (Gas), v/v .0037 .0042 .0047 Rec. Factor (oil), % -10. 20. 40. Rec. Factor (gas), Z 53. 60. 66. Nbr. Traps = 3. Discovery Probability - 60.X Pet. Oil Factor = 35.%. BOE Factor = 6000. scl/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 150 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA HITO VILLAZON BLOCK (TEXACO) CRETACEOUS/TERTIARY TARGETS Pct- OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 25.68 156.3 49.77 10. 18.14 139.0 43.53 20. 14.14 94.7 29.26 30. 10.82 77.3 23.78 40. 8.75 60.5 18.26 50. 6.69 50.7 15.26 60. 5.95 42.8 13.28 70. 5.51 35.4 11.56 80. 3.77 29.8 8.25 90. 2.81 21.2 6.57 95. 2.57 18.9 6.29 Minimum 1.64 10.0 3.96 Maximum 38.12 213.6 70.07 Range 36.48 203.6 66.11 Median 6.69 50.7 15.26 Mean 9.42 65.5 20.34 Std. Dev. 7.15 44.9 14.31 Data Pts. 1000 1000 1000 DATA INPUT M XIN MODE MAX Area, M acres 2. 0. 10. Thickness, ft 15. 0. 200. Porosity, % 12. 22. 30. Water Sat. X 10. -- 60. Pct. Trap Filled 10. 0. 50. FVF (oil), v/v 1.30 1.50 1.70 FVF (Gas), v/v .0040 .0047 .0055 Rec. Factor (oil), X. 10. 20. 40. Rec. Factor (gas), X 35. 50. 60. Nbr. Traps = 6. Discovery Probability = 60.% Pct. Oil Factor = 35.X BOE Factor = 6000. scf/bbl If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 151 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PIE DE MONTE AREA LAGUNILLAS BLOCK (PETROLEX) MID. & UPPER DEVONIAN SS Pct OiL Resv. Gas Resv. Total > MM bbIs Ecf MM BOE 5. 44. 573. 131. 10. 36. 451. 119. 20. -28. 380. 91. 30. 21. 253. 60. 40. 19. 212. 53. 50. 14. l95. 47. 60. 13. 140. 36. 70. 9. 128. 30. 90. 7. 93. 22. 90. 5. 67. 17. 95. 4. 61. 16. Minimum 3. 34. S. Maximum 66. 841. 206. Range 63. 908. 198. Median 14. 195. 47. Mean 18. 231. 56. Std. Dev. 13. 164. 40. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. e. Thickness, ft 15. 0. 250. Porosity, Z 10. 15. 20. Water Sat. % 10. - 40. Pet. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.70 1.90 FVF (Gas), v/v .0033 .0040 .0058 Rec. Factor (oil), % 10. 20. 30. Rec. Factor (gas), % 53. 63. 72. Nbr. Traps = 16. Discovery Probability = 50.% Pct. Oil Factor = 35.X BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 152 ESTIMATED UNDISCDVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUBANDINO NORTE MADIDI BLOCK (TEXACO) PERMIAN SS TARGETS DEVONIAN SS TARGETS CREATACEDUS SS TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 67. 1085. 245. 10. 61. 908. 213. 20. 51. 805. 185. 30. 48. 728. 170. 40. 44. 695. 158. 50. 42. 644. 151. 60. 37. 603. 140. 70. 30. 469. 110. 80. 235, 383. 89. 90. 22. 350. 81. 95. 21. 327. 77. Minimum 19. 308. 74. Maximum 102. 1320. 647. Range 83. 1012. 573. Median 42. 644. 151. Mean 41. 639. 148. Std. Dev. 15. 224. 54. Data Pts. 1000 1000 1000 153 ESTIMATED.UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB ANDINO NORTE MADIDI BLOCK (TEXACO) PERMIAN SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 43. 349. 96. 10. 30. 282. 79. 20. 23. 208. 55. 30. 17. 148. 43. 40. 14. 131. 33. 50. 11. 105. 29. 60. 9. 93. 24. 70. S. 72. 20. 80. 6. 63. 19. 90. 4. 47. 13. 95. 4. 45. 12. Minimum 3. 26. 8. Maximum 72. 635. 178. Range 69. 608. 170. Median 11. 105. 29. Mean - 15. 136. 38. Std. Dev. 12. 90. 26. Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 150. Porosity, X 12. 20. 28. Water Sat. % 10. - 50. Pct. Trap F+lled 10. 0. 40. FVF (oil), v/v 1.40 1.50 1.60 FVF (Gas), v/v .0042 .0047 .0052 Rec. Factor (oil), '. 10. 20. 40. Rec. Factor (gas), '. 45. 50. 52. Nbr. Traps = 9. Discovery Probability = 70.Z Pet. Oil Factor = 30.% BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 154 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB ANDINO NORTE HADIDI BLOCK (TEXACO) DEVONIAN 58 Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM DOE 5. 37.78 578.6 137.44 10. 26.17 444.3 98.90 20. 19.32 273.2 68.53 30. 14.78 214.7 51.02 40. 12.51 174.8 39.24 50. 8.75 157.8 36.54 60. 7.el 121.7 28.65 70. 6.48 99.5 23.47 80. 4.74 83.7 18.69 90. 3.18 60.1 14.16 95. 3.04 54.7 12.60 Minimum 2.32 27.8 7.05 Maximum 64.18 962.1 224.53 Range '61.87 934.3 217.48 Median 8.75 157.8 36.54 Mean 13.09 197.2 45.96 Std. Dev. 11.04 144.6 34.69 Data Pts.. 1000 1000 1000 DATA INPUT M MIN - MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 250. Porosity, % 8. 15. 24. Water Sat. % 15. - 50. Pct. Trap Filled 10. 0. 40. FVF (oil), v/v 1.60 1.70 1.80 FVF (Gas), v/v .0036 .0041 .0044 Rec. Factor (oil), . 10. .20. 40. Rec. Factor (gas), % 58. 64. 69. Nbr. Traps = 9. Discovery Probability = 70.-. Pct. Oil Factor = 30.X BOE Factor = 6000. scf/bbl I lf mode value = 0 a lognormal distribution-is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 155 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SAN ANDINO NORTE MADIDI BLOCK CRETACEOUS SS (5000 m) Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 60. 1053. 232. 10. 39. 948. 207. 20. 29. 565. 122. 30. 21. 427. 91. 40. 17. 344. 76. 50. 12. 299. 62. 60. 10. 217. 46. 70. S. 182. 40. 80. 7. 112. 25. 90. 4. 93. 20. 95. 3. 82. 17. Minimum 2. 42. 10. Maximum 94,. 1859. 404. Range 92. 1817. 394. Median 12. 299. 62. Mean 19. 390. 84. Std. Dev. 1i. 329. 72. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 400. Porosity, % 12. 22. 32. Water Sat. % 10. - 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.90 2.00 2.20 FVF (Gas), v/v .0030 .0033 .0038 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), ' 65. 78. 82. Nbr. Traps 5. Discovery Probability - 60.X Pct. Oil Factor = 35.X BOE Factor = 6000. scl/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 156 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALT IPLANO AREA POOPO NORTE (ESSO) CRETACEOUS/TERT IARY SS Pct OiL Resv. Gas Resv. Total > MM bbls SBf MM BOE 5. 115. 169. 141. 10. 92. 148. 120. 20. 71. 103. 85. 30. 44. 67. 57. 40. 34. 51. 40. 50. 26. 42. 33. 60. 21. 33. 26. 70. 19. 29. 24. 80. 15. 20. 20. 90. 10. 16. 12. 95. 8. -14. 11. Minimum 6. 9. 7. Maximum 182. 275. 228. Range 176. 267. 221. Median 26. 42. 33. Mean 40. 60. 50. Std. Dev. 35. 47. 42. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, X 12. 22. 30. Water Sat. Z 15. - 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.70 1.90 FVF (Gas), v/v .0033 .0040 .0058 Rec. Factor (oil), %. 10. 20. 40. Rec. Factor (gas), X. 53. 63. 72. Nbr. Traps 5. Discovery Probability = 80.% Pct. Oil Factor = 80.X BOE Factor = 6000. scf/bbl I f- mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 157 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK ALTIPLANO AREA POOPO SUR (ESSO) CRETACEOUS/TERT I ARY SS Pct OiL Resv. Gas Resv. Total > twfMM bbls Bcf MM BOE 5. 209. 304-. 254. 10. 165. 267. 216. 20. 127. 196. 154. 30. 80. 120. 103. 40. 61. 91. 73. 50. 47. 76. 59. 60. 39. 60. 47. 70. 34. 52. 44. 80. 27. 36. 35. 90. 19. 30. 22. 95. 15. 25. 21. Minimum 10. 16. 13. Maximum 327. 496. 410. Range 317. 480. 397. Median 47. 76. 59. Mean 72. 108. 90. Std. Dev. 62. 85. 76. Data Pts. 1000 1000 1000 DATA INPUT : MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, ' 12. 22. 30. Water Sat. % 15. - 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.70 1.90 FvF (Gas), v/v .0033 .0040 .0058 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), X 53. 63. 72. Nbr. Traps S. Discovery Probability = 90.% Pct. Oil Factor = 80.'. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 158 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS BASIN XXIII BLOCK (MOBILE) MID-DEVONIAN SS PERMO-CARBONIFEROUS SS TERTIARY/CRETACEOUS TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 215. 730. 340. 10. 178. 642. 283. 20. 165. 578. 260. 30. 146. 537. 236. 40. 141. 486. 224. 50. 124. 451. 203. 60. 117. 402. 183. 70. 99. 341. 168. 80. 79. 293. 128. 90. 68. 235. 113. 95. 58. 219. 95. Minimum 57. 190. 93. Maximum 393. 1047. 447. Range 336. 857. 353. Median 124. 451. 203. Mean 127. 452. 202. Std. Dev. 46. 163. 71. Data Pts. 1000 1000 1000 159 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS BASIN XXIII BLOCK (MOBIL) MID-DEVONIAN SS TARGET Pet OiL Resv. Gas Resv. Total > MM bbls Bef MM BOE 5. 161. 734. 276. 10. 128. 656. 246. 20. 91. 419. 146. 30. 61. 290. 113. 40. 48. 238. B3. 50. 34. 190. 66. 60. 30. 144. 54. 70. 25. 130. 48. 80. . 20. 82. 36. 90. 12. 70. 24. 95. 11. 58. 22. Minimum 7. 37. 13. Maximum 253. 1204. 454. Range 246. 1167. 441. Median 34. 190. 66. Mean 55. 262. 99. Std. Dev. 49. 210. 83. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 250. Porosity, 7. 8. 15.. 24. Water Sat. Z. 15. 50. Pet. Trap Filled 10. 0. 100. FVF (oil), v/v 1.30 1.40 1.50 FVF (Gas), v/v .0045 .0050 .0060 Rec. Factor (oil), . 10. 20. 40. Rec. Factor (gas), Z. 35. 40. 42. Nbr. Traps = 12. Discovery Probability = 100.X. Pct. Oil Factor = 35.X BOE Factor = 6000. scf/bbl I If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 160 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIDS BASIN XXIII BLOCK (MOBIL) PERMO-CARBON I FEROUS SS Pct OiL Resv. Gas Resv. Total > tlMM bbls S f MM BOE 5. 190. 580. 277. LO. 143. 522. 240. 20. 111. 362. 166. 30. 71. 245. 117. 40. 56. 208. 85. 50. 42. 159. 68. 60. 36. 121. 56. 70. 31. 107. 51. 80. 24. 72. 40. 90. 16. 60. 25. 95. 13. 50. 25. Minimum 9. 35. 15. Maximum 300. 945. 458. Range 29t. 910. 443. Median 42. 159. 68. Mean 65. 220. 101. Std. Dev. 55. 171. 83. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 200. Porosity, % 12. 22. 28. Water Sat. X 20. - 60. Pct. Trap Filled 10. 0. 100. FVF (oil), W/v 1.20 1.30 1.40 FVF (Gas), v/v .0050 .0055 .0060 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), 7. 26. 32. 37. Nbr. Traps = 12. Discovery Probability - 100.'. Pct. Oil Factor = 35.'. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 161 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MADRE DE DIOS BASIN XXIII BLOCK (MOBIL) TERTIARY/CRETACEOUS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 71. 79. 84. l0. 59. 70. 70. 20. 44. 49. 52. 30. 29. 33. 35. 40. 22. 27. 26. 50. 17. 23. 21. 60. 15. 18. 18. 70. 13. 15. 16. 80. 10. 11. 14. 90. 8. 9. 9. 95. 6. 8. 7. Minimum 4. 5. 5. Maximum 112. 125. 133. Range 100. 120. 127. Median 17. 23. 21. Mean 26. 30. 31. Std. Dev. 21. 21. 24. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 20. Thickness, ft 15. 0. 150. Porosity, Z 15. 20. 30. Water Sat. % 20. - 50. Pet. Trap Filled 10. 0. 100. FVF (oil), v/v 1.30 1.40 1.50 FVF (Gas), v/v .0045 .0050 .0055 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), X 35. 40. 42. Nbr. Traps = 4. Discovery Probability = 70.Z Pct. Oil Factor = 70.t. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function cl porosity. 162 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SJB-ANDINIO AREA TARIJA BLOCK (TESORO) DEVONIAN SS - IQUIRI TARGETS CARBONIFEROUS SS - TARIJA TARGETS TEATIARY SS - PETACA Pct OiL Resv. Gas Resv. Total > MM bbis Bcf MM BOE 5. 11.5 128.9 32.2 10. 9.5 110.7 27.8 20. 8.7 105.8 26.5 30. 8.5 97.1 24.6 40. 7.7 91.9 23.0 50. 7.1 B6.8 21.9 60. 6.8 82.2 20.5 70. 5.7 70.8 17.0 80. 5-0 60.5 15.1 90. 4.3 56.3 14.0 95. 3.9 50.6 12.5 Minimum 3.7 46.1 12.0 Maximum 13.4 144.1 35.5 Range 9.8 95.9 23.5 Median 7.1 86.8 21.9 Mean 7.2 85.9 21.5 Std. Dev. 2.1 21.9 5.6 Data Pts. 1000 1000 1000 163 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-ANDINO AREA TARIJA BLOCK (TESORO) DEVONIAN SS - IQUIRI Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5.- 3.70 62.9 13.39 10. 2.95 53.5 12.60 20._ 2.47 41.3 9.39 30. 1.79- 32.4 7.49 40. 1.53 2e.1 6.23 50. 1.26 24.8 5.32 60. 1.08 19.4 4.44 70. .90 17.0 3.7B 80. .70 12.4 2.97 90. .51 10.0 2.25 95. .45 9.5 2.14 Minimum .30 6.3 1.36 Maximum 5.61 93.1 18.34 Range 5.31 76.8 16.97 Median 1.26 24.8 5.32 Mean 1.58 28.3 6.29 Std. Dev. 1.06 16.9 3.81 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 10. 0. 100. Porosity, % 10. 12. 18. Water Sat. % 20. -- 40. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.80 1.90 2.10 FVF (Gas), v/v .0032 .0036 .0040 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), 7. 65. 75. 80. Nbr. Traps = 2. Discovery Probability 100.% Pct. Oil Factor = 35.% BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 164 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-AND INO AREA TARIJA BLOCK (TESORO) CARBONIFEROUS SS - TARIJA TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 10.13 99.8 25.73 10. 8.76 81.8 22.58 20. 6.99 68.8 18.69 30. 4.81 49.2 14.23 40. 4.20 44.8 11.80 50. 3.73 38.7 10.05 60. 3.10 32.5 8.72 70. 2.77 28.7 7.70 80. 2.10 22.3 6.31 90. 1.75 19.0 4.70 95. 1.53 15.2 4.48 Minimum .99 11.6 2.93 Maximum 14.90 116.9 31.53 Range 13.91 105.3 28.60 Median 3.73 38.7 10.05 Mean 4.49 45.1 12.00 Std. Dev. 2.78 24.6 6.70 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 10. 0. 60. Porosity, X 15. 20. 25. Water Sat. X 20. -- 50. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.65 1.70 1.85 FVF (Gas), v/v .0035 .0040 .0045 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), % 57. 64. 68. Nbr. Traps = 4. Discovery Probability = 100.X Pct. Oil Factor = 40.7. BOE Factor = 6000. scl/bbl * If. mode value = 0 a lognormal distribution is assumed If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 165 - ESTIMATED UNDISCOVERED RESERVE POTENTIAL. MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SUB-ANDINO AREA TARIJA BLOCK (TESORO) TERTIARY SS - PETACA Pct OiL Resv. Gas Resv. Total > MM bbls Bcf mm BOE 5. 4.39 45.7 11.22 10. 3.59 37.9 10.11 20. 2.85 29.6 7.67 30. 1.96 21.8 5.50 40. 1.67 19.2 4.91 50. 1.46 16.6 4.06 60. 1.17 12.9 3.43 70. .96 11.5 2.89 80. .80 8.6 2.11 90. .61 7.1 1.76 95. .54 -6.5 1.72 Minimum .31 4.0 .98 Maximum 6.68 59.0 15.11 Range 6.36 55.0 14.13 Median 1.46 16.6 4.06 Mean 1.81 19.5 . 5.05 Std. Dev. 1.25 12.1 3.20 Data Pts.. 1000 1000 1000 DATA INPUT M MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 10. 0. 100. Porosity, X 15. 22. 28. Water Sat. % 20. -- 60. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.30 1.40 1.50 FVF (Gas), v/v .0045 .0050 .0055 Rec. Factor (oil), '. 10. 20. 40. Rec. Factor (gas), Z 35. 40. 43. Nbr. Traps = 2. Discovery Probability = 100.. Pct. Oil Factor = 20.% BOE Factor = 6000. sef/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 166 Annex 2 - 18 BOLIVIA CONTRACTOR EXPLORATION BLOCKS SUMMARY RESERVE - DEVELOPMENT COST ESTIMATES (Development Scenarios) Scenario Reserves --------------- Est. Est. dev Est. dev. Oil/cond. Gas Prod. cost cost Block MM bbl BCF wells MM USD $/BCE Caipendi (Chevron) 19 500 1B 164 1.60 Carandigua (Santa Fe) 3 110 3 19 O.e9 Chapare (BHP) 50 248 25 136 1.49 Hitovillazon (Texaco) 22 100 5 42 1.09 Lagunillas (Petrolex) 3 120 5 36 1.57 Madidi (Texaco) 10 400 16 281 3.67 Madre de Dios (Mobil) 115 300 67 668 4.05 Poopo Norte (Esso) 30 120 16 169 3.38 Poopo Sur 100 500 45 526 2.87 Tarija (Tesoro) 2 100 3 19 0.96 167 BOLIVIAN DEVELOPMENT COST ESTIMATES. EXPLORATION BLOCKS - Block: Caipendi (Chevron) Scenario reserves Liquid: 19 MM bbls Gas : 500 Bcf Scenario maximum rates Liquid: 6700 B/d Gas : 165 MMcfd (sep. gas) Total producing wells: 18 Cost Estimates -------------- MM USD 1. Field facilities ............* ........... 4 (incl. infrastructure ) 2. Gas processing plant (1.60 MMcfd) ........ 13 3. Pipelines Liquid: 4-in. x .40 km (to exist. line) 2 Gas: 16-in. x 40 km ............... 8 4. Misc. and contingency .. ................. 4 5. Development drilling ........... ......... 106 6. Overhead (20% of above) .... ............. 27 7. Total development investment ............ 164 168 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Carandigua (Santa Fe) Scenario reserves Liquid: 3 MM bbls Gas : 110 Bcf Scenario maximum rates Liquid: 1400 B/d Gas : 29 MMcfd (sep. gas) Total producing wells: 3 Cost Estimates =------------- MM USD 1. Field facilities. 2 (incl. infrastructure ) 2. Gas processing plant-(30 MMcfd) 5 3. Pipelines Liquid: 2-1/2-in. x 25 km to exist. line) 2 Gas: 14-in. x 25 k m 5 4. Misc. and contingency.. 2 5. Development drilling * ..................... 0 6. Overhead (20% of above) .................3 7. Total development investment . . ... 19 t Wells beyond appraisal wells not required. 169 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Chapare (BHP) Scenario reserves Liquid: 50 MM bbls Gas : 248 Bcf Scenario maximum rates Liquid: 12500 B/d Gas : 45 MMcfd (sep. gas) Total producing wells: 25 Cost Estimates ______________ IMM USD 1. Field facilities.. 15 (incl. infrastructure and gas comp.) 2. Gas processing plant (100 MMcfd). 6 3. Pipelines Liquid: 6-5/8-in. x 220 km 14 Gas: 12-in. x 220 km.............. 28 4. Misc. and contingency ..9 5. Development drilling .41 6. Overhead (20% of above) ...... ...........; 23 7. Total development investment .136 170 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Hito Villazon (Texaco) Scenario reserves Liquid: 22 MM bbls Gas : 100 Bcf Scednario maximum rates Liquid: 1000 B/d Gas : 34 MMcfd (sep. gas) Total producing wells: 5 Cost Estimates ______________ MM USD 1. Field facilities ..... ................... 2 (incl. infrastructure) 2. Gas processing plant (35 MMcfd) .......... 5 3. Pipelines Liquid: 3-1/2-in. x 80 km (to exist. line) 2 Gas: 10-in. x 80 km .............. 8 4. Misc. and contingency ................... 3 5. Development drilling ................*.... 15 6. Overhead (20'. of above) ...... ............ 7 7. Total development investment ............ 42 171 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Lagunillas (Petrolex) Scenario reserves Liquid: 3.5 MM bbls Gas : 120 Bcf Scenario maximum rates Liquid: 2000 B/d Gas : 43 MMcfd (sep. gas) Total producing wells: 5 Cost Estimates ?WM USD 1. Field facilities ........................ 3 (incl. infrastructure ). 2. Gas processing plant, (40 MMcfd) ........ 6 3. Pipelines Liquid: 4-1/2-in. x 60 km (to exist. line) 3 Gas: 10-in. x 60 km...................... 6 4. Misc. and contingency ................. 3 5. Development drilling .................... 9 6. Overhead (20% of above) . ................ 6 7. Total development investment ............ 36 172 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Madidi (Texaco) Scenario reserves Liquid: 10 MM bbls Gas : 400 Bcf Scenario maximum rates LiQuid: 4000 B/d Gas : 106 MMcfd (sep. gas) Total producing wells: 16 Cost Estimates - MMUSD 1. Field facilities. 3 ,incl. infrastructure ) 2. Gas processing plant:(100 MMcfd) 8 3. Pipelines Liquid: 6-5/8-in. x 400 km .... ... 25 Gas: 16-in. x 400 km .............. 80 4. Misc. and contingency ...17 5. Development drilling. . 101 8. Overhead (20% of above) . 47 7. Total development investment. 281 173 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Madre de Dios Basin XXIII (Mobil) Scenario reserves Liquid: 115 MM bbls Gas : 300 Bcf Scenario maximum rates Liquid: 30000 B/d Gas : 55 MMcld (sep. gas) Total producing wells: 67 Cost Estimates ---_________-- MM USD 1. Field facilities .................. ....... 25 (incl. infrastructure and gas comp.) 2. Gas processing plant (100 MMcfd) ........ 7 3. Pipelines Liquid: 12-in. x 750 km 9e Gas: 18-in. x 750 km .............. 176 4. Misc. and contingency .......... ...... 46 5. Development drilling .................... 205 6. Overhead (20X of above) ................. 111 7. Total development investment ............ 668 174 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Poopo Norte (Esso) Scenario reserves Liquid: 30 MM bbls- Gas 120 Bcf Scenario maximum rates Liquid: 7500 B/d Gas 32 MMcfd (sep. gas) Total producing wells: 16 Cost Estimates ________ MM USD 1. Field facilities ..... ................... 10 (incl. infrastructure and gas comp.) 2. Gas processing plant :(55 MMcfd) ........ 5 3. Pipelines Liquid: 6-5/8-in.. x 190 km 12 Gas: 10-in. x1 .o. . 19 4. Misc. and contingency ............. ... 7 5. Development drilling ............... ..... 88 6. Overhead (207. of above) ................. 28 7. Total development investment .... ........ 169 175 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Poopo Sur (Esso) Scenario reserves Liquid: 100 MM bbls Gas : 500 Bcf Scenario maximum rates Liquid: 26000 B/d Gas 110 MMcfd (sep. gas) Total producing wells: 45 Cost Estimates MM USD 1. Field facilities ........................ 25 (incl. infrastructure and gas comp.) 2. Gas processing plant (110 MMcfd) ......... 9 3. Pipelines Liquid: 10-in. x 320 km .......... .. 33 Gas: 20-in. x 350 km ............... 95 4. Misc. and contingency ................... 24 5. Development drilling ..................... 252 6. Overhead (20% of above) ................. 88 7. Total development investment ............ 526 176 BOLIVIAN DEVELOPMENT COST ESTIMATES EXPLORATION BLOCKS Block: Tarija (Tesora) Scenario reserves Liquid: 2 MM bbls Gas : 100 Bcf Scenario maximum rates Liquid: 1000 B/d Gas : 34 MMcfd (sep. gas) Total producing wells: 3 Cost Estimates ______________ . MM USD 1. Field facilities ........................ 2 (incl. infrastructure ) 2. Gas processing plant (30 MMcfd) 5 3. Pipelines Liquid: 3-1/2-in. x-50 km (to exist line) 2 Gas: 8-in. x 50 km.. 4 4. Misc. and contingency. . . 2 5. Development drilling * .. 0 6. Overhead (207. of above). .. 3 7. Total development investment 18.... .. No dev. wells required beyond appraisal wells. 177 Annex 2 - 19 Sub Ancino Area Caipioendi Block Gas production Project-in %2Q04) Reserves= 500 Bcf Reservoir Gas Separator Gas End Year Cam Resv Cond End Year Cum Time Gas Rate Yr Prod Prod press Rate Gas Rate Yr Prod Prod Wel Yrs *MScfd Bcf 3cf psia B/d mmscfod Bcf Bcf Fr 0 4r.37 .0 .0 9000. 3465. Z3._1 .0 .0 1 16.48 17.Z 17. Z 660. 6364. 0V7.19 15.7 15.7 - 173.00 40.7 59.0 7902. 6705. i-' . - _7. 53.6 :'O.GG '5..0 66.0 9710. 5-o7. . 55.0 108.6 :173 .00 o_._ 17E.1 5954. 4507. 16Z.42 5'.4 168.0 i 5 i . o0 o b2._ :40._ 5087. 4044. i64.09 5?.3 --7.6 o _70.00 I2.1 02.2 42$3. 3727. '64.56 60.0 287.8 i 7 ._:Q. 3 57.! 359._' Zo13. 295Z. IZ6.79 55.4 -- .; - B _06.3- 45.9 405.2 3102. 2147. 105.-6 44.5 387.7 i B 2O.S0 34.5 59 .7 _730. 1556. 7..3 :- 5 421.2 .- 59.50 -25.4 -65.2 2464. 1106. 56.8S _4.7 445.9 1 '' ^0._4 S1.0 sa6 --7e. 75_. ;.55 46Z.5 1 :_ :5.69 12.'I 495 2 25 5. 475. 25. 00 1.7 475.2 I 1 14.6r ,07 7.4 502.6 . 060. 270. !4.27 7.2 422.4 1 - 7.0 506.6 2037. '3_. 7.04 3.7 466.3 : :5 3. G .? 508.5 _020. 56. 3.00 1.6 488. - 178 u - Ct o 1. 0 ;t q t-) O.I -1u t-Osr" W 1'* F C 13 Ii o mn Dy *-- rj ir) r) ^4 n t, -# m r4 1 ~ ~~C 0 0 f.> O O) CD O tE 0 * * t et t0D CD D. . . . . ~. . . .. ., ..ta .-s. 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Da M o 1 *4 t D, t0D (t1 -D F CD 1'1 -0 D. - 1 O VI8 CD -4 d I-, 0 C' 4t to lrs 1 - tB Et- O. o o o - (i 11 F -1 -4 -. I f 1 tXA t'l I' 11 I- I 1 (,I r Iq V, 11) V) w ~~o di U U' u III L~~~~~~C LU * 0 n s0 t CD k) j- I Is I' 01 (> Q- LI tl -J1+' (D P1 CT ,r) t -I 15 Vt tq t) C' l{l4 - -4 I.J CE - o E 41-tC r !~ I .p __ (r. J . t_ 4 In U iji L ii Ll( -4 '! .-I oi~~~~~~~L C U Ill~~~~~~~~~~~~~(L1 '1 0 'f- 4Y P D(J t 4t ir n Jc XC t rs n o ,m* * 8 ^ . rl r ief In ( I{J4* - 4t11.0.............. f * h0" 1- o1 ur m U)~~~~~~~~~~~~~~~~~~~~1 tI l U) (Ti Lb ~~ ~ ~~~~~~~In z -u L9U 'J.4 )> Q Beni Basin Chaoare- Block 8HBP) Oil P.oduction Projection (1) (Revised 6/15) Frooujction starts 007 Decline coeff. o._6 ,otal reserves= 50 MM bbis Initiai rate potentiai.b/d/w= 650 *** Reserves on decline= 25.7 MM bbis Sol. 30Z. cf/b= 1100 Maximum fieid rate= 1-500 -G d No/Nou at Pb = 0.22 JsJomjnali finai rate= 1i:0 b/d Total wel_== Rate eear =no yr. Est. feer :vqg ;as at end yr oroo. .-m. .:ii BOR aroc. aas rate Year bd MM bbls TM bbis scf'/bl TIMcI * MMscf WCells 2500 0.9i 0.9 1100 1004 3 5000 i.a2 -.7 1100 --008 6 7 9000 3.- 2 6.0 1100 361 ' 0 13 4 12500 4.56 10.6 1100 5019 14 19 5 12500 4.56 15.1 1332 5547 iS 21 6 12500 4.56 19.7 1851 72-r62 O 23 I 12500 4.56 24. 2-574 10095 28 25 6 10654 4.-- Z6.5 3490 12764 35 25 9061 3.59 27 .1 4524 14401 39 25 0 ' 40 Z.06 ,5.' 5644 15574 43 :25 6507 4.si -.e 6E1' 6'2-65 45 25 563--_ :. a40.0o00 16486 45 Z5 13 4793 l.S0 41.q 9178 16294 45 25 !4 4085 1.62 43.5 10314 15756 43 -5 15 4862 1.36 44.9 11393 14956 41 25 16 2966 1.17 46.0 12402 13974 38 25 17 2529 1.00 47.0 13331 12860 35 25 is 2156 0.85 47.9 14179 11736 32 25 1S 1838 0.73 48.6 14943 10589 29 25 20 1566 0.62 49.3 15627 9475 26 25 21 1335 0.53 49.6 16235 8417 23 25 22 1138 0.45 50.2- 16771 7431 20 25 23 970 0-38 50.6 17243 652B 18 25 24 827 0.33 50. 9 17655 5708 16 25 25 705 0.28 51.2 18014 4973 14 25 *S Gas produced is low oressure (< 200 Psi) sea. gas. 157067 Gas @15 yr. 57.1 Pct. of total GIIP 248777 Gas @ 25 yr 90.5 Pct. of total GIIP 182 in ~ Ii o oln~ LUf alUi o o -4I L to f *) o) o '-4 I ui -I . 1 1.) i n In ri u1 Br) in in In In in in B) Br Br) B) rr) u) In in 0 If LO 1,l n > a ~~ -El 'U *~~ut'El LU >, 4, ,~~~~~~~~~~ :, lb I.In -I 9)l -l 1O (1 ED O- c) () OCsDD Nf sU`) t) m, N 4 b }O N t- C4 f}K f t 'B 'F .t~ -' ':i'Wi I n. i.,,in .4 1 s . . ., II 1 O. I .-4 -¢ 0 CD ro rs if eI p *_ ~~ *4~~ B.,L ULI'T.I tlI *4A .4BB-4- -e .4 B * .' 1 ';' $ r4 * * I: **-' r0 (fj '. n -' ,n , C (f IL WLU < r,4 C C \ 1 11¢ 1 ll) 1'. fl-{O( 1?' CD V --N9 --I 44 ('I FX) Or' wt N U f`O rs v u s fq D, CDi G. 1, % t (A 4 III ", L.I. I - ) rt 4l ( tt 1 0o C ( .0 N - mi W r 1) wU 4+ C O 'to. IJ I C Itwl d D uoi U rt) rB f Nct Ili (t >04i etN.-i -I in u) oI t -, ri 2 o II r1 El .4I . 1 0 o ,11 u) fc) w inr o r",! r, N 4t (r' 9,IrD in (14 r°^ 4°3 12 r4 N r4i *0 N a- Ft I * tNIt -( I n 4C> C- ou,3 _ .o t 4 4 4 tp in 3o . u7 *lr( 1 :44stlvs n o Wn¢sn (iIB''B I -.4 4*4.'4'IIICD -04- O O N(11M - Df in -in 0itt CD (11l Iq 4iI-1 -A 4 . -.4 11 11 tA ) tt 411' O-) ID, 0 4 N tj d U?l tn 41 N1; b 19 m uI - 4 -4 4-4 -4 -4 H - * - . H U' I ~~~~~~~~~~~~~. . . .l .l . . . . .I * r tI r rt' t' r ^ t r u | O m o ° ° ° ° f 8 r < { 0 o r X N " N > O g ¢ N- F) )0D.> v I, n Us0.0etCD - F)ul l~ c~ C lzii i..- J J X- o i oL D o F) fl E I * t'l 1' a U) 4 ' t to t .: -I ) OD itD -t 4H4.) t. - . ni I 41 0'A~q --I , 11 >. E "-I N 0 41 Q C) L U.-, g inI.o m w w m~~~~~~~t,inwuC; C 3q CL 00 V - ''j)l 0- 4J to O *. i1 11 1t 0 o n ii Ii Di di ia fn )3 L LU C 4" 4, C'C 000oin f, 1\o4D 0 IDU0-OW1 t \ NpN) p di > C. C. I v~~~~. { in 'T~ > .4 II 'ULU I ~ CC.OC.0orIo'~Or M0 ,1 140 N U' ~~ L ~~ ~ ~ ~, , ip~~~~-.., ~t L S 'U LI 411 III BJ --' It Ill Cl I '-'--4('II)1-')I)rssrJ....e..e...~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~II 4 1 A 1) ) .1 ) \.4 'A C (it CO .4 'i C 'U '-~~~~~~~~~ I)~E 41 C li. ~~ *.~~ *.. B: .4~~ -4 'rW m Bi 0 4.' ~~~~~~~~~~ WGJ I O 0 LU ~~~~~~~~~~~~~~~~~~~ '0 'tinlII D ,0 4N , qi co I-- > E C li 1. III *.- E £14 or E -, - O q r tr in ul u,) if)u to u)0 u7 u) in ul n in a _ EL 3 O I) I- -4 U) 0k U t '0 -0 D. v0 -4 r' ^0 'A Ct I EU + O i rif; I,, D; C; O~ C 0& I I o u Pl U 11 11 fzb rm oa - O. n1F oooO I D*. . . I . . I .m . . . Is L.IC I[A( . U .1.U I-) -4,1-4.-- I ni ... 4 L I 1.9~ 1 U O 1'1 ,s1 1'I *.* t l tD011 '.U) '0DvU1 ') I 0+*4-*- . . .. .... , 4J 1 t 1 L I I U D I LW I iUl 0 n O. 1.o .) tt t LIoi r r.i (D Ul) I B (El.. E 1 81 I ' D ) U (I I U I I " (I I I "-4 I *-4 IC U.~~~~~~~~~~ ~~~~ > u In 1.o O ID- u 1 ., 6 C) g 1 0H0)0t e~~~~~~~~~~~~~~~ cJ 13 un I to It I ) - C- ( U UB o0 CO L s w (D In N - X~~~~~~~~~~~~~~~ to 1-1 0 (El o. n -tt n ) r1 - u A^° _ J_t (1. u > |i O (I Wt lf (I I -0 LO -- Pi I" 1 0 -4 if) 0 u O IEO i di in 0 0 --f 1- 1. 1) --I 0 un o X tl - !) f, u)% 0 4J (L v| Jr d* u 0 1 C I I O do 4 L iI'sI1 O 1` ***21,D-0* *0*0 0 0 al -4 ( 1 l9 1 tiL * S 4 *S *- -S --I -9 c ~ ~ ~ ~ ~~c *0 u I u . -,C -t| -Wf1 Ifr' L, EU 11a a o 0 d1 0 .. . .>I"I . J:> *> > I fL [L* L I L Wlf o hJn |e ) AU i lU n of nt 4r- O 1- *}- 1*s -- !{_ 'I' (D { -4 -0 W 4Q -4 ' e{-A '-I sdi( fa II f. ., 1 I- >i 0,r IL)ul 1............ Lt-. .0 :,@|OeuXrluw (11. C t 9 Itt I (a *-.. . . . . . . . D P f 1n.K U? u's 01) U U'j 0. 1' l i1'9 * @ ~~~~~~~C. Id E: I's ti t I I 's f, I I I - I ILI 19 a_ L) I * l1 1 1.l1 1E. cs I) 4 inu , r. Pie de Monte _rea Hito Viliazon ''OCK (Texaao) SeD. _ont. Cond. Cu ime at:c yr. Prod. Cor. Yrs Ebl/MM; f 11 bbls btic 4 5 .C 0 ' _I - 1O O *n200. 0. 2 2 5 . _ 47. , 7 7 . _ .';_1 . 1038. 4 59.a 258. 6 5 i8._ _,. ,_ 6 70_. 7-5. 7 1: . 4 155. i6isE; . i .,L5.- 17. 2142 - . ;2 15.1i 24S. 2205 . '; _ I5 . I 14. ' lc ' . 14 15. 8. t222_i°. .4 I S, C, S.__ .5 1 5. 4. 22731. PVGAS= 65;77,. MMscf PVCDND= 1511. M bbls :jisscunt r- te= 12.0 G ercent' 185 Pie de Monte Area .-aaunillas Elock (Petrolex) Gas Production Projection ('2001) Reserves= 170 Bcf Reservoir Gas SeDarator Gas End Vear Cium Resv Bond End Year Cum Time Gas Rate Yr Prod Prod Press Rate Gas Rate Yr Frod7- Prod Well1 YrS MMsrcd Bcf Bcf psia Bid Mmscfd Bcf Bcf Proc ! 8.6.4 .0 .0 6OOO. 2454. 35.06 .0 .0 2 45.QO 13.4 1'.4 5472. 1810. 4-.36 .2.4 12.4 4 ~- 45.00 16.4 29.6 4862. i400. -2.96 15.6 27.9 5 - a5.0I io.4 46.^ ;282. '95. 43.' o 7`1 43.7 5 - -'-.9;i.4 6o.7 _744. 067. 4'-~ . ; :'.S 59.5 5 -5.8 78.5 ,-51. C06. 40..: i5.3 4.8 5 o ,-.i- ±3. 91.9 ZS4'. 661. _1.20 13.0 87.2 5 . -. a .'.59 iO.4 1 02.Z 2543. 485. 2Z.88 l0.1 97.8 5 3 i2.38 7.6 110.1 -318. 353. 17.86 7.6 105.5 5 9 13.28 5.8 115.9 2154. 250. 12.91 5.6 111.1 5 0 -.15 4.1 120.0 2039. 170. 8.90 4.0 115.1 5 11 5.93 2.8 122.7 1962. 109. 5.77 2.7 117.7 5 _?2 _Z.56 1.7 124. 1914. 65. 3.47 .7 119.4 5 i3 1.98 1.0 125.5 1886. 36. 1.92 1.0 120.4 5 _4 1.02 .5 126.0 .1870. 19. 1.00 .5 120.9 5 15 .50 .3 126.3 1B63. 9. .49 .3 121.2 5 186 Pie de rMonte Area Lagunillas Block (Petrolex) SeD. Ccna. Cond. Cum Time pati0 Yr. Prod. _ond. yr-S Sbl/MMTcf M bbis M bbls 0 70.0 0. 0. 1 42.7 694. 694. 2 32.6 586. 1280. 3 27._6 473. 1754. 4 - 4 4.6 413. 2167. 5 7-.S 359; -526. 6 "21.2 :85. 2-11. 7 W0.: .2_709. 3019. a 19.6 153. i?7. 9 19. ~ i* __8_. 10 1!.l 77. :35?. 11 16S. 51. 3'409. 12- 18.6 32. 3441. 13 i8.6 16. 3460. 14 18.7 10. 5470. 15 18.7 - 5. - 3475. PVGAS= 76715. MMscf PVCOND= 2-418. M bbis (Discount rate= 12.0 oercent) .. 187 Sub Andino Norte Block Madidi Block (1) Texaco Gas Production F-ojection fd2002) Reserves= 400 Bcf Reservoir Gas Seoarator Gas End Year Cum Resv C8nd End Year Cum Time Gas Rate Yr Prod Prod P-ess Rate Gas Rate Yr Prod Prod Well1 Yrs MMsctd Bcf scf psia B/d MMscfd Bcf Bcf Pro( G 58.6; .G .0 5000. 747. 54.94 .0 .0 4 - 10.C0 :0.9 _Q.9 z804. 415?. 104._9 . 19.7 a _ i6.0 -8.5 C59.4 s454. ,291. 105.56 36.7 56.4 12 - 10.0 o 40., 9.5 101. 81 9. ' 6.20 6. ?5.0 16 - iI0.00 40.: _39.7 5757. -519. 1_06.60 68 i3.9 . 16 1 10.o0 z0.: .7.a -429. --iO. 706.6 ,7. 7.8 1o _iv.00 40.2 :-0.0 7109. 2152. 107.10 ,c, 11.9 16 -o6.6a 37.7 =57.7 2816. 178B. 94.27 36.8 246.6 16 o 79. :J .1 289.8 2572. 1406. 77.44 _1._ 280.0 16 ? 64.57 26.3 _16.1 2375. 1109. O3.07 25.- 305.6 16 ;0 51.95 2i.: 537._ 2217. 871. 50.78 20.6 326.4 16 11 41.22 17.0 554._ 2092. 679. 40.Z0 16.6 o 343.0 16 __ 52.10_ 13.4 67.7 1995. 5'2. :1.39 13.1 356.1 16 '5 2 4.47 10.3 `378J.0 1920. 394. 23.93 10.1 566.2 16 L4 L86.*6 7.8 585.8 1863. 2,90. 17.79 7.6 373.8 16 15 i3.19 5.7 Z91.5 1822. 210. 12.91 5.6 379.4 16 16 9.30 4.1 395.6 1793. 147. 9.11 4.0 383.4 16 17 6.43 2.9 398.5 1772. 101. 6.29 2.6 _86.2 16 1 4.5 2.0 '00.5 1758. 68. 4.2 1. 366. 16 ? 2.S8 1.B 401.9 i748. 45. 2.82 i389.5 16 _;, 1 .69 .9 Z02.7 1742. _0. 1.65 .9 _90._ 16 188 UD bAntino NorTS BIoCY. rMadidi Block i Texaco SeD. 'ond. -and. CuAM Time Ratic vr. Prod. Conc . Vrs Sbl/Mfcf M bbl- !1 Dols tE 50.0 0. 0 ;. S9 .8 :863. 683. -' 'o31. - 103. 21S6. o ,6.5 iL15. ~~3302. U's. 5 1. 6 974. 4257. 5 88.~ 61. 5157. 0 ^Q.i eI4. 5972. 7 9.0 i18. 6@°* X is._ 5a2. '727 17.6 456. 77 -. 16.9 463. 8373. 12 16.6 519.- 6592. '-3 16.4 167. 8759. 14 s6.165. 6 . 15 i6.2 91. 8975, 16 ;.6.7 65. 9040. --- 7 16.i 45. 90S5. 16 16.1 31. -9116. 19 16.1 21. 9137. 20 16.1 14. 9151. -VEAS= ':1424. r?Mscf PVCCND= 5543. M bbls (Discount rate= 12.0 oercent) 189 Sub- ndino Norte Madidi Block , Texaco) Gas -roductior Proojection (2-006j Reserves= 600 Bcf Reservoir Gas Secarator Gas End Year um Resv Cond End Year Cum ime Gas Rate v- rP-ot Prod Press Rate Gas Rate Yr Prcd Prod Well F1S TsScfd Bctf cf osia S/d Mscft Bcf ecf Pro 4 J * X .6 ;.0 O000. _ _6. .0 2 I _ i __ 1.4 . _4.9 590C1. 6006. 610.42 i3. _.s 6 _:10. _5 4;.J. 57 . 5620_. 1i0636. _195.91 _9. 5 _ I 11 - -20.00 7 .i 1l1.0 5163. 3665. --06.3- 62.6 121.8 i6 2 :70.00 60.3 1i. 4660. 72:6. -10.24 76.4 198.2 21 5 =20.00 aG0.3 -291.6 o 234. 6402. 2 - 11. 7 76.9 275.1 23 6 --G0.00 80.3 371.9 3600. 5624. -17.i5 77._ 352.4 23 220.00 B0. 452.2 3369. 5400. 212. 72 77.5 429.9 23 B _81.99 73.4 525.6 3026. 4214. 176.31 71. C 500.9 23 9 48.59 60. 3 5e5 69 2736. 3299. 144.14 58. ' 559.4 23 10 i20.33 49.1 635.0 2505. 2590. 116.83 47.6 607.0 2' 11 96.17 39.5 674.5 *2321. 2-022. .93.45 S36.4 645.4 2' 12 75.45 31.3 705.8 2178. 1559. 73.35 30.4 675.9 22 13 57.79 24.3 730.2 2067. 1178. 56.20 23.6 699.5 -23 14 42.87 18.4 748.5 1i84. 866. 41.71 17.9 717.4 2' ' 5 _0.62 13.4 761.9 i923. 614. .9.60 13.0 730.4 7_ io 20.93 ..4 771.4 :66e. 418.. 20.37 s. 739.6 2 -7 13.61 o 6. 777.7 Ia53. 271. 1.4 6.1 745.7 i8 S.4cw 4.0 791.7 1634. 169. 8.26 '3.9 749.6 c 19 5.05 2.5 784.2 1823. 100. 4.92 2.4 752.0 2: 2.95 1.5 785.6 1817. 5B. 2.87 1.4 753.5 2: 190 Sob-Andino Norte Madidi Block (texaco) Sec. Cond. Cond. Cum Time Ratio Yr. Prod. Cond. Vrs Bb2/1Mcf M bbls m bbis O 85.0 0. 0. 1 72.5 1059. 1059. 2 54.Z 2511. :3570. 3 41.3 0ao. 6850. 4 4. 4 2893. 9743;. _ *. _ _-489-. i e .Z_ . 6 7 7.5 7'ZI _; . i14464 . -5.4 -048. 16517. 8 273.9 i.750. - 6262. 22.9 1366. 19631. 10 22.2 1073. 20704. i1 21.6 841. 21544. 12 21.3 653. 22197. 13 21.0 499. 22696. 14 20.8 373. 23069. 15 20.6 Z70. 233:3F9. 16 20.5 188. 23527. 17. 20.4 126. 2365 3. 16 20.4 80. 37 Z . 19 20.4 49. _2,J7S. 9 2.4 a nVGABS= -77516. -IMscf PVCCND= i360. '1 bbls -Discount rate= 12.0 percent) 191 Sub-Andino Area Tarija Block (Tesoro) Gas - oductjon P'ojection (c199) Reserves= 100 Bcf Reservoir Gas Separator Gas End Year Cum Resv Cond End Year Cum rime Gas Rate Yr Prod Prod Press Rate Gas Rate Yr P-od Prod Wells Y S mMscfd 3cf Bcl osia B/d Mmscfd Bcf Bcf Pr-oc ° 19.75 ,0 .0 6500. 1011. 18.39 .0 .0 1 1 -k; 7. ,.- c..-. .0 3. _4 5 6.5 _ - 3S.D0 1_._ 19._ 543C. q86. 33.67 i.- i8.- 3 - _5.00 !-.3 32.0 477°. 833. _3.88 i2._ -0.6 Z 4.1 12.6 44.6 4179. 724. 33.16 12.2 42.8 3 @ 7-8.1a 11.4 55.9 5664. 552. 27.44 11.1 53.8 3 6 23.34 9.4 65.4 3260. 453. 22.75 9.2 63.0 3 7 19.32 .8 73.1 2936. 344. 18.85 7.6 70.6 3 8 15.93 6.4 79.6 2674. 276. 15.56 6. 76.9 3 9 13.04 5.3 84.9 2463. 221. 12.75 5.2 82.0 3 10 10.58 4.3 89.2 2292. 176. 10.34 4.2 86.3 3 11 8.46 3.5 92.6 2156. 139. 8.27 3.4 89.7 3 12 6.65 2.8 95.4 2049. 108. 6.51 2.7 92.3 3 13 5.13 2.1 97.5 1966. 83. 5.01 2- .1 94.5 3 14 3.86 1.6 99.2 1903. 62. t.77 1.6 96.1 3 15 2.83 1.2 100.4 1857. 45. 2.77 1.2 97.2 3 16 2.01 .9 101.3 1823. _2. 1.97 .9 99.1 3 17 1.40 .6 101.9 1799. 22. 1.37 .6 98.7 3 'a .95 .4 i02.- 1783. 15. .93 .4 99.1 3 19 .63 .3 102.6 1772. 10. .62 .3 99.4 3 20 .41 .2 102.8 1764. 7. .40 .2 99.6 3 192 Sub-Andino Area Tari ja Block (Tesoro) Sep. C8nd. Cond. Cum Time Ratio Yr. Prod. Cond. Yrs Bbl/MMcf M bbls M bbis 0 55.0 0. 0. I 39.2 308. 308. Z ?20.3 400. 708. 3 24.6 31. ±040. 4 21.6 284. 1324. 5 20.1 232. 1556. 6 t9.0 179. 1,75. 7 e18._ 142. 877,. 8 17.7 il3. 1990. 9 ;7 1". :~ C 91. 2080. 10 17.G . 72. 2152. 11 16.6 57. 2210. 12 16.6 45. 2255. 13 16.5 35. n290. 14 16.4 26. 2316. 15 16. - *9. -2336. 16 16. 14. 2350. 17 16.2 10. 2359. 1B 16.-2 7. 2366. 19 16.2 5. 2371. -0 16.2 3. 2374. PVGAS= 58039. MMscf PVCDND= 1533. m bbls (Discount rate= 12.0 percent) 193 Annex 2-20 OILCOLOR.BOL BOLIVIAN OILS AND THEIR CHARACTERISTICS (BY ASCENDING GEOLOGICAL AGE) FUELD FORMATION API GRAVITY COLOR LOS CUS T114y 33 BAOX LC6CUSI PEACA .333i DLBRNBKK SURUBM TACA 56 DARKBROWN VIBORA. PETArA 6335 STAW ICHOA X10A 533 YELLOW PUTO PALOS YAWATA 60a STRAW VIBORA YAWTATA 41. LT. YELBR VUELTA GRANMD CNGAPI 51.7 YELBROWN SAN ROOM OACA 52 BROWN SAN ROQUE CANGAPI . R5 LAPD4 ESCARP34 43.6 DRKBROWN DOaMO TARUA 41U BLAC1 SANTA CRUZ C0OR1O 62 LT. YEllOW BERUME CARONVEDRO 333 DIR BROWN ABEA -TUPAMDI 412 LT. ROWN PORVENR VILCARBONiF 42.4 BLACK LAF6A LAPEIA 434 DARK RE TUNDY SANTEM 44 LTB ROWN TUNDY LAPEKA 43 LT.BROWN CARANDA CARBONUEOU 5J7, V. LT. BRN bll?RAGUDO CARBONIERUS 592 YLLOWBROWN RIO0GRANDE TGTY 62.6 LT. YELlOW PANDO DEVIONIAN 222 BLACK GUAIRUY RA 3&L DARKRN DIAD WUMA)OANPA 40.7 t ED.RED KATARI ROI.E3 45 BLAC SAN ALDETO HUAMAWANPA 54.1 Dl; YELLOW SAN 1fNACO RZXlRE 54.1 YELOW CARASO DEVONIAN 542 RD KATARI RDBORE1 551 LT. YEU.0W BULO BULO ROK1RE 1 59 LT. YELLOW SICARI SARA 37 DK RD BRN PUERIARAMOS SARA 32-3BLACK CASCABEL SARA 39.7 BLACK ItOA CALCSLURIAN 43 . LACK VDOIA SARA 575 RED BROWN 194 OILCOLOR.BOL BOLIVIAN OILS AND THEIR CHARACTERISTICS (BY ASCENDING DEG. API) FIELD FORMATION API GRAVrTY COLOR PANDO DEVONAN 22 BUA LOS amS TEITIARY 33 BLAD nBwE3 CARBONU v 333 DKBROWN LO CL IS PACA 33.5 U.BRBK SIC_RI SMA 37 DCREDBRN GUAY IQUI 3X1 DAI PUERT RAMOS - SAM 33.6 BLAD CASCANL SAR 39.7 BDLAC DMO HUAMAWAMPA 40.7 NED.RE ADJA IAM.I 412 LT. BROWN D DO TARDA 41- d BLAC PFRVE VI L CARON 4.4 LACX INKA CALC SU.RIAI4 43 LUC LAPEA LAE4A 43.4 DARKRW LAEKA -ESCARPMVENT GA 1 ROWN T AUNDY_ 5 U.4SANTM 4A LT. BROWN KATARP RWORE3 45 7IJNDYLAFENA 4. LT.RDWN VUELrAG.ANXE CANiGAI 51.7 YILBROWN SAN ROQUE CALPACA 52 BROWN SAKNROQ CANGAPI 53 K3 A 53.5 'EIOW SANALBEPTO HUAMAMPA 54.1 DL YELW SAN KA~O RBoltE 54.1 YELOW CARASO DEVOMAN 542 RE RITM ROBORE 1 55.3 Lt. YELLOW SUR3 PEZACA 56 DARUROVRN VPORA SARA s7S RDROWN CARANDA CARDWNIOSt 57. V. LT. 8RN BULODUL RBSORE 1 59 LI.YolmW lONTFAGUDo CAROFROL 59.2 YEULOWBROWN PUEO PALOS YANTATA 60. STRAW SANTA C1J OIBRO 623 LT. YEILOW RIODGRANDE 62TY 2.6 LT. Ya.Ww VRA PETAC& 335 SIRW VMORA YANTATA 643 LT. YELL BRN 195 X, _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ia ANNEX m PRODUCTION - RELATED MATERIAL LIST OF CONTENTS Encl. No. Description 1. YPFB Producing Blocks - Monte Carlo Volumetric Analysis Results 2. Contractor Producing Blocks - Monte Carlo VoL Analysis Results 3. Bolivian Gas Prospects - Estimation of Condensate Reserves 4. Producing vs Non-Producing Fields 5. Gas Production and Flaring During April 1994 plus Graphs 6. Summary of Production for the Month of March 1994 by Area 7. Water Injection in March 1994 - Area Sur 8. Pressure Maintenance Fields - Gas Injection in March 1994 9. YPFB Liquid Production with Graph 1980-1994 10. YPFB Natural Gas Production with Graph 1980-1994 11. Contractor Liquid Production 1980-1994 12. Contractor Natural Gas Production 1980-1994 13. Metered (Fiscalized) Liquid and Gas Production 14. Gas Production Forecasts for Undeveloped Fields 15. Liquid Production Forecasts for Undeveloped Fields 16. YPFB Gas Production Forecasts Chapare Area 17. YPFB Gas Production Forecasts Boomerang Area 18. YPFB Gas Production Forecasts Centro Area 19. YPFB Gas Production Forecasts Sur Area 20. YPFB Liquid Production Forecasts Chapare Area 21. YPFB Liquid Production Forecasts Boomerang Area 22. YPFB Liquid Production Forecasts Centro Area 23. YPFB Liquid Production Forecasts Sur Area 24. Summary of Forecasts for Potential Discoveries in YPFB & Contractor Blocks 25. Initial Condensate Yield 26. Contractors Liquid and Gas Production Forecast 196 Annex 3 -1 BOLIVIA YPFB PRODUCING BLOCKS MONTE CARLO VOLU1RIC ANALYSIS RESULTS 197 Annex 3-1 Volumetric Analysis of Potential Reserves The probability distribution for reserves for the Bolivian exploration areas was estimated using an adaptation of standard Monte Carlo simu.lation methods.* These numerical simulations were based on volumetric reserves analyses, and included both non-producing exploration blocks and the exploration areas of currently producing blocks. The computations were made using computer programs developed specifically for the Bolivian project. For each calculation pass for a given geological target or prospect the hydrocarbon pore volume (HCPV) was first computed. The potential oil reserve for this value of the HCPV was then calculated, including certain risk factors. For the same HCPV the potential free gas reserves and equivalent barrels of oil (BOE) were then calculated. The computed oil reserve and gas BOE values were then combined to give a separate probability distribution for BOE. Thus computed data for thre prodbability distributions, oil, free gas and BOE reserves, were obtained for each calculation pass. A total of 1000 calculations passes were made for each target, and the results were combined to give the estimated probability distribution for each of the three reserve definitions. *McCary, Arthur W.: Petroleum Evaluations and Ecnomic Decisions Prentice-Hall, Ine., Englewood Cliffs, LI.J. C1975).. Newendorp, Paul D.: Decision Analysis for Petroleum Exploration, PPC Books, TlUsa, Okla. (1975). 198 For the volumetric reserve analysis the- following variables were considered as stochastic variables for each target, and the numerical values for these were determined randomly for each volume calculation pass: - producing area - producing thickness - porosity t water saturation - fraction of trap filled with hydrocarbons - formation volume factor -oil - formation volume factor - gas - recovery factor - oil - recovery factor - gas The area, thickness, and fraction of trap filled were assumed to follow a lognormal distribution defined by estimated minimum and maxmum values. A number of studies have shown that the distribution of field areas and thickness tend to approximate a lognormal distribution. This was also assumed to be the case for fractional fill volume. The other variables treated stocastically were defined by triangular distributions based on minimum, most likely, and maximum estimates for each variable, escept for water saturation which was considered to be a function of porosity. The reserves estimates for free-gas reservoirs consider production at a miinmum wellhead pressure of 1250 psig, and therefore do not necessarily represent ultimate gas reserves. Ihe following estimated parameter data were considered to be determuinistic values for each exploration target: - nxcber of traps - discovery probability - probability of oil reserve (as opposed to free-gas reserves). The computed free gas reserves values were converted to BOE using a constant conversion factor of 6000 scf/bbl. 199 The data estimates used for the-voltmetric reserves estimates and the resulting Monte Carlo simulation computed probability distributions for reserves are given in the annex for each exploration target. Where an exploration block had more than one target the individual target results were summed stocastically using a second Mlonte Carlo simulation program. The individual target probability distributions for computed reserves closely approximates a lognormal distribution, as expected, since the reserves calculations are the result of a series of multiplications and divisions. For sumaing multiple targets, the separate computed reserves distributions for each target were approximated by an idealized lognormal distribution defined by the mean and standard deviation of the computed reserves for each target. These smoothed target data were then combined for multiple-target blocks to give a computed total reserves probability distribution for the block. Since the totals for mltiple-target blocks are based on addition of randomly selected target values, the resulting block total tends to approximate a normal, rather than lognozmal, distribution, with approximately equal mean and median values. This result is in accord with the "central limit theorem' of statistics which states that sampling distributions tend to become normal, even for a small numuber of samples. ahat is, when samples are taken from any type of distribution (in this case lognormal target reserves distributions) the mean values of the samples will tend to form a normal distribution. This applies also to random sample values which are suimmed to obtain a new or total distribution, surh as the total reserves probability distribution for the multiple-target exploration areas. 200 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SARA BOOMERANG PRDD. BLOCK (YPFB) NORTH FLANK BOOMERANG TREND CRETACEOUS/TERT I ARY TARSET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 40. 46. 49. 10. 32. 35. 37. 20. 24. 29. 29. 30. 19. 23. 23. 40. 16. 19. 19. 50. 14. 17. 17. 60. 12. 14. 14. 70. 9. 11. 11. 80. 8. 9. 9. 90. 6. 8. S. 95. 6. 7. 7. Minimum 3. 4. 3. Maximum 58. 55. 66. Range 56. 51. 63. Median 14. 17. 17. Mean 17. 19. 20. Std. Dev. 11. 12. 13. Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX _____ _____ - ___-__ Area, M acres 2. 0. 5. Thickness, ft 15. 0. 90. Porosity, Z 12. 20. 28. Water Sat. *. 15. -- 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.30 1.40 1.50 FVF (Gas), v/v .0045 .0050 .0055 Rec. Factor (oil), % 10. .20. 40. Rec. Factor (gas), % 35. 40. 43. Nbr. Traps = 5. Discovery Probability 100.-. Pct. Oil Factor = 70.Z DOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function ot porosity. 201 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CAMIRI PROD. BLOCK (YPFB) NORTH EXTENSION CAMIRI FIELD DEVONIAN IOUIRI SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 4.86 1.6 5.12 10. 3.68 1.5 3.98 20. 2.83 1.2 3.02 30. 2.13 .9 2.27 40. 1.74 .7 1.89 50. 1.45 .6 1.54 60. 1.27 .5 1.34 70. 1.06 -.4 1.12 80. .82 .3 .88 90. .59 .3 .64 95. .55 .3 .60 Minimum .32 .2 .35 Maximum 7.63 2.3 7.95 Range 7.30 2.1 7.60 Median 1.45 .6 1.54 Mean 1.90 .8 2.02 Std. Dev. 1.36 .5 1.43 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX --------- -~---- Area, M acres 1. 0. 4. Thickness, ft 15. 0. 150. Porosity, % 8. 14. 20. Water Sat. % 10. - 50. Pct. Trap Filled 10. 0. 60. FVF (oil), v/v 1.10 1.20 1.30 FVF (Gas), v/v .0052 .0059 .0064 Rec. Factor (oil), % 10. 15. 40. Rec. Factor (gas), * 19. 22. 25. Nbr. Traps = 1. Discovery Probability = 100.% Pct. Oil Factor = 75.X DOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 202 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHIMORE PROD. BLOCK (YPFB) EXTENSION OF CHAPARE TREND WEST M. DEVDNIAN (ROBORE SS) TARGETS CRETACEOUS/TERTIARY (PETACA/CAJONES SS) TARGETS Pet OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 23. 234. 59. 10. 19. 201. 53. 20. 17. 189. 49. 30. 15. 176. 44. 40. 14. i62. 41. 50. 13. 148. 38. 60. 11. 133. 33. 70. 10. 119. 31. 80. 49. 103. 26. 90. 7. 80. 21. 95. 6. 77. 20. Minimum 6. 44. 19. Maximum 36. 319. 112. Range 30. 275. 93. Median 13. 148. 38. Mean 13. 148. 38. Std. Dev. 5. 48. 13. Data Pts. 1000 1000 1000 203 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHIMORE PROD. BLOCK (YPFB) EXTENSION OF CHAPARE TREND WEST M. DEVONIAN (ROBORE SS) Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BDOE 5. 15.33 223.2 49.81 10. 11.10 176.0 42.43 20. 9.33 135.1 32.73 30. 6.76 102.4 23.62 40. 5.71 88.3 20.BO 50. 5.16 80.8 18.38 60. 4.05 63.6 14.64 70. 2.88 48.2 10.96 90. 2.51 37.9 8.50 90. 1.96 29.8 6.81 95. 1.60 26.2 5.98 Minimum .79 13.5 3.04 Maximum 23.00 317.6 73.62 Range 22.21 304.1 70.58 Median 5.16 80.8 19.39 Mean 6.01- 90.3 21.06 Std. Dev. 4.45 60.6 14.29 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 200. Porosity, % 8. 14. 20. Water Sat. X 20. -- 50. Pct. Trap Filled 10. 0. 100. FvF (oil), v/v 1.70 1.80 2.00 FVF (Gas), v/v .0035 .0038 .0042 Rec. Factor (oil), Z. 10. 20. 40. Rec. Factor (gas), Z. 65. 70. 72. Nbr. Traps = 4. Discovery Probability = 100.X. Pct. Oil Factor = 35.X. BDOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. water saturation is assumed as a function of porosity. 204 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHIMORE PROD. BLOCK (YPFB) EXTENSION OF CHAPARE TREND WEST CRETACEOUS/TERTIARY (PETACA/CAJONES SS) Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 20.33 181.3 48.54 10. 15.72 136.4 40.61 20. 13.59 114.8 31.75 30. 9.56 81.4 22.37 40. 8.29 71.0 20.05 50. 7.27 63.4 17.51 60. 6.02 49.1 14.21 70. 4.21 40.5 11.39 80. 3.71 31.7 8.55 90. 2.98 25.8 6.90 95. 2.53 20.3 6.37 Minimum 1.32 12.8 3.45 Maximum 31.47 233.0 65.75 Range 30.15 220.2 62.29 Median 7.27 63.4 17.51 Mean 6.61 72.3 20.66 Std. Dev. 6.01 46.3 13.41 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 150. Porosity, X 12. 20. 28. Water Sat. . 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.40 1.60. 1.75 FVF (Gas), v/v .0038 .0045 .0052 Rec. Factor (oil), % 10. 20. 40. Rec. Factor (gas), X 45. 52. 60. Nbr. Traps = 4. Discovery Probability = 100.% Pct. Oil Factor = 35.X BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 205 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATrON RESULTS FOR TOTAL BLOCK GRIGOTA PROD. BLOCK (YPFB) CARBONIFEROUS LENTICULAR TARGET CRETACEOUS/TERTIARY (PETACA/CAJONES SS) Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 12.2 94.6 24.2 10. 10.3 79.7 23.5 20. 9.5 74.0 21.8 30. 8.4 65.2 19.3 40. 7.9 60.8 17.8 50. 7.2 54.9 16.3 60. 6.4 49.8 14.5 70. 5.8 44.9 13.6 80. 4^7 37.6 11.1 90. 3.8 31.0 9.1 95. 3.4 28.3 8.3 Minimum 3.3 15.4 7.0 Maximum 27.0 129.6 38.6 Range 23.7 114.2 31.5 Median 7.2 54.9 16.3 Mean 7.3 56.5 16.7 Std. Dev. 2.7 20.0 5.9 Data Pts. 1000 1000 1000 206 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK GRIGOTA PROD. BLOCK (YPFB) CARBONIFEROUS LENTICULAR TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 13.87 117.2 31.43 10. 11.91 95.7- 28.42 20. 9.40 76.8 21.33 30. 6.51 57.1 15.87 40. 5.56 50.0 14.01 50. 4.89 45.0 12.05 60. 4.05 34.7 10.46 70. 3.41 31.4 8.66 80. 2.70 22.8 6.89 90. 2.19 20.1 5.28 95. 1.93 17.1 5.10 -Minimum 1.14 11.2 3.01 Maximum 21.41 141.7 41.39 Range 20.27 130.5 38.38 Median 4.89 45.0 12.05 Mean 6.02. 50.6 14.45 Std. Dev. 4.00 29.7 8.74 Data Pts.- 1000 1000 1000 DATA INPUT $ MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 120. Porosity, X 12. 20. 26. Water Sat. '. 20. -- 50. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.55 1.62 1.75 FVF (Gas), v/v .0038 .0043 .0047 Rec. Factor (oil), ' 10. 20. 40. Rec. Factor (gas), '. 55. 60. 64. Nbr. Traps = 3. Discovery Probability = 100.X Pct. Oil Factor = 40.% BOE Factor = 6000. scf/bbl I lf mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 207 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK GRISOTA PROD. BLOCK (YPFB) CRETACEOUS/TERTIARY (PETACA/CAJONES SS) Pct OiL Resv. Gas Resv. Total >. MM bbls Bcf MM BOE 5. 5.02 26.0 8.61 10. 4.13 21.5 7.92 20. 3.10 16.7 5.58 30. 2.21 12.2 4.46 40. 1.85 10.6 3.54 50. 1.52 8.7 3.06 60. 1.32 7.4 2.53 70. 1.07 5_8 .2.14 90. .e8 5.0 1.66 90. .64 3.9 1.32 95. .62 3.7 1.26 Minimum .33 2.1 .69 Maximum 7.62 33.4 12.28 Range 7.29 31.3 11.59 Median 1.52. 8.7 3.06 Mean 2.02 10.8 3.81 Std. Dev. 1.43 6.9 2.51 Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. S. Thickness, ft 15. O. 150. Porosity, '. 12. 22. 29. Water Sat. Z 20. - 60. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.30 1.38 1.45 FVF (Gas), v/v .0045 .0053 .0058 Rec. Factor (oil), X 10. .20. 40. Rec. Factor (gas), % 30. 36. 40. Nbr. Traps = 1. Discovery Probability = 100.X Pct. Oil Factor = 30.% DOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution-is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 208 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK NARANJILLOS BLOCK SAN ANDIND PRODUCING AREA DEVONIAN HUAMAMPAMPA SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 1.39 20.0 4.40 10. .95 16.9 3.77 20. .90 13.4 3.17 30. .69 10.7 2.41 40. .62 9.8 2.19 50. .52 8.7 2.09 60. .43 7.4 1.67 70. .34 5.6 1.29 80. .28 4.7 1.11 90. .24 3.5 .82 95. .19 3.2 .78 Minimum .11 2.0 .43 Maximum 1.98 2e.9 6.62 Range -1.87 27.0 6.18 Median .52 8.7 2.09 Mean .60 9.4 2.16 Std.-Dev. .37 5.2 1.22 Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 2. 0. 4. Thickness, ft 10. 0. 100. Porosity, % 10. 12. 18. Water Sat. % 20. -- 40. Pct. Trap Filled 10. 0. 70. FVF (oil), v/v 1.70 1.80 2.00 FVF (Gas), v/v .0032 .0036 .0042 Rec. Factor (oil), Z 10. 20. 40. Rec. Factor (gas), Z. 60. 70. 75. Nbr. Traps = 1. Discovery Probability 100.= . Pct. Oil Factor = 35.X BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 209 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK VUELTA GRANDE PROD. BLOCK (YPFB) EXTENSION VUELTA GRANDE TREND PERMO/TRIASSIC CANGAPI SS TARGETS CRETACEOUS/TERTIARY PETACA SS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 10.6 74.4 23.2 10. 9.6 65.7 20.2 20. 8.8 60.9 19.1 30. 7.9 58.5 17.6 40. 7.3 51.8 16.4 50. 7.0 48.9 15.1 60. 6.0 45.7 13.4 70. 5.4 39.8 12.3 SO. 4X.6 32.9 10.7 90. 3.7 27.2 8.3 95. 3.5 26.4 8.0 Minimum 3.2 15.1 7.8 Maximum 19.4 103.2 38.1 Range 16.2 8B.1 30.4 Median 7.0 49.9 15.1 Mean 6.8 48.5 15.0 Std. Dev. 2.3 15.2 4.7 Data Pts. 1000 1000 1000 210 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK VUELTA GRANDE PROD. BLOCK (YPFE) EXTENSION VUELTA GRANDE TREND PERMO/TRIASSIC CANGAPI SS Pet OiL Resv. Gas Resv. Total MM bbls Bcf MM BOE 5. 9.27 67.9 20.23 10. 6.47 58.7 16.94 20. 5.38 46.7 13.38 30. 3.94 37.5 9.95 40. 3.32 32.3 8.79 50. 2.96 26.7 7.39 60. 2.51 22.5 6.40 70. 1.87 18.0 4.82 80. 1.63 14.4 4.11 90. 1.26 11.5 3.03 95. .96 9.6 2.86 Minimum .58 5.6 1.63 Maximum 13.40 107.3 29.42 Range 12.52 101.7 27.78 Median 2.96 26.7 7.39 Mean 3.57 31.6 B.84 Std. Dev. 2.49 19.9 5.68 Data Pts. 1000 1000 1000 DATA INPUT M IN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 200. Porosity, %- 12. 20. 26. Water Sat. Z i5. -- 50. Pet. Trap.Filled 10. 0. 60. FVF (oil), v/v 1.40 1.50 1.60 FVF (Gas), v/v .0042 .0047 .0052 Rec. Factor (oil), ' 10. 20. 40. Rec. Factor (gas), * 40. 50. 55. Nbr. Traps 2. Discovery Probability = 100.X Pct. Oil Factor = 30.X BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 211 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK VUELTA GRANDE PROD. BLOCK (YPFB) - EXTENSION VUELTA GRANDE TREND CRETACEOUS/TERTIARY PETACA SS Pct OiL Resv. Gas Resv. Total MM bbls Bcf MM BOE 5. 9.59 46.5 16.46 10. 7.30 38.5 13.84 20. 5.82 32.1 11.03 30. 4.36 24.3 8.64 40. 3.79 21.8 7.24 50. 3.34 18.6 6.39 60. 2.73 15.1 5.25 70. 2.16 12.8 4.30 80. 1.94 10.3 3.43 90. 1.51 8.3 2.76 95. 1.23 7.3- 2.60 Minimum .74 4.6 1.56 Maximum 13.94 65.4 22.62 Range 13.21 60.8 21.06 Median 3.34 18.6 6.39 Mean 3.97 21.3 7.51 Std. Dev. 2.59 12.5 4.56 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 6. Thickness, ft 15. 0. 150. Porosity, X 15. 22. 28. Water Sat. X 10. - 50. Pct. Trap Filled 10. 0. 60. FVF (oil), v/v 1.25 1.35 1.45 FVF (Gas), v/v .0046 .0051 .0056 Rec. Factor (oil), '. 10. 20. 40. Rec. Factor (gas), % 29. 36. 41. Nbr. Traps = 2. Discovery Probability 100.= . Pct. Oil Factor = 30.X DOE Factor = 6000. scf/bbl * If mode value = 0 a-lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 212 Annex 3-2 BOLIVIA CONTRACIOR PRODUCING BLOCKS MONTE CARLO VOLUMRIC ANALYSIS RESULTS 213 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO PROD. BLOCK (DIAMOND SHAMROCK) PERMO/TRIASSIC CANGAPI SS TARGETS CRETACEOUS/TERTIARY CAJONES/PETACA SS TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 9.0 109.4 23.1 10. 7.3 88.2 22.0 20. 6.7 81.6 20.3 30. 5.8 71.8 17.8 40. 5.3 65.6 16.3 50. 4.7 56.5 14.2 60. 4.2 51.7 13.0 70. 3.8 45.2 11.3 80. 3dc1 37.3 9.3 90. 2.4 30.4 7.6 95. 2.2 26.8 6.8 Minimum 1.8 13.7 5.0 Maximum 21.5 154.5 38.6 Range 19.6 140.8 33.5 Median 4.7 56.5 14.2 Mean 5.0 60.3 15.0 Std. Dev. 2.1 24.7 6.1 Data Pts. 1000 1000 1000 214 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO PROD. BLOCK (DIAMOND SHAMROCK) PERMO/TRIASSIC CANGAPI SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 11.35 143.0 33.33 10. 9.01 114.1 28.94 20. 6.68 85.7 20.81 30. 5.10 67.5 17.15 40. 4.17 55.8 13.24 50. 3.54 48.4 11.92 60. 3.02 37.5 9.35 70. 2.30 31.5 7.53 80. 1.84 20-.6 5.29 90. 1.30 17.6 4.09 95. 1.11 15.8 4.04 Minimum .71 10.0 2.38 Maximum 15.03 190.5 46.64 Range 14.32 180.5 44.26 Median 3.54 48.4 11.92 Mean 4.49 57.2 14.03 Std. Dev. 3.25 38.9 9.64 Data Pts. 1000 1000 1000 DATA INPUT S MIN MODE MAX Area, M acres 1. 0. 5. Thickness, ft 15. 0. 200. Porosity, X 15. 20. 25. Water Sat. X 25. -- 50. Pct. Trap Filled 10. 0. 100. FvF (oil), v/v 1.50 1.60 1.70 FVF (Gas), v/v .0040 .0045 .0050 Rec. Factor (oil), X 10. 20. 30. Rec. Factor (gas), % 50. 55. 58. Nbr. Traps = 4. Discovery Probability = 100.X Pct. Oil Factor = 30.% BOE Factor = 6000. scf/bbl S if mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 215 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK CHACO PROD. BLOCK (DIAMOND SHAMROCK) CRETACEOUS/TERTIARY CALONES/PETACA SS TARGET Pct OiL Resv. Gas Resv. Total > "MM bbis Bcf MM BOE 5. 2.61 23.0 6.06 10. 2.14 18.7 5.21 20. 1.71 14.2 - 4.01 30. 1.19 11.5 3.27 40. .97 9.1 2.48 50. .86 7.8 2.17 60. .73 6.3 1.78 70. .57 5.3 1.48 80. .46 3.6 1.10 90. .32 3.2 .82 95. .29 2.5 .75 Minimum .19 1.9 .50 Maximum 3.45 28.7 8.07 Range 3.26 26.9 7.58 Median .86 7.8 2.17 Mean 1.06 9.4 2.63 Std. Dev. .73 6.1 1.73 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 1. 0. 5. Thickness, ft 15. 0. 150. Porosity, % 15. 20. 25. Water Sat. % 25. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.38 1.45 1.55 FVF (Gas), v/v .0044 .0048 .0053 Rec. Factor (oil), % 10. 20. 30. Rec. Factor (gas), Z 40. 45. 48. Nbr. Traps = 1. Discovery Probability = 100.% Pct. Oil Factor = 30.' BOE Factor = 6000. scf/bbl S If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 216 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PALMER DE ORATORIO PROD. BLOCK tSOPETROL) U. DEVONIAN IGUIRI SS TARGETS CARBONIFEROUS SS TARGETS Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 2.5 25.0 6.4 10. 2.1 21.9 5.7 20. 1.8 20.0 5.2 30. 1.7 18.6 4.7 40. 1.5 16.3 4.4 50. 1.4 16.0 4.1 60. 1.2 14.5 3.5 70. 1.0 12.3 3.2 80. .9 10.3 2.8 90. .7 8.1 2.1 95. .7 8.1 2.0 Minimum .6 4.2 1.9 Maximum 3.5 36.6 12.1 Range 2.9 32.4 10.1 Median 1.4 16.0 4.1 Mean 1.4 15.7 4.0 Std. Dev. .5 5.5 1.4 Data Pts. 1000 1000 1000 217 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PALMER DE ORATORIO PROD. BLOCK (SOPETROL) U. DEVONIAN IOUIRI SS TARGET Pet OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE ------ ------- ------- ------- 5. 1.36 28.5 5.93 10. 1.15 25.8 5.56 20. .85 17.8 3.71 30. .59 12.6 2.73 40. .45 10.5 2.21 50. .36 8.5 1.82 60. .30 6.7 1.40 70. .27 5.9 1.27 80. .23 4.3 .93 90. .15 3.7 .73 95. .12 2.9 .65 Minimum .09 2.1 .44 Maximum 2.05 43.7 9.34 Range 1.97 41.6 8.90 Median .36 8.5 1.82 Mean .51 11.1 2.37 Std. Dev. .39 7.8 1.68 Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX Area, M acres 1. 0. 4. Thickness, ft 15. 0. 150. Porosity, X 8. 14. 20. Water Sat. X 30. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.70 1.80 1.90 FVF (Gas), v/v .0035 .0038 .0040 Rec. Factor (oil), % 10. 20. 30. Rec. Factor (gas), % 65. 70. 73. Nbr. Traps 2. Discovery Probability = 70.'h Pct. Oil Factor = 30.' BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 218 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK PALMER DE ORATORIO PROD. BLOCK. (SOPETROL) CARBONIFEROUS SS TARGET Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 2.65 15.5 5.20 10. 2.38 13.6 4.56 20. 1.83 10.4 3.60 30. 1.19 6.8 2.32 40. .91 5.6 1.97 50. .77 4.7 1.51 60. .66 4.2 1.38 70. .61 3.5 1.15 80. .48 -2.7 1.00 90. .33 2.4 .71 95. .28 2.0 .67 Minimum .22 1.2 .43 Maximum 4.00 22.5 7.75 Range 3.78 21.3 7.32 Median .77 4.7 1.51 Mean 1.07 6.3 2.11 Std. Dev. .76 4.2 1.43 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 1. 0. 4. Thickness, ft 15. 0. 90. Porosity, *Z 1S. 20. 25. Water Sat. % 20. -- 60. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.50 1.60 1.70 FVF (Gas), v/v .0038 .0044 .0048 Rec. Factor (oil), *. 10. 20. 30. Rec. Factor (gas), X 50. 57. 62. Nbr. Traps = 2. Discovery Probability = 70.Z Pct. Oil Factor = 50.%. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 219 ES-TIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK MARMORE I PROD. BLOCK (MAXUS) CRETACEOUS/TERTIARY SS (CAJONES/PETACA) Pct OiL Resv. Gas Resv. Total >-' MM bbls Bcf MM BOE 5. 25.04 164.0 48.72 10. 19.71 131.5 44.88 20. 17.40 104.5 32.39 30. 10.89 78.5 26.03 40. 9.80 67.1 20.69 50. 8.50 59.7 17.87 60. 7.03 47.8 16.26 70. 5.48 40.7 12.13 80. 4.46 28.2 9.36 90. 3.36 23.8 7.00 95. 2.88 20.2 6.61 Minimum 1.69 12.6 3.80 Maximum 37.46 213.1 66.93 Range 35.77 200.4 63.13 Median 8.50 59.7 17.87 Mean 10.41 69.2 21.95 Std. Dev. 7.29 43.8 14.26 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. 150. Porosity, % 15. 20. 25. Water Sat. % 20. -- 50. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.80 1.90 2.10 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), *. 10. 20. 40. Rec. Factor (gas), 'X 68. 75. 78. Nbr. Traps = 3. Discovery Probability = 100.% Pct. Oil Factor = 60.' BDE Factor = 6000. scl/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > O a triangular distribution is used. Water saturation is assumed as a function of porosity. 220 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SERRANIO DEL CANDADA PROD. BLOCK (PLUSPETROL) L. DEVONIAN SS MID. & U. DEVONIAN Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 7.1 216.2 43.0 10. 5.8 177.9 35.4 20. 5.1 158.2 31.5 30. 4.7 146.7 29.2 40. 4.2 131.6 26.2 50. 3.9 122.4 24.3 60. 3.5 110.7 22.0 70. 2.9 93.0 18.5 80. 2._5 81.4 16.2 90. 2.1 68.9 13.7 95. 1.8 61.5 12.2 Minjimum 1.6 40.8 10.9 Maximum 9.0 239.4 103.2 Range 7.4 198.6 92.3 Median 3.9 122.4 24.3 Mean 3.9 123.6 24.6 Std. Dev. 1.5 42.6 8.9 Data Pts. 1000 1000 1000 221 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATfON RESULTS FOR TOTAL BLOCK SERRANIO DEL CANADA PROD. BLOCK (PLUSPETROL) L.DEVONIAN SS Pct OiL Resv. Gas Resv. Total AM> M bbls Bcf MM BOE 5. 3.41 112.7 23.33 10. 3.17 . 88.9 17.71 20. 2.49 78.0 15.15 30. 1.7-5 -57.6 10.88 40. 1.42 47.6 9.31 50. 1.27 41.1 8.09 60. 1.08 33.4 6.98 70. .87 30.2 5.94 80. .70 21.7 4.39 90. .52 18.3 3.51 95. .46 15.2 3.06 Minimum .31 10.8 2.11 Maximum 5.X4 129.8 25.70 Range 5.03 119.0 23.59 Median 1.27 41.1 8.09 Mean 1.55 48.2 9.58 Std. Dev. 1.02 28.8 5.73 Data Pts. 1000 1000 1000 DATA INPUT * MIN MODE MAX Area, M acres 2. 0. S. Thickness, ft 15. 0. 100. Porosity, % 10. 12. 18. Water Sat. X 20. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.80 2.00 2.40 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), 'X 10. .20. 40. Rec. Factor (gas), X 60. 75. 80. Nbr. Traps = 2. Discovery Probability = 100.J. Pct. Oil Factor = 25.X. BOE Factor 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 222 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK SERRANIO DEL CANADA PROD. BLOCK (PLUSPETROL) MID. & U. DEVONIAN Pct OiL Resv. Gas Resv. Total > MM bbls Bcf MM BOE 5. 7.08 225.3 42.94 10. 5.35 177.0 36.56 20. 4.67 139.3 27.93 30. 3.07 103.2 20.15 40. 2.71 e4.2 16.50 50. 2.17 75.3 14.72 60. 1.95 58.4 11.68 70. 1.33 47.5 9.44 80. 1.11 34.0 6.60 90. .92 25.3 5.15 95. .64 24.2 4.89 Minimum .40 13.6 2.75 Maximum 10.87 326.5 64.63 Range 10.46 312.9 61.87 Median 2.17 75.3 14.92 Mean 2.84 88.1 17.53 Std. Dev. 2.18 62.0 12.36 Data Pts. 1000 1000 1000 DATA INPUT MIN MODE MAX .___________ , _ _ _ _ _ ______ _- Area, M acres 2. 0. 8. Thickness, ft 15. 0. 250. Porosity, % 10. 15. 20. Water Sat. X 20. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.80 2.00 2.40 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), % 60. 75. 80. Nbr. Traps = 2. Discovery Probability = 100.Z Pct. Oil Factor = 25.X BOE Factor = 6000. scf/bbl ' if mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 223 ESTIMATED UNDISCOVERED RESERVE POTENTIAL MONTE CARLO SIMULATION RESULTS FOR TOTAL BLOCK LAS VERTIENTE PROD. BLOCK (TESORO) MID. DEVONIAN SS Pct OiL Resv. Gas Resv. Total MM bbls Bcf MM BOE 5. 14.88 292.9 60.14 10. 11.24 230.1 53.19 20. 9.81 181.1 39.50 30. 6.45 134.2 27.B3 40. 5.69 109.5 23.67 50. 4.55 97.9 20.97 60. 4.09 75.9 16.74 70. 2.79 61.7 13.24 80. 2.33 44.2 9.29 90. 1.73 32.8 7.39 95. 1.35 31.5 6.95 Minimum .85 17.7 3.90 Maximum 22.B2 424.5 92.18 Range 21.97 406.8 88.28 Median 4.55 - 97.9 20.97 Mean 5.96 114.6 25.05 Std. Dev. 4.57 80.6 17.73 Data Pts. 1000 1000 1000 DATA INPUT M PIN MODE MAX Area, M acres 2. 0. 8. Thickness, ft 15. 0. -250. Porosity, Z 10. 15. 20. Water Sat. X 20. -- 40. Pct. Trap Filled 10. 0. 100. FVF (oil), v/v 1.80 2.00 2.40 FVF (Gas), v/v .0030 .0035 .0040 Rec. Factor (oil), X 10. 20. 40. Rec. Factor (gas), X 60. 75. 80. Nbr. Traps = 3. Discovery Probability = 100.% Pct. Oil Factor = 35.7. BOE Factor = 6000. scf/bbl * If mode value = 0 a lognormal distribution is assumed. If mode value > 0 a triangular distribution is used. Water saturation is assumed as a function of porosity. 224 Annex 3-3 BOLIVIAN GAS PROSPECTS ESrT}ATION OF CONDENSATE RESERVES For the Bolivian gas prospects a rough estimation of recoverable field condensate (that is, at the field separators) can be made as follows: 1. Estimate the initial condensate yield. Attached Fig. 1, which shows reported initial yield data as a function of reservoir depth, can be used as a guide. 2. Read from Fig. 2 the projected cusulative average condensate ratio as a function of the initial yield value. 3. Calculate estimated condensate recovery by multiplying gas reserves times average yield. The data for Fig. 1 were taken from N-E Boukadoum's 1993 Bolivian report, and presumably shows initial condensate yield values by reservoir. The source of these data and their reliability is not given. Based on the data as reported there is an apparent trend of increasing initial yield with increasing depth, at least up to 3000 meters depth. The data are widely scattered, so the precision of the correlation is low, even though statistical analysis indicates that a correlation is present for these data. The correlation for average condensate ratio (Fig. 2) was obtained by using a gas depletion production model to compute several 15-year cases with different initial yield values. This model includes yield decline curves as a function of computed reservoir pressure decline, based on the empirical yield decline data given by Garb.* * Garb, Forest A.: Liquid Yield for Depletion-Drive Gas Reservoirs. Petroleum Engineer. (1981). 225 The average yield data obtained from the depletion drive gas reservoir model using the Garb data is compared in Fig. 3 to that derived from data given by Sarem*k for similar pressure declines. The results are practically the same for these two independent analyses. The YPFB production volumes. by fields cannot, apparently, be used to validate the data derived from the published correlations. The cumulative produced condensate ratios for the reported production volumes are inconsistent with both the inital values and the remaining values based on reported reserves data. In fact, the apparent cumulative produced condensate ratios are generally higher than the reported initial values from reserves data, sometimes by a substantial amount. This indicates that the initial reserves data and/or the cumulative production data are unreliable. A brief survey was made in Santa Cruz of the reported monthly production by reservoir for. the last five years (only data readily available), and a number of these did indicate a declining condensate ratio during this time. Some reservoirs, however, were reported to have no decline over five years' producing time. These data, if reliable, could reflect low initial yield values and/or reservoirs which were already significantly pressure depleted before five years ago, and the condensate yield is now changing very slowly with time. In the absence of reservoir pressure data, the interpretation of the field ratio data, even if the ratio data are reliable, has to be speculative. In any case, it appears that expected initial condensate ratios would be in the range of 10 to 100 bbl/Mffcsf (separator gas). The corresponding average ratios would then be from about 8 to 37 bbl/JMscf. For the stated *Sarem, A.M.: "Quick £stimate of Oi) Recovery from Gas-Condensate Reservoirs", Oil and Gas Journal, (Oct. 24, 1966) 122. 226 nocinal values of $11/bbl condensate and $1. 10/Mcf gas the value of zine future condensate relative to the gas produced would be on the order o. 8 to 37 percent. For initial condensate ratios less than 50 bbl/MMscf the approximate value of the future condensate relative to that for the produced separator gas would be less than 24 percent. Therefore, it can be concluded that the value of the condensate, while not negligible, is relatively small campared to the nominal value of the gas, and thus estimates of condensate ratios are not critical to the evaluation results. The data shown in Fig. 2 can also be used to give a preliminary estimate of the volume of condensate "lost" by pressure depletion recovery as opposed to partial or full pressure maintenance (gas cycling). For this purpose a good knowledge of the actual initial yield is needed, along with a reliable estimation of initial gas-in-place and recoverable gas volume. 227 Bolivian Fields Initial Condensate Yield 1000 . ; 0 x Q 100 xx_x-x x C - "A X ox ls - . _ ~~~~~~~~~x 0 X Least-squares line* 0 x ~~XX x - 4-' Oxf (ri 10 U) ~~~~~~~~~~A-Xx - x ~~~~~~xx V ' Correlation is statistically 0 X significant. Basic data from ( ) N4-E Boukadoum (1993). 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Depth of G/W contact, mss f,.2 Correlation of Calculated Cumulative Average Produced Condensate Ratio' (15-year producing period) 80 CumulatIve Overage, condensate ratio, bbIs/tMscf qas pro1uced 70 60 __'__'_ 50 40 ____ 30 20 _____ 6>-94.Ascp 0 25 50 75 100 125 150 175 200 225 Initial condensate ratio, BbI/MMsct For pressure depletion recovery. 229 A,.T 3 Comparison of Correlations for Average Produced Condensate Ratio 80 Cumulative average condensate ratio, bbts/MMscf gas produced .70 - * Based on empirical data of F. Garb (PE-1981) and gas rate model caic. for 15-yr. : 60 -producing period (SOP). X Derived from A. Sarem correlations (OGJ, 1966) for Pl=5000 psi 50 and P1= 1000 psi. 40 30 - 20 - 10 . -9A/scp 0 I I I 1 0 25 50 75 100 125 150 175 200 225 Initial condensate ratio, BbI/MMsct For pressure depletion recovery. 230 Anex 3-4 PRODUCING vs NON-PRODUCING FIELDS PROD NON SUR Caig 1 Sarandita Los Uonos 1 San AboM 840 1 B-1 TOM- Trn oodem 1 Ma 1s Son Roqim 56064 1192 1 H 1 - 1 Viwmontes 1154 43 1 Matu 19131 111 1 Bueme Vebt 621 1 C4afatidi 2019 1 Vuelts Gsands 7M 3171 1 Caniri 9139 41 1 Tarnda 4308 16 1 Guaiw 2162 4 1 Cwnbeiti 1884 21 1 El E1n Po ' 1 11 12 BOOM PATUJUSAL 8130 1.51 1 LOS CUS ' YAPACANI 15932 4633 1 IL SUAREZ 5317 24.67 1 S!RAU 46175 146.00 1 BOQUERON 1 CASCABEL 30362 440.72 1 VIBORA 122061 155581 1 MANGAS 6f 3 CHAP. BULO BULO 15131 40492 1 CARRASCD 4212 53592 1 KAXARI 54756 5917 1 3 CENTRO L GRAINDE 5120 29397 1 LAPERA 43411 46.69 1 TUNDY 19312 4.76 1 SANTA CRUZ 133 2.7 1 NARAM NLO 319 47.74 1 MONTECR1O 832 1030 1- WARNES =A 175 9.61 1 7 1 27 16 reJbw~ number tot PsrCad prod S1. prod S. Bomumag 6 3 9 65.7 33.3 100.0 Chapum 3 0- 3 100.0 0.0 100.0 CDo 7 I 8 87.S 12.5 100.0 Sw 11 12 23 47.8 522 100 Total 231 27 16 43 6l 37.2 100.0 Annex 3-5 GAS PRODUCTION AND FLARING DURING APRIL 1994 GAS GAS PRODUCTION FLARED SUR CAMBErI 0.672 0.65 CAMIRI 1.14 0.18 GUAIRUY 0.115 0.115 MONTEAGUDO . 3.46 - 0.14 SAN ROQUE 37A) 0.22 TATARENDA 0.51 0.51 VEILAMONTES 1.34 133 VUELTA GRANDE 103.2 7.17 TOTAL SUR 147.86 10.32 BOONMERANG CASCABEL 14.91 14.91 H. SUAREZ 0.8 0.61 PATUJILSAL 0.04 0.04 SIRAR] 45.77 9.75 VIBORA 56.65 16.73 YAPACANI - 13.53 2.02 TOTAL BOOMERANG 131.7 44.06 CHAPARE BULO BULO 14.13 14.13 CARRASCO 21.94 8.64 KATARI 18.47 18.37 TOTAL CHEPARE 54.84 41.14 CENTRAL LAPENA 1.5 1.3 MONTECRLSTO 0 0 NAPRANJILOS 11.42 0.1 R. GRANDE 86.7 0Q5 SANTA CRUZ 0.81 0.1 TITA 0.31 0.18 TUNDY 0.11 0.11 TOTALCENTRAL 10085 2.29 TOTAL YPFB 434.95 97.81 232 GAS FLARED IN APRIL 1994 AS A PERCENT OF PRODUCTION 80 - 80 60 -60 20 - J | t t E1 ~~~~~~~~20 oo m erang Central YPFB Bolivia Chapare Sur Contrat. GAS PRODUCTION AND FLARING DURING APRIL 1994,' 600 600 500 ------- 500 d400 ---------------------------------------------- -----------4-0-------- - 400 l g 300 1------------------------------------------ -- ---- ----- -- -| ------300 l E200 - 200 100 oomerang Chapare Central Sur YPFB Contrat. Bolivia | - Daily Production Rate * Daily Plaring Rate l SlUMDMARY OF PRODUCnTON FOR THE MONTH OF MARCH 1994 Annex 3-6 BY AREA MONTHLY PRODUCTION CIJUIMLATfVE PRODTJCTION AREA IL-bbi GiAS1 c 112Q0bbl OQL.MMbbl GAS-Rcf 1120MdMbbl BC 341516.0 5507A 27927.0 11.2 155.0 0.5 CENTRO 100760.0 3290.0 79253.0 103.7 1887.0 23.0 SUR 167545.0 4599.0 34591.0 129.6 436.4 12A Other S.l. fields 0.0 0.0 0.0 74.7 .709.2 6.8 Total YPFB 609821.0 13396.4 141771.0 319.2 3187.5 42.7 ALLOCATION TO OIL AND GAS CONDENSATE FIELDS MARCH 1994 PRODUCTION RATE CUJM PRODUCTION (g 3/94 OEL GAS WATER OEL GAS WATER ME ] ME Mh zMaf ME BC & Centro Oil Fields 182.1 1616.1 31A 101.6 324.7 15.1 Gas Fields 260.2 71813 75.8 88.0 2426.5 15.2 Sub-total 442.3 8797A 1072 189.6 2751.2 30.3 Sur OilFields 69.2 209.3 32.3 119.2 93.8 12.0 Gas Fields 984 4389.3 1.3 10A 342.5 0.4 Sub-total 167.5 4598.6 33.6 129.6 436.4 12.4 Total YPFB Oil Fields 251.2 1825A 63.6 220.8 418.5 27.2 Gas Fields 358.6 11570.6 77.2 98A 2769.0 15.6 TOTAL 609.5 13396.0 140.8 319.2 3187.5 42.7 235 Annex 3-7 WATER INJECTION IN MARCH 1994 REGION: AREA SUR WATER INJECTION FIELD RESERVOIR Ow. bbi Wells CurL.Mbbl Cum Davs* acfiveltotal Camiri Iquiri-Camir-I 0 0/3 0.097 187 I.-Sararenda-BA 0 0/6 6.759 1681 Monteagudo Tacuwu-Ingre 11658 1/7 3.153 1606 T.-Piraimiri 104980 617 21.681 3256 * Cum days of the well that operated the longest 236 Annex 3-8 PRESSURE MAINTENANCE FIELDS GAS INJECTION IN MARCH 1994 GAS INJECTION RESERVOIR P. RATE CU3M INJ. INITIAL @ DATE FIELD RESERVOIR MMoscfmo Bscf WELLS AeI JwJg AREA CENTRO Rio Grand TaigW Sup 0.0 135.55 01 3 SI 3870 3515 2/84 Taig W Mod 0.0 6.27 0 I 2 SI 3895 3500 4/83 Taiguati Y 366.8 767121 3 I 6 SI 4012 3682 1/85 Tuatmbi Sud 117.7 7752 1 1 2 SI 4017 3995 2/84 sub-t_w 484.5 986.55 4 1 13 SI Santa Cnzz Chorro 0.0 15.60 0 I 4 S1 sub-tota 0.0 15.60 01 4 SI AREA BOOMERLANG Siran }Ptaca 426.8 16.43 11 0 SI Yantaa 649.4 21.50 2 1 0 SI sub-toa 1076.2 37.93 31 O SI Vibora PCtaca 597.6 30.25 21 SI Yaatan 444.4 2.40 2 1 0 SI sub-total 1042.0 32.65 4 1 1 SI Yapacani Petaca 292.7 1.12 1 1 0 SI iub-total 292.7 1.12 1 I 0 SI AREA CEAPARE Carraswc Petaca 0.0 0.57 0 I 2 SI Yantata 0.0 0.08 0 1 SI Icboa 0.0 0.09 0 1 I SI sub-total 0.0 0.74 01 4SI TOTAL 289.4 1074.59 121 22 SI * I= acuve imj=ors, SI = shut-n 237 (expressed In fbls3gigl VPFB __________________ 1980 3983198 93 18 95 18 19871 1988 1989 190 1991 1992 1993 199M Bermejo 120 101 88 107 90 107 110 1071 104 121 0 0 0 0 0 Buena VIsta 27 38 33 27 30 30 27 III 36 22 - 0 0 20 24 19 Calgum 249 93 71 85 46 22 1 1 0 0- 0 0 20 8 0 Camatindl 68 77 88 66 71 33 se 52 52 25 0 0 3 79 66 Cambell 262 2141 134 1231 107 821 74 90 77 771 101 80 911 64 611 CamIri 1039 385 786 690 385 466 436 485 462 362 3418 392 3811 363 361 Esplno 290 660 611 570 246 137 47 60 5 0 0 0 0o a 0 Gualruy 117 90 66 38 49 27 30 el 22 16 20 32 901 74 7 Mionleagudo 2943 2447 2184 2247 2005 1888 1688 1600 1546 3326 1147 905 801 725 617 Rupuco 0 0 000 0 0 0 0 0 0 0 0 0 0 San Alberto 71 68i 59 22i 27 0 0 0 0 III 0 38 70 39 25 Sit"Rogue 0 3 5 5 0 01 405 726 814 17401 3044 3276 2852 1825 2024 Talarenda- 262 233 255 205 186 148 170 192 175 167 84 139 124 339 140 Toro 112 129 96 121 312 123 134 323 12 112li 0 0 0l 0 0 _____________ 0 0 0 0 0 0 0 430 735 353 370 103 431 341 40 iVuella Grande I~ 3 395 1279 1162 978 109 1607 2447 3299 3462 37 50 36 Southern Arn 55 54 44771 4701 48333 4230 4167 494 757. 6778 81233 847 828 654 68 00 ~Caranda 1240 11531 1329 33291 869 5621 375 348 372 277 0 68 84 93 132 Colpa - 1262 30001 836 356 503 4601 356 238 161 140 0 75 68 St 76 La Pella 1732 1307 1562 2044 2380 3567 3485 4734 5005 4967 4018 4041 2560 1637 1480 Montecrlato 0 0 0 8 30 30 27 25 38 41 66 24 23 25 24 NaranjIlllos 0 0 _ 0 0 0 0 *... 'II. 1317 129 l0t 87 .76 62 61 Palmar 790 808 677 523 314 178 123 931 32 821 98 66 281 0 0 Rio Grande 1 0268 8926 7014 53533 4298 3805 3000 2605. 2380 1904 2644 2392 22501 2084 1885 Santa Cruz 0 0 0 0 93 521 873 1523 3210 540 252 1h3 9 9 2 THtml ) 0 00 0 00 0 0 0 828680 anT iTundy 0 0 0 0 0 0 0 00 036255 Ceta AraT529-2 331-92 13397 941 88 933 839796 32 765 96 50437 29 Cascabel 0 0 0 0 0 51 - 63 298 260 397 605 746 11071 1069 H..Suartz R.0 0 330 203 350 4991 - 140 33 0 210 5911 332 85""1i8 Patelusal 0 0 0 0 __ 0 0 0 0 0 0 0 0 0 13 215 Sirarl ~~0 0 0 0 __ 5 0 0 348 707 772 1448 1477 149631498 Vlbora 0 0 0 0 __ 0 0 0 268 63 84931897 2029 301663937 Yapacanl 0l 0 00__ 0 0 01 0 0 220512 831 784 5241 D-oomerang Area 30 23 35 3 0 2031 746 3600, 244 5053 533 6501 72 BuloBDulo 0 0 0 0 0 0 0 0 0l 0. 6 50 Carrasco 0 0 0 0 0 0 01 .3 28 33 ChapareArea -** 0 o 0 0R0 I 0 011 ~ 8 9 Chaprt rea 0 0 0 0 0 0 0 0 0 023 390 87 LIQUID PRODUCTION HISTORY BY ARE:A 25000-;_ 20000 --u.-.,, c 1981 1983 1985 1987 1989 1991 1993 NA I UI AL tbAb rIuuU I iU4 (expressed In IV' d) YPFB _____________ 13980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 arredero 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 germejo 0 0 0 0 0 0 1 I I 2 2 0 0 0 0 Cambelti I I I I I I I I I I I I I I 0 Camirl 10 10 10 9 S5 4 _t 3 3 4 3 2 1 Espino 6 14 15 17 9 7 3 2 0 0 0 0 0o0 0 Mlonteapudo 6 5 6 6 4 4 6 4 6 7 4 4 3 3 4 San Alberto 0 0 0 0 0 0 0 0 0 0 0 0 2 1 0 San Roque 0 0 0 0 0 0 13 23 28 31 25 2 26 26 38 Tatarenda 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 Vlllamontes 00 0 0 0 01 I 0 0 0 01 Vuelta Grande 0 0 0 9 28 26 21 25 37 71 88 91 99 106 103 South Are 24 31 32 41 49 42 43 58 76 15 3251 102 135 139 147 Caranda 12 13 19 17 17 12 10 13 16 14 010 01 0 0 Colpa 55 49 41 33 32 26 18 19 16 12 0l 0 0l o La Peas 6 3 3 3 5 71 10 io to i 7 6 4 2 o Montecrlsto 6 7 7 7 O 0 00 10 1 1 0 0 0 o Narsnjillos 0 0 0 0 0 0 O 1 14 18 17 14 13 12 Palmar 21 21 20 16 10 S 3 2 2 I 1 1 l ° ° RioCGrnde 264 258 238 212 182 178 159 140 136 133 123 112 104 98 92 Santi Cruz 0 0 0 2 20 37 3 21 13 Tlit 0) 0 0 - 0 0 0 0 3 2 2 1 0 0 Central Area 353 344 320 281 248 242 221 222 230 215 1671 137 1311 117 96 acoicibel I 0 00 0 0 0 2 2 4 41 9 1 4 1 5 H.Suorez R. ~ 0 0 0~ ~ SirSrlar R _ 0 0 0 0 0 2 II 17 30 35 42 4 Vlbora 0 0 3 9 1 23 26 39 -52 ya acana ~ ~ 0 0 0 0 00 0 0 4 10 14 If I5 D o g meAn rA l * nl nl nl nl 71 021 271 671 85 107| 130o - -0 - - - 13 rUIoBUIO 0 0 0 1 01 0 0° 01 I 0 10 01 0 2 1 °ii I Catrraco °l °l ° °l °l00 o°l o 0o o o 123 I 9 ICba rare | oloAorl l o °alJl ° I I TollYIFII 3111 375 3S1 321 291 251 90 0 0 0 0 * 0 0 0 , Tta F -3811 35 5 32 29 2851 269 2301 3131 3521 3191 3061 31 9 GAS PRODUCTION HISTORY BY AREA 500 .2 . X ~ 200 - 4 . . . ., 41~~~~~~~~~~~~~~~~~~~~~~ 19 19 1 19 4 19. 6 19 19 19 2 199 4 1981 1983 1985. 1987 1989 1991 1993 LIQUID PRODUCTION expressed In Bbls/d CONTRATISTAS 1980 1981 1982 1983 1984 1985 1986 1987 1981 1989 1990 1991 19921 193 1994 Bermejo 0 0 0 0 0 0 0 0 0 0 31 459 4491 419 390 Buena Vlsta 0 0 0 0 0 0 0 0 8 0 20 I 00 CaIgus 0 0 0 0 0 0 0 0 0 0 0 27 2 0 0 Camatindl 0 0 0 0 0 0 0 00 19 - 84 8 0 0 Escondido 0 0 0 0 0 0 0 0 5 18 0 53 401 486 La Vertlente 943 1563 1678 1560 1421 1290 1279 1107 904 IllS 939 932 1121 994 964 Los Surs 0 0 0 0 0 0 0 00 0 0 0 0 0 0 Porvenlr 0 986 5743 5522 5221 4268 3612 2872 2467 2005 1274 1221 951 653 525 TOlIguati 0 0 0 0 0 0 0 0 0 191 628 618 363 153 97 Toro 0 0 0 0 o 0 0 0 0 0 143 245 229 236 Total S Area 943 2549 7421 7082 6642 5557 4891 3978 3372 3344 2890 3504 3193 2849 2698 Carandn O a 01 01 01 O O O O 22 428 4871 410] 356 3331 Colpa r - O01 0t0 O O O OO 14 559 481| 378j 341 355 Palmar I ZŽf2 [...... 01 0 02.... 0 J D 21 6J 7 Tita 1995 1369 1003 768 508 410 254 169 126 0 0 ol o o N Total C Art 1995 1369 1003 768 SO 410 254 169 126 36 987 9681 8,3 7581 766 |Surubl 0l 0° 01 0° ol 0l 01 0l 0o 0° 0° 0° 2421 88 2694 Total Codtralistaus 29371 39181 84231 7850 715 59671 51451 41481 34971 33801 3877i 44721 42481 44941 6158 Total National[ 237811 22156 244071 221651 208201 198301 175501 188631 191671 199201 218903 249451 243171 253721 28331i ,. 'A NATURA. PRODUCTION expre .. In MMcUd CONTRATISTAS _980 1981 1982 1983 1984 1985 1986 1987 1988 1989 -19901 1991 1992 1993 1994 Bermejo 0 0 0 0 0 0 0 0 0 0 1 19 19 18 .17 Buena Vista 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Caigua 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Camstilndl 0 0 0 _ 0 0 . 0 00 0 0 0 0 0 Escondido 0 0 0 0 0 0 0 0 0 0 0 1 7 8 LaVertientole 27 47 48 46 46 43 42 34 28 34 31 31 371 35 30 Los Surls 0 0 0 0 0 0 0 0 0 0 0. 0 0 0 0 Porvenlr 0 14 79 95 112 109 120 121 118 117 106 99 82 53 40 Talguatl 0 0 0 0 0 0 0 0 0 7 16 15 9 5 4 Total S Area 27 60 127 141 159 152 1621 155 147 157 154 163 147 117 100 Caranda 0 0 0 01 0 of 0 01 0 i 11| II 13 143| 21| Colpa 0-0 0 0 0 0 ..0 01 0 1 16 13 It 1 14I Palmar 0 0 0 j 0J 0 0 0 0 0 0 0 0 _ 0a- Tlits 54 45 36 24 17 12 9 6J 5 01 0 0 01 oj Totl C Area 54 45 36 24 17 12 9 6 5 2 27 24 24 16j ° Surubl 0 0 0 0 10 0 0 0 0 0 0 0 1 0 4 Total Codtratlsas 80o 1061 1621 1651 1761 1641 1711 1611 £51| 1S91 181| 1881 172| 1331 139 Toal Naonal 46l 4801 S141 487 473 449 440 441 64 511 500 4941 5231 311 536 . 4611 NO 671 4731 4491 440L__ 4411 4641__ Ml w., Anex 3-13 MEIERED (FISCALIZED) LIQUID AND GAS PRODUCTION PRIVATE | GAS YPFB COMPANIES TOTAL TOTAL OIL& OIL& COUNTRY PRIVATE CONDENSATE GASOLINE LPG CONDENSATE . YPFB COMPANIES bb-Ua bbday bbl/day bbbday bbiday MMcNday MMdAday MWcWd 1980 20844 2098 1596 2937 27475 381 10 461 1981 18238 2104 3047 3929 27318 375 106 481 1982 15916 1932 4147 8447 30512 352 163 515 1983 14318 2022 4191 7873 28404 322 165 487 1984 13672 1643 4045 .7152 26509 297 176 474 1985 13867 802 4221 5982 24812 285 164 449 1916 12405 1480 3949 5160 22994 269 172 441 1987 14716 1407 4262 4162 24547 280 162 442 1981 1S683 1487 3987 3500 24655 313 151 464 1989 16539 1717 4324 3391 25971 352 160 512 1990 17012 200S 5056 3905 27978 329 181 510 1991 17755 2231 5047 4419 29452 338 188 526 1992 17919 2102 6140 3855 30016 361 172 533 1993 17785 2410 I 6377 4148 30720 398 143 541 1994 20253 2170 1 5735 6257- 34415 428 136 564 UQUID PRODUCIION PROFILE ei iw !s s n GAS PRODUCTION PROFIlE sm 400 1W- 20 19Wm 1912 1964 1926 iNS 19 1992 19 1981 193 193 1937 1939 1991 193 244 GAS PRODUCTION FORECASTS FOR UNDEVELOPED FIELDS YEARS Field Name 1 2 3 4 S 6 7 8 9 lo 11 12 13 14 15 16 17 18 19 20 21 22 23 Total BOOMERANG Scf Boqueron 1.0 2.0 2.0 2.0 3.0 3.0 2.0 1.0 0.7 6 Cobra 5.0 7.0 8.0 3.0 2.0 1.0 0.6 l1 Enconada 5.0 7.0 7.0 6.0 6.0 6.0 6.0 6.0 5.0 5.0 4.0 4.0 3.0 3.0 2.0 1.5 1.0 0.6 28 Palaclos 10.0 10.0 10.0 9.0 8.0 8.0 6.5 6.0 4.8 3.5 3.0 2.0 1.5 1.0 30 Paluju 4.0 4.0 4.0 4.0 7.0 5.0 5.0 5.0 5.0 4.0 3.5 3.0 3.0 2.0 1.2 22 San Ignaclo -4.0 5.0 S.0 5.0 4.0 4.0 4.0 3.0 3.0 2.3 2.0 2.0 1.0 0.5 16 Santa Rosa 3.0 3.0 3.0 3.0 3.0 4.0 4.0 3.0 3.0 2.0 2.0 1.5 1.0 13 Santa Rosa W 6.0 S.0 5.0 5.0 4.0 4.0 4.0 3.0 3.0 2.5 2.0 2.0 1.0 17 CENTRO Rio Seco 5.0 4.5 4.0 4.0 3.0 2.0 2.0 I.o 9 Tacobo 3.0 4.3 3.5 3.0 2.0 1.0 1.0 7 Wames 5.0 4.5 4.5 4.0 4.0 3.5 3.5 3.0 3.0 2.5 2.0 2.0 1.0 1.0 0.5 16 Sun Calgua 20.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 20.0 20.0 15.0 15.0 15.0 10.0 10.0 10.0 8.0 8.0 8.0 7.0 152 Villamontes 3.0 3.0 3.0 2.0 2.0 2.0 2.0 1.0 0.7 4 245 LIQUID PRODUCTION FORECASTS FOR UNDEVELOPED FIELDS YEARS -Field lName 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Total BOOMERANG MMb Boqueron 60.0 10.0 50.0 30.0 45.0 45.0 30.0 15.0 10.5 0.1 Cobra 160.0 220.0 250.0 95.0 65.0 32.0 17.6 0.3 Enconada 105.0 125.0 90.0 80.0 65.0 55.0 60.0 60.0 50.0 50.0 40.0 40.0 30.0 30.0 20.0 15.0 10.0 5.5 0.3 Palaclos 95.0 95.0 95.0 85.0 75.0 75.0 61.8 57.0 45.6 33.3 28.5 19.0 14.3 9.5 0.3 Patulu 50.0 45.0 40.0 35.0 55.0 35.0 35.0 35.0 35.0 23.0 24.5 21.0 21.0 14.0 8.4 0.2 San Ignaclo 15.0 20.0 20.0 20.0 15.0 16.0 16.0 12.0 12.0 10.0 8.0 8.0 4.0 2.0 0.1 Santa Rosa 10.0 10.0 10.0 10.0 10.0 12.0 12.0 9.0 9.0 6.0 6.0 4.5 3.0 0.0 Santa Rosa W. 20.0 15.0 15.0 15.0 10.0 12.0 12.0 9.0 9.0 7.5 6.0 6.0 3.0 0.1 CENTRO Rio Seco 45.0 30.0 25.0 20.0 15.0 10.0 10.0 5.0 0.1 Tacobo 60.0 50.0 40.0 30.0 20.0 10.0 10.0 0.1 Wames 70.0 60.0 50.0 40.0 40.0 35.0 30.0 24.0 24.0 20.0 16.0 16.0 8.0 8.0 4.0 0.2 SUR Calgua 22.0 22.0 22.0 20.0 17.0 15.0 10.0 10.0 7.0 5.0 5.0 5.0 5.0 3.8 3.8 3.8 2.5 2.5 2.5 2.0 2.0 2.0 1.8 0.1 Vlllamontes 50.0 40.0 35.0 30.0 30.0 30.0 30.0 15.0 10.5 0.1 2 246 GAS PRODI ' "')N FORECASTS Al H1APARE Fitdl lam. 1995 1996 1997 1995 1999 2000 2001 2002 2003 2004 2005 2006 2001 2008 2009 Bulo Bulo 44.9 67.4 80.9 80.9 80.9 80.9 80.9 80.9 76.0 71.5 67.2 63.1 59.4 55.8 52.4 Canmasco 25.0 50.0 50.0 50.0 50.0 50.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 25.0 InJection -25.0 -25.0 -25.0 -25.0 -25.0 Katarl 20.3 20.3 35.2 33.4 28.2 27.1 32.2 27.5 18.4 8.0 0.8 0.7 0.7 0.6 Total Chepare 90.3 112.7 141.1 139.3 134.1 133.0 138.1 133.4 119.4 104.5 92.9 88.9 85.0 81.4 77.4 247 0._ 247 GAS F MTION FORECASTS _ .A 300MERANG Field Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Boqueron Cascabel 8.0 15.0 20.0 18.0 15.0 10.0 5.0 2.0 2.0 1.0 Cobra Enconada H.S. Roca 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 2.0 Junin 4.0 4.0 4.0 4.0 11A0 11.0 11.0 Palaclos * PalometasNW N, 6.0 17.0 17.0 15.0 9.0 9.0 5.0 Patuju Patujusal 0.2 0.3 0.5 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 1.6 1.6 1.6 1.6 Puerto Palos San Ignacio Santa Rosa Santa Rosa W Sirari 34.0 28.0 23.0 19.0 16.0 13.0 11.0 9.0 8.0 6.0 5.0 4.0 4.0 3.0 3.0 Vibora 68.0 68.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40,0 40.0 40.0 400 40.0 injection -28.0 -28.0 Yapacani 13.0 15.0 25.0 28.0 35.0 30.0 28.0 24.0 64.0 99.0 133.0 256.0 116.0 104.0 94.0 Injection -10.0 Total Boo9eraug 97 90 101 107 108 95 86 77 126 167 199 221 182 169 155 ,, IQIE ' identifies fields planned for development after 2010. 248 GAS PP'>'JCTION FORECASTS ___ .EA ceNTRo FidNamte 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Espejos+ La Pena 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 Montecristo 0.5 1.0 1.0 1;0 1.0 1.0 1.0 1.0 5.0 5.0 5.0 5.0 5.0 5.0 4.5 Naranjillos 9.6 9.6 9.6 11.0 13.0 15.2 17.2 13.8 13.8 13.8 10.3 10.3 10.3 10.3 6.9 Rio Grande 88.0 97.2 100.0 105.0 143.0 138.0 139.0 152.0 140,0 110.0 103.0 103.0 98.0 89.0 75.0 Rio Seco SantaCruz 6.8 13.0 16.0 16.0 16.0 15.0 15.0 15.0 15.0 15.0 15.0 13.0 13.0 13.0 13.0 Tacobo Techi+ Tita 2.0 2.5 2.5 2.5 2.5 2.5 2.5 2.5 2.5 5.0 5.0 5.0 5.0 5.0 5.0 Tundy 0.1 0.1 0.1 0.1 0.° 0.1 0.1 0.1 Warnes TotalCentro 112 128.4 134.2 140.6 180.6 178.8 179.8 189.4 181.3 153.8 143.3 141.3 135.3 126.3 108.4 NOTE Identifles flelds planned for development after 2010. + abandoned fields 112 240.5 374.7 515.3 696 872.8 1052.6 1242 1423.3 1577.1 1720.4 1861.7 1997 2123.3 2231.7 2 249 G IDUCTION FORECASTS - . AREA SU-R Field Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2003 2006 2007 2008 2009 Buena Vista Csigua Camatindi Cambeill 1.0 1.0 1.0 1.0 Camii 3.0 4.0 4.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0 El Espino 2.0 5.0 5.0 5.0 5.0 5.0 5.0 Ouasruy 0.2 0.2 1.0 1.0 1.0 Husyco Los Monos 4.0 4.0 Monteagudo 3.0 6.0 6.0 7.0 7.0 7.0 10.0 11.0 11.0 13.0 13.0 12.0 12.0 7.0 6.0 Nupuco 2.0 10.0 10.0 10.0 10.0 10.0 San Alberto 10.0 40.0 80.0 120.0 160.0 San Roque 23.1 23.1 18.3 18.3 18.3 18.3 18.3 18.3 18.3 15.3 16.3 16.3 15.3 15.1 11.0 Tatarenda 1.0 Vlllamontes VuelhGrand* 95.0 95,0 95.0 95.0 95.0 95.0 95.0 95.0 95.0 100.0 110.0 110.0 120.0 120.0 130.0 Injection -72.0 -72.0 .72.0 .72.0 -72.0 .72.0 -72.0 -25.0 Total Sur 52.3 56.3 52.3 54.3 54.3 -53.3 56.3 104.3 131.3 140.3 167.3 197.3 246.3 285.1 328 riO1TP: e Identlfies flelds planned for development after 2010. 250 LIQUID PRODUCTI. RECASTS AREA CHA. FYkiebldName 1995 1996 1991 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Bulo Bulo 1572.6 2465.8 2830.7 2830.7 2830.1 2830.7 2406.1 2045.2 1,738.4 1389.0 1109.8 886.7 708.5 566.1 452.3 Carrasco 1062.5 2125.0 2125.0 2125.0 2125.0 2125.0 1062.5 1062.5 1062.5 1062.5 1062,5 1062.5 1062.5 1062.5 1062.5 Katari 2338.0 2358.0 3730.8 3356.7 2800.1 2444.0 2716.1 2208.1 1419.4 622.9 107.2 91.1 77.5 65.8 Total Chapare 4993 6949 8686 8312 7756 7400 6135 5316 4220 3074 2279 2040 1848 1694 1515 i} 251 LIQUID PRODUCTir ':ORECASTS ARFA 101. ANO f ield Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Boqueron Cascabel 550.0 350.0 200.0 100.0 25.0 15.0 10.0 5.0 2.0 1.0 Cobra Enconsda H.S.Roca 270.0 100.0 75.0 55.0 45.0 25.0 20.0 15.0 10.0 Junin 30.0 30.0 30.0 30.0 90.0 85.0 Palaclos Palometas NW . 45.0 65.0 65.0 60.0 20.0 20.6 Patuju PatujusaVLosCusls 1600.0 2400.0 3200.0 2720.0 2312.0 1965.0 1670.0 1420.0 1207.0 1026.0 872.0 315.0 290.0 267.0 245.0 Puerto Palos San Ignacio * Santa Rosa Santa Rosa W 4 Slrarl 1480.0 980.0 885.0 640.0 565.0 550.0 465.0 495.0 495.0 490.0 340.0 335.0 330.0 165.0 150.0 Vlbora 3920.0 3332.0 2832.0 2407.0 2046.0 1739.0 1478.0 1257.0 1068.0 908.0 772.0 656.0 558.0 474.0 403.0 Yapacanl 2850.0 2600.0 2140.0 1725.0 1440.0 1185.0 1010.0 355.0 785.0 650.0 560.0 475.0 400.0 340.0 300.0 Total Boomerang 10670 9762 9332 7647 6433 5479 4653 4047 3567 3150 2639 1876 1668 1356 1203 SQIE: * Identifles fields planned for development after 201o. w I-t' 252 LIQUID PRODUr IN FORECASTS ARL AITRO Field Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Espejos + La Pena 2S50.0 2250.0 1800.0. 1570.0 930.0 550.0 330.0 195.0 115.0 70.0 40.0 25.0 18.0 I5.0 10.0 Montecrlsto 20.0 20.0 20.0 20.0 20.0 20.0 20.0 20.0 100.0 90.0 85.0 80.0 80.0 75.0 75.0 Naranjillos 75.0 70.0 65.0 75.0 8S.0 95.0 100.0 77.0 73.0 69.0 49.0 47.0 45.0 42.0 30.0 Rio Grande 1300.0 1220.0 1250.0 1250.0 1790.0 1725.0 1725.0 1900.0 1500.0 1375.0 1285.0 1230.0 1110.0 940.0 850.0 Rio Seco SantaCruz 100.0 190.0 220.0 205.0 185.0 175.0 170.0 162.0 156.0 150.0 124.0 119.0 1t5.0 110.0 106.0 Tacobo Techi + Tita 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 8.0 15.0 15.0 15.0 15.0 15.0 15.0 Tundy 547.9 465.8 395.9 336.5 286.0 2S1.0 206.7 175.7 Warnes Total Centro 4601 4224 3759 3465 3304 2824 2560 2538 1952 1769 1598 1516 1383 1197 1086 NOT15: * identifles flelds planned for development after 2010. + abandoned flelds 253 " fi- u LIQU.. 'DIUCTION FORECASTS AREA SIJR .-Feld Name 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Buena Vista 20.0 15.0 15.0 10.0 10.0 Caigua 14.0 1 5.0 14.0 14.0 13,0 12.0 12.0 11.0 Canatindl 95.0 90.0 90.0 90.0 35.0 85.0 80.0 75.0 70.0 65.0 60.0 60.0 55.0 55.0 50.0 Cambeitl 200.0 180.0 140.0 105.0 80.0 60-0 45.0 35.0 30.0 25.0 20.0 15.0 12.0 10.0 8.0 Canlirl 300.0 320.0 310.0 400.0 400.0 380.0 370.0 350.0 340.0 325.0 310.0 285.0 275.0 265.0 240.0 El Espino Guairuy 190.0 160.0 140.0 115.0 100.0 90.0 80.0 70.0 63.0 56.0 49.0 HuOyco Los Monos 3.0 3.0 Monteagudo 750.0 900.0 1150.0 1900.0 1900.0 1580.0 1310.0 1100.0 900.0 750.0 625.0 520.0 430.0 360.0 295.0 Nupuco 85.0 120.0 150.0 150.0 110.0 85.0 San Alberto 70.0 40.0 40.0 35.0 35.0 30.0 30.0 25.0 25.0 20.0 219.0 880.0 1750.0 2600.0 3200.0 San Roque 3290.0 2500.0 1900.0 1460.0 1125.0. 870.0 668.0 515.0 395.0 305.0 235.0 181.0 140.0 107.0 83.0 Tatarenda 80.0 70.0 60.0 40.0 20.0 15.0 10.0 5.0 4.0 Vlllasnontes 50.0 40.0 35.0 30.0 30.0 30.0 30.0 15.0 Vuela Grande 2800.0 2340.0 2230.0 2115.0 2015.0 1915.0 1825.0 1735.0 1650.0 2S70.0 1420.0 1350.0 1290.0 1225.0 1165.0 Total SUr 7845 6655 6110 6300 5800 505S 4448 3939 3492 3215 3072 3454 4114 4747 5140 NDIE: * identifies fields planned for development after 2010. 254 PO =ENTIAL DISCOYERIES IN YPFB PRODnCING BLOCKS Yema, 0 I 2 3 4 5 6 7 3 9 10 It 1. . 14 IS 16 11 13 Total BLOCK CHIMORE OaGM. Bcfr 63 13.6 20.4 25.3 25.3 24.6 23.3 17.6 13.0 9.7 7.2 5.3 3.3 1.6 0.9 0.2 200 Liquid, MMbbIlyr 0.3 1.6 2.5 2.3 2.4 2.0 1.7 1.2 0.3 0.6 0.4 0.3 0.2 0.1 0.1 0.0 IS Addil Wells 2 2 2 I t BLOCK SARA BOOMERANG Oi, MMbbUIyr 0.7 1.4 2.1 2.3 2.3 2.6 2.3 1.3 1.4 1.1 0.9 0.7 0.6 0.5 0.2 0.1 22 Gn, BcV'yr 0.1 0.3 0.6 1.3 2.1 2.9 3.2 3.3 3.2 3.1 2.0 1.3 0.3 0.5 0.2 0.1 2S Addcl Wells 7 7 7 6 27 BLOCK VUELTA ORANDe (ga. Bc/lyr 2.6 5.3 10.0 10.0 9.0 6.6 4.3 3.6 2.6 1.9 1.4 0.9 0.7 0.5 60 Liquid, MMbbyItr 0.43 0.33 1.5 1.72 1.42 0.a3 0.25 0.11 0.11 0.00 0.03 0.02 0.02 0.01 I Adti Wells I I I 3 BLOCK ORIUOTA 011, MMbbL'yr 0.5 1.0 1.5 1.3 1.0 0.9 0.7 0.6 .0.5 0.3 0. . 9 Gs, Bci?yr 1.2 2.3 4.1 6.3 8.9 11.2 13.0 8.7 5.3 4.6 3.7 70 Add i Wells 2 2 2 6 n SUMMARY OF FORECASTS FOR POTENTAL DISCOVERIES IN CONTRACTOR PRODUCING BLOCK, Years 0 1 2 3 4 5 6 7 3 9 10 11 12 13 14 15 16 17 18 Total BLOCK MAMORE OIL Oil, MMbbIyr 0.3 1.7 2.5 2.1 1.S 1.6 II. 1.1 1.0 1.0 is oG, Bcyr 0.7 1,3 3.3 4.7 6.1 7.4 3.4 5.7 3.9 3.1 4S Addl Wdlts 2 2 2 6 BLOCK MAMORE GAS On. Bef?yr * 1.9 3.3 5.6 7.5 7.5 6.3 5.3 4.5 3.3 3.2 2.7 2.2 1.9 1.6 1.3 1.1 60 Liquld, MMbblUyr 0.10 0.19 0.26 0.30 0.23 0.11 0.14 0.11 0.03 0.07 0.06 0.05 0.04 0.03 0.03 0.07 2 AddI Wells 3 2 3 2 to BLOCK PALMAR DEL ORATORIO Ga, Bc6/syr 0.3 1.7 3.3 3.3 3.3 2.5 1.9 1.4 1.0 0.3 20 Liquid. MMbbl/yr 0.10 0.21 0.42 0.33 0.33 0.21 0.14 0.10 0.07 0.05 2 Addl Weis I BLOCK LA VERTIE?UE GaU, Bcfyr 5.2 10.3 15.5 20.6 20.6 20.6 20.6 15.1 11.1 3.2 6.0 4.4 3.2 1.4 0.3 0.6 0.4 0.3 165 Liquid, MMbbUlrl~ 0.33 0.77 1.15 1.39 1.20 1.03 0.93 0.65 0.46 0.33 0.24 0.13 0.13 0.06 0.03 0.02 0.02 0.01 9 Addi Wells 7 7 7 6 27 BLOCK CHACO Oa, BcItyr 2.9 3.3 11.7 11.7 9.1 7.1 S5. 4.3 3.4 2.6 2.0 1.6 1.2 1.0 70 tl1.'dA %mmbW4m nt ni 12 ItI 0s 5 04 03 02 0.2 0.1 0.1 0.1 0.1 6 Annex 3-25 RZNLAL CONDENSATE YIELD 140- Katai Canrasco 120j- 'kGrande 100 U~~~~~~~~~~~~~~~~~~~~~~~...... io I~~~~~~~..... Bermejo..... 40 . . . 20 MEO MAY ClFEESCA KrnA LVYC KRA WUL PMD RGC SIRA SNQB VMtA VGRC YPC FIELS 256 LIlQUID PRODUCTION FORECAST -.CONTRACTORS OBL/D |Fbid 1996 _ 1998 197 199398 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Surutbl 6750 9000 less euo0 6666 4720 4010 MO1 2200 2460 2090 - 178O 16tO 1290 StO-O Carends 316 288 262 238 297 270 320 297 270 246 223 203 153 16O 153 Colpo 332 290 253 221 192 ISO 145 120 110 M1 97 as 49 68 49 Palmer 46 35 30 6o 55 5S 50 50 45 45 45 44 35 35 36 9ermneo 1 1000 933 864 758 670 770 702 650 603 66t 626 492 416 440 - 416 Escondldo 124 186 310 490 495 496 496 434 384 335 310 240 161 lee l81 La Vertinte 625 755 715 620 476 275 ¶63 91 35 10 0 0 0 0 0 Lag9 Sunis 0 0 0 0 0 736 739 736 738 738 736 736 626 -698 620 taegurlh 228 228 285 285 285 475 360 342 285 247 95 76 57 57 57 Parvenh 680 435 220 130 130 55 25 0 0 0 0 0 0 0 0 TOT ''" 9280 12150_ 1024 9338 9168 8022 7036 6140 5370 4753 4123 3666 3007 2930 Ln -4 GAS PRODUCTION FORECAST - CONTRACTORS MMcfid.y 7 1nA 1681 8i98 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 ZOO2 SurubI AlM3eeA used Ior Local Consumption Cfernde 12.00 16.00 15.00 15.00 15.00 15.00 15.00 20.00 20.00 25.00 25,00 26.00 26.00 26.00 25.00 Colpe 12.00 12.00 12.00 15.00 15.00 15.00 15.00 15.00 15.00 16.00 15.00 15.00 15.00 16.00 1O.oo Palmer 0.60 0.60 0.50 25.00 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.50 2.60 2.60 Dermejo 16.00 37.00 60.00 50.00 43.00 38.00 33.00 48.00 44.00 42.00 39.00 37.00 35.00 34.00 32.00 Esconddo 10.00 15600 25.00 40.00 40.00 40.00 40.00 35.00 31.00 27.00 25.00 20.00 17.00 15.00 13.00 Vartihnta 33.00 31.00 28.00 25.00 19.00 11.00 7.00 4.00 . t 1.00 0.00 0.00 0.00 0.00 0.0o LOs Suds 0.00 0.00 48.00 48.00 48.00 48.00 46.00 46.00 48.00 48.00 45.30 40.70 36.60 33.00 29.90 Taiguall 12.00 12.00 15.00 16.00 25.00 25.00 20.00 18.00 15.00 13.00 5.00 4.00 3.00 3.00 3.00 Porvenlr 60.00 40.00 20.00 12.00 9.00 5.00 2.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 oo iLM.U _ 167.60 182.60 213.60 246.00 216.50 199.50 182.50 190.60 176.50 173.50 156.80 144.20 134.10 127.60 1G.40 13es productilon for Porverdr Iicludes 30 and 9 MMcf In 1995 81t998 x I ANNEX IV FINANCIAL - RELATED MATERIAL LIST OF CONTENTS Encl. No. Descirition 1. lEconomic and Financial Evaluation of YPFB Exploration Blocks Investment & Cash Flow Profiles Associated with proposed YPFB Exploration Prgram (Table PV-1) Exploration/Development Economics. Representative Exploration Plays on YPFB Exploration Blocks (Table IV-2 through Table IV-7) 2. Economics and Financial Evaluation of YPFB Pmducing Blocks Analysis of Recent YPFB Field Profitability Performance (Table IV-8) Analysis of Prospective YPFB Field Pmfitability Peifonnance (Table IV-9) Exploration/Development Economics - Representative Exploration plays on YPFB Production Blocks - (Table IV-10) 3. Economic and Financial Evaluation of Contracts of Opertion Analysis of Prospective Contractor Field Profitability Perfonmance (Tables IV-11) Representative Exploration Plays - Contractor Prducing Blocks (Tables (IV-12) Representative Exploration Plays - Contractor Exploration Blocks (Tables (IV-13) 258 Annex IV-1 ECONOMIC and FINANCIAL EVALUATION of YPFB EXPLORATION BLOCKS I. Study Scope and Objectives 1. The objectives of the financial and economic analyses that have been carried in conjunction with Study 1 (Report I) are as follows: i) Develop an analysis of the economic potential of geological prospects identified on the different YPFB exploration blocks, with the primary objective of assisting in the determination of core exploration blocks to be retained in a capitalized YPFB company or companies. ii) Determine the investment and cash flow demands on a capitalized YPFB to efficiently exploit the core exploration blocks to be retained. II. Study Methodology and Key Assumptions 2. For the analysis of net present value and cash generating potential associated with the exploration scenarios that have been developed for the different YPFB exploration blocks, a standard cash flow methodology has been employed. Alternative price scenarios have been analyzed as to their impact on prospective field economics. As discussed above, Monte Carlo techniques have been employed to determine the size range of likely discoveries and well productivities. Given the time constraints of the study, the economic analysis has focused on those scenarios given the highest probability of occurring in the future. 3. The economic and financial analysis has been based upon a series of assumptions summarized below. i) Pricing ex-field: As YPFB does not presently have a pricing system in place to value its crude oil, natural gas, LPG and natural gasoline production ex-field, we have used as a reference point the average prices realized ex-field under contracts of operation in 1993. These are: 259 Annex IV-1 Natural Gas (US$/mcf) 1.22 Crude/Condensate (US$/bbl) 13.55 For the field prices of LPG and natural gasoline, the reference price for LPG in 1994 has been based upon NYMEX values in May, 1994. The field price of gasoline in 1994 has been set at the level proposed by the World Bank group advising upon product price deregulation. For the analysis of future field profitability, these field prices have been projected out in time in accordance with the World Bank Commodity Index for Crude Oil dated March, 1994. Two qualifications of the study price assumptions are required. An important determining factor in pricing is whether domestic production is likely to be in balance with domestic market demands, or in deficit or surplus. If the latter, consideration is given to what is the appropriate market of reference and what are the transportation cost differentials to be taken into account. The variance between export and import parity- based prices can be significant in situations where transportation costs are relatively high as in Bolivia. Always of concern in an analysis of this nature is that unforeseen supply developments might be such as to warrant a shift in the basis for fuel pricing. As an example, the supply outlook for LPG in Bolivia is uncertain, and it may be appropriate to anticipate that LPG will in future be exported in significant volumes, and priced accordingly ex-field. A second qualification relates to the assumed uniformity of YPFB field prices. Normally, one would have individual field prices reflect the quality of the gas and liquids being produced and location-specific transportation tariffs. In the study analysis, these factors have not been taken into account, rather production ex-field has been valued the same whether produced in the south or in the Sara-Boomerang region. The only exception has been the distinction between the prices of wet and dry gas, with the price of the latter assumed to be the reference price in the Argentinian gas export contract [USS 1.045/mcf in 1993] in those instances when LPG and natural gasoline are or are assumed will be stripped out of the gas stream at the field. ii) All capital costs are normalized to 1994 US dollars using 260 Annex IV-1 the current MUV G-5 index of manufactured goods. For the most part, it has been possible to utilize recent YPFB and contractor investment project experience to estimate the different capital expenditure components of the exploration and development programs that have been developed for YPFB exploration blocks. iii) Future operating costs for YPFB field discoveries have been set at levels consistent with industry norms. iv) The discount factor employed has been set at 12 percent to conform with World Bank guidelines. v) Royalties to state governments have been assumed to remain at 11 and 1 percent. As advised by the Secretary of Energy, an additional royalty of 0.5 percent has been imposed to fund the operations of a state agency taking over the role of YPFB in operations contracts. vi) Consistent with the proposed fiscal regime in the new hydrocarbon law, investment is expensed against operating income in the year incurred with unlimited carryover against future years' income. Taxes have been set at 50 percent of net income after deduction of royalties and depreciation. vii) The IRR and NPV estimates associated with the economics of the different exploration/development scenarios are calculated as of startup of production. Prior years investments in exploration have been adjusted assuming a 12 percent cost of capital rate. 4. Possibly contrary to the proposed fiscal terms in the new hydrocarbon law, there is no provision in the base case for a capitalized YPFB to be in a position to expense investment in exploration and development against production income. One reason for this is that we wanted to have an accurate and comparable measure of prospective economics for these blocks. 5. Allowing a capitalized YPFB to come under the proposed fiscal regime would clearly give it a significant competitive advantage in the upstream sector as it would be in a position to expense investments in the year incurred against producing assets revenues. 6. The projected investment requirements and cash flow associated with the eight YPF3 exploration blocks which are candidates to be kept as core properties by a capitalized YPFB are shown following Table IV-1 through Table IV-7. The aggregate of the investment programs presented in the table should be viewed as 'the maximum 261 Annex IV-1 possible' in that all eight exploration programs are assumed to start in 1996. A staggered start is thought more likely, in line with the exploration priorities presented in an earlier section of the report. 262 TABLE IV-1 INVESMFNT &CASH FLOW PROFILES ASSOCIATED) WUTti PROPOSED YPFB E-XPLORA-TION PROGRAM *. --202 01 12 Lioetsvsus.-aas ~ ~ ~ ~ ~ ~ ~ 2L. - 5I1~~ -&II~ j~ = A _. _ __ tu knQ _ _ __ ___ p 12* ______.t _.. __ CashFl_w _ _ ._ z1 _. a i___ _.j____.=-_._ ._Chl__ _~0S ,U O °._] 2004W 61.4 ~i _ ztItL I~I . ___. .'...itit- L vnb-01=_ _ _ =_ < __ . _. r, __ _ . _ F. Camti. i i . - __ __ _ _ ___ _ __ _ ____ _ ___ _ . _ _ __ _ _ --hFovess=n ____ F!l 0 t0 . _O___ 000 ~. .J 37410_ 41100 0o 750 _____ 0r = 0,,, 0 e __ CCII, F;le -. 400 0 _ 0 4000_ _ 400 0 _10 .720 _2 *U ._1 Ml 4!Zi 21 TWO = i35-- _T? S. CoIchani .011 -~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~JLA 1.49j§!17 lnv.tnton2 __ _ ___ _!0 | 20 ._ __ _S . .~ _ii: __ieJj =~- ~ ~J0COL~iFaXi" __ _ ____ .T- . ]X-oS - 2,tl0 10 -.iti ___ . Cash Flow __ _.= __= __ =__ __ !.SC-Jot a__ _I_4. t0I30 A.-- ..--. ------.-1 CashPlow ~ -. . . - . . .. _ 4alOwuphivasqlrn.ol __ Wi w 2 M0700 _Iil.9 .i!!tuA ii:il _.1i iANM! IM6 7 -W hI| _ 2 ss,1 2s. T!y,.AshC _ _ _ioiir _ = _ ..-- __ _ _.__ __ _ _ __ ____. __ ___2 263 TABLES IV-2 - IV-7 Exploration/Development Economics Representative Exploration PLays on YPFB Exploration Blocks Caupolican - Gas Caupolican - -Oil Konteverde - Gas Xonteverde - Oil Cambari -Gas Colcbani -Gas Bermejo - Gas JUan Latino - Gas Alto Beni -Gas Coipassa - Oil Xamore I- Oil Maznuripi -Oil Robore - Gas Espejos-Parabanos - Gas 264 TABLE IV-2 ,_ _ - _ _ ._ _ . .' .~1,,2 .4 Caupicl lck Gas rlnd (Madre de Dias Area) _ ___ ___ __v' __._ ___ Sctwdul_____ __ _ Yl____1__ __4_____.... _ _ _ _ _ _ . _ _ ______........ 1 -1 Doducilon Plan; Liquids Prod. In t712 2326 3545 5014 5654 520 5f 2: _ _4 386 3342 t2932 2575 2274 1973 1720 __________~~q - 24 msd 089 477 240 307 304 25 266 270 244 40" I7 105 47 024 ___I_n_ mnc _ _ S14 400 6Mt t240 _ 1535 i540 5 0420 1Jt0 12210 tt 6Sa 7M 685 620 ._________ osorslcd a] 47.6 0666 30 .0r. 421 520.0 5236 55 .5 503.2 459 4446 336.3 302 6 203 232. 9 240.6 _ -. 7 200 27.4 2.25 24 2260 04 076__ 0 __ 2_.2. 0_ _ ___ _ 47 _ Totvitlm _An j _(1Ml4} {sto 2104 (113 (117UO _015300) _ OS _ to ! OI Inco y gl -_ ~ 5 _ _ =i_ =00 1 i 3.3 2 073.340 06.2 4 44 647 140.22 56.5 7 0444 67! 028.330 s445 257 483, t,76 s1o 57 6.02 t~~~~~~~~~~~~~~~~~~~~~~~~~~~100 tPo94 _ 93 _ 17 D 55245 7 -A e 0 _1.0 $17t,390 $15.172t $1_3 _w2 s ie4 .30_ ! ! $9.90t e7* as$ Mlv Of SH.M~~§ OP R 14.4 35iJ.! t!4li 07 46 , I203 . _ 2~6 flj.44 La.48 8760 S8.B42 O____m ___I_______n_ 4' 45,026 6022,74M8 . 22_6 760 42)7.5H. $4124735 _ 222,236 _4200.320 4004 0630 42,3 S05.074 _6085We__0 8.307 _______l ~ =_ ____ 1L2.2 4 05343 t _2650 il0n2',!l) j927,79 t 22.349D4 t,woO3 It2,40 ,29 t4148 4 t2 _ t t _____________ ______ _______ ..AiV.~~~~~~) 20=00 441200 13000 01200 601200 (642,0 .. 4t2,000 00200 01200 6400 020) 42.0 502 (402.0 ___.Z£P 6ti__._ =. . . _. r3347 flt444 e 45404i i t44,407 _tee,te2 3, 9 4204,X33 5462456O | $I_3.2t0 4244475f32 18t20 500 S60352 Sts.4.690 474,268 485.26 Dop"tkm ___! _ _ _ Utj t$2Iw dLa l t6 (11?4o080 40 -- !D St to 3t de_t.cl dlnv*slrn.4w J$tt24P 24 54L46tI 32503 ,260 (.2 30,2802) 58t7o0 s0 8s 0o 40 sO 0 t0 tti LMSO nul bt of notl%4 FBCeQ! i £82t_U Intl7! $i _ teE U24 3 ?&onfi50%o4o.44nco~~~~~~~oe: 40 00~s ,,,,,J 40 I A4,0)9 (4402.0654_ Jl9!4,26 ,,,,J640I (42,378 (58049) 5062 435 073 tA.oon ;~.:.., iVoRM'S4 ~ 8824173 ________ _ _ __ _ __ _ _ _8 _ _ _ D_ _ ____0 tI7,Sl* ,> '~'~& ensA6f~i ' 492557 424 .a4 Oao 0m d _ _ _ _42__ _55___ _ _ ___ _ _ _ _ =_a_n =--_ 265 TABLE IV-3 Cau!lIcan Block Oi Flnd Madre Dlos Area Schodu l_s R . _.__ = -(Ptanned 1w 2008) Lo _____62 Peoduclon Plam,: Of Ptod lob 1000 200 3000 40000 4000 4000 ___ 20 26 _ 330 22250 1820 15920 140 130 92 iOS Ile Inmndj J_ 23 31 7 ___ 79 9_ _ - 2 a Si ____2of_______ UORFl0cov.~ 7b %113 25 _2 1 3 11 __8 3 3_34 LPG ied (I.on.ody) 1.5 21 36. 5 .9 111.18 4. 8 12.43 13904 139.74 13.6 SO. 127 113.39 MN023 Plow ~~~~~~lAdfult6d '.94 S EopI Pilo I1 grIrm ____. F tl _ I ! 3 I 9 to - t 0 33 Dv,l:m.sPO ... _ ~ _0 ) _ =f) fl% 0 s e eX IsaJ~ Steo7) s 0ee1 ____l: 1.2 2.12 0 0s3 a e 0 t so so0 00 051.163 6109.600 sin224 112.40116 23S.3 47 1267.52 123. $12 39.13'2 $151,461 81 e11 6SIA3.867 $143.T34 9124,910 1181346 194,021 ____________ ____ _ 12.000 12.000? -12.000 12.0) 02.000? n2.0001 12.0x 112.001 112.z ) .02,000) 2,0 12.000 (33 COC $31220 130000 (12.1000 14.llcw nweeob.lw.depwtecAbr( _____ b_ _ _32.761 163,115 t $1S38,746 6202 521 1220,619 62ae30.635 183001241 763 .02! o 11 0lt n e 2$ iiiL 1 91 15400 197.23 1409 3.7 0 70.272 tr os:LPO dn32 i76 (16361 $C 7 10235 12201070 14 0) -|105 0( 0140 110-3 is10 6.03 10.4e 100 us ... 1.10 NoI Annual Cash Plow , = ~ Il.S ) =43.681 1S30765 _1 8882 $111,66 $202,2l820 17 0352 6120.021 191.93 1613.61! -ei s.4ss4 _1s61i.0 8i 6,100 148,48 i 41.4 ,91 $0,136 _~~ ~~~ ,4~'' _'~ _81,4 _ .aI_ _ _ . _Sd. _ _.OWo 2 - I-O 0w _$,2 (__-- =--_=-- so.s o1 o os _ 266-so s o o $ s i TAALE IV -4 ,/ PteucioWet_ .ird ___ .ftyaf , . .___ ___ ; ~ Monteverde Block a0s Flnd (Chaco Area)l l l "Dphd6 _ XunOdG o Ks: n dr A _. el Ga !^- C&a^;if;r4#r i D rxlntO________________ -Ondsb/N_ _ __ Iy tX ,§*t92 _ _____ Veu _ IuIlwt1>n 1d _ £d 4 __ 1 4= XiietC*jioi<+Q aii Ii II 4 _U4t _ain 2aOmlos W"Wt 215 Fl bmdd soh * of a l w _*_ Schnducttfl PunuMaInlgo SOIl 342 3093 2710 20 1945 1590 3 IS 1=9C oW _1O 630 40 tPIan db 100e! Ob d nid h dII80 30161 't159) 304 2110 i,t44490 90 801 10i *01 110 6oo S1 0l So ._____________ .__ OuSda_ 7 mt:d t ot _ 2 11 E 0 e; io-I e 4c 35 3 _ 267d SOb 3 re -Is e - 1 _ 204 3 3 *0 3 s _ .~~~~~~~~P ROOMRad _ a et e o 90 ol ,- el ae ff 5!-43 3' J 0 30 CbFig. (= t9!M i q 94 SUS txPlaf P!m P !< _ _ I!~~~(14 so to! iseo to so so to _u s so so P |" n5,? Izs,z _0 soo sTo lseol o l s so soo1R o ' oc I_ _ _eM? _5r530 -Slsbz _ tst94s srt ent ! _(K ss,t _n so sssa to.* '5" 15 to,0 _z to so*, In Gn -{ - _ _ gtZ, ei~~~~~~ ~~~~~~s.",1 SSA3, s4e,3aW uSM4e s, 91oe1 __'32"6 fit SO 4310 sX$n21,sa u 3 i wn o tK 1 .tlJS 63.10 $5.s5 10,1oX $e 420 $0,721 _66 55,945 Ols5,s -84,aw e$3 .090 52tNt 62.128 S7.09 OIC** In | _ $~~~~~~~~~~~~~2,35, 4SO,956 55.2090 STM 14,240 S76,10t 91,n S03 1.24s Qp 41,23 11s,ete $31.44S $.56 SM s S21. 003s w l. _ _ _ ___0J _61 __. _ _ _ Opmt% (S |14,t000 94.000 (SL4,000) 1 U4.0 194OD 04, 1$4,0 t40ol $,0 ss (14,0oc1 _ I4.0 oo0 (94.000 (4Sooo) N1S t bfoe dvPA cidin t n 808 tS38,881 $3i!etti $5s,ee't $ e9, e ttW.O tffi.2751 853.11 $44,755 U3?.333 UO0,09- $2.204 $2054 W Sl6 1 1514 tu8wedintnt~~~~~~~~~~~~~~4110 L 13,0 _19, -e53 t,444 io $0 so _- 1 to So- _u so to w ' so s _tU4innwlCshrtew |-- 4t;Sfft,tM l 3 2aw,n AUM4 JtS3445 e to tos, t o, r ,tl 2t,o so@ i to$4 so to.4 soi so $.$t;~ ~ ~~~~~~~~~~~~~t to' ,Om 26ow is inredOn. st lt#qeW"im. neseve Reserve, 1094-.0 96.6t 0. Ue uh "S d 110 to W lt, si dee i4 Whs I i vs. lquds In IM00 htU 6642 1* 9700 Ovotla Peee_ 4 64 Nww Il ps P r ON hAe C|acb proftuton hV'0. RtofectIon coo t he 94 get In 0 t b 0 224 P_Iee: Oo iCRC-VURYapeardCoegeerduo 409. gef*du%e 1214 16 1*0 9H 1097 1646 1006 206 281 2002 2603 too4 2005 2000 2007 200 20 Produton Plan: Rates WMquds m bese 220 332 2 2407 2040 1739 1475 1068 6e m 6am 566 474 403 0 veaolognmfptri2rfnr SouG sot pedl 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 40 wltnenRwo 140 149 1 2 140 149 1 4 149 149 149 140 14I 140 149 149 140 Llqukdga" rol b ll 9N s 3.30 70.61 60.16 s61S 43.48 ee 31.42 20.70 22.70 129 18.40 13S94 11.65 10o0 shore plnt coJh wN0 CosetbeE? Cash Flow e(A4uted to 1994 $US.) Wdt 1(24,450) ($9.494) ProductIon r6acitt (*6,667) Petl (04.300) ?otai Ntmnt (6.6960) (0S3.4) (6544) 60 soo o0 so so so so so so so so so so o0 Incon": 06 $10.666 W16,027 S11,042 1541S6 SK1.3 110,001 96 o 7.,72 6.399 03,407 94.6s 03,2161 *3,26s3 2,757 *2,329 Itcr: 0n WaS S.0 WIS *16.166 9,29 *20.070 2.011 $21,92 02 62 21.701 121,76 022,460 $21,324 z121.99 2*2.073 *20,946 020.622 Inr o tmaw. $*,346 *2,436 $1.600 $*.600 $1,657 01.31 1.712 n1,702 81.92 01,62 2,672 262 01,662 01,642 Oeos Ravsnue 13s,73 036.450 135e,61 *3.,066 #4.606 *34,284 0" s0r *0.64 s12.676 *28,549 *27.576 *26,732 125.19 025,357 024,794 Ropay @12.51A (*4.022) (04550 (*U.460) (*4.34) (4.326) (04,.286 (*4.063 (*$,673) ($*,709) (63,669) (03,447) (*3.342) (S3.250) (*3.170) ($3,009) o* aralng Cogs (*1.900 (01920) (*2900 (*2.900 (*2.00 (6900 (020) ( 00) (1,900) (11,900)) 1900) (*0) .900) (*1,0 ($1.900) opeeting Income I before depre.Ste* 630.452 020,994 829.321 *28,785 *28.360 628.099 026,544 025,2t2 $24.06 023.060 *22.229 121.4n s20, 48 020,267 *19.765 t2ec. d pre* Unvet. 06,027 (ne.0so) (16.603 6.60) (.50e, (6.60" (06.503) (66.503) (85.603) (8.603) (20.503) 00 so 00 00 so DCepc.f dNo lnvart. (3.49 60 00o so 0o 0o J0 so 00 so 00 so so 00 00 Tual. 50% (110.221) (*12.740) (*12,400) (012,142) ($10.934) ($10.76 ($00,022) (*9,354) ($*8,12) (16,260) ($,1114 (102,745) ($10,424) (*100144) (*9.207) CathFlow *,j6 S *20,24t *11,912 *11.4 *17.4441 *17.242 0s1"0 012,1" *1,214 14,.762 1,114 *16745 *10,424 *1,144 *6.97 9_ olecov"ed 06 in Weo Whe 1100,406 wNhPVh2t4t 376.126 Og.urited0ehOl0Omd M6.9006 R.qd Irwd.e 310 YapacOM- 0111 Gas! Condensatet XL S6L6 Cwwi4 ! t eLiQu prAiction 784 bpd hI 12/93 ..nd of111... Plmnod 0as pcoducio Ion n0mm tio rre*Wm4n n (ell0Prwi Prbbs woOs h. SC,: 25 bIpndctiobn plshn 4 ps ewnef... Ersos.vs R.ss.vss . 0R8zo Won$s To So 0r6i.d 4 now wells woquh.d bOtwos V8.V6. Liqid i 100 bi 67s60 514* 46618 Sutoac*Fe PsewIs Using ISa delr,.dr. 9gak*l strpp. lud n1r Oshbu l 406To Si" 25 W tbToJDrat: 4_ @iS~~~~~~~~~~~~~~~~~~*w. tbutdn1000 bEt 790 X 4 | r~~~~~~~~~~On ln st 1090 So PIitne6: On Shares d CRC-V8RtYvpmM4C*W 9s.oduelos * SY? MsON _rmoIUClO PIeSIM 5compt teqird hI 20D0 dcootd .1 0.36 m,Won. Sch.dulsg 1594 1n, 1tt 1161t 1m ifl 2000 2001 2002 200S 204 2003 2000 2007 2008 2m00 Produeti Plsn: Liqud, hin b tsllday 2810 2600 2140 1172 1440 li1t 10R1 oI lt' 610 160 471 400 340 300 On prducoit I3 1S IS 28 35 30 2 24 84 so 12SS 145 fle 104 94 05oFm Ro0Ym4 102 1s6 11 219 274 235 21 lea ff7 778 1042 1222 t O16 7Se Cash Flow (Ad4usOed h 1I094 $UB.) Wel (14,021) (S2.018) ($2.018) Productin .c0ttiei (OS0 ns ($8,882) Tolsnvot*so (714,774t ($6,712) s0 (14,021) ($2,018) (02,018) $0 SO so flO sO S0 sO $o so sO s0 Ince"+ 0N $13,S00 113.1131 11 1283 19.613 $.401 17,222 $6.m2 $4,703 $3,871 53.16 82,708 82,241 $1.078 $1,754 incone Gw 1.44 $,662 U.21S $12,0 $i8,14$ $14,847 $1,400 $il.467 $30,432 $S4,764 82.406 $72,711 315,7003 47,822 S42,20 income Osnol 1822 10.128 $1,192 $2,237 $3,066 $2.739 51 1 ,2.06 05O,742 $8,831 $11,794 $12,752 $10,100 ,060 18,140 Ineorme LPO 80 so so so 10 o8 s0o1 0 so $0 so so so so aOms R.euo. 111.9, 5 08 o.128 $16778t $24,200 127,60 $24,600 2 MAN So40.877 15,486 177.515 "189,209 $S06209 $56,59 $52,003 Royslty 126% (12,40) ($2,518) (2,47) (3.028) (3.451)., ($3,064) (82.789) (82,351) ($.3000) ($7,423) ($960) ($111567) ($8.278) ($7T,28 (18.60) Opor iing Code ($1,80W) ($iteooM (S11.600 ($1,600 t($1,600) (11,80 (01.800) ($1,W6) ($I.600) O11,80 (sC8,80 ($1,8W0 ($1,600) ($,00 OpeWrng in 4 balore dspr to,) 115,871 $1,82 $14.626 $1,384 $22,257 819.645 $17,683 $14,8S4 $1,3967 S0.233 $86,026 $78.302 U18.133 149.702 $44,402 ospec d priolSlonvwu. $41,02 ($4.103) (14183) (84,102) (84.12 ($4,162) (14.10) ($4,112 (14.193) (141103) (4.19) $o so $0 $0 so oDep do NwO1ut, $0 (14,.05) (12,018) (12,01) s $0 so 10 U0 10 sO $0 sO $0 sO $0 Ysu 050% (85,739) (,79 (14,200) (16,60 (,02) ($7,728) (1Sa,65) (158231 (14,867) (S22,020) ($33,014) (836,160) ($28,007) (24,5) (122,201) cos hrw 8,922 S,"7? $1,402 810,7r1 810,276 111,91 $11.8001 88,424 $111,080 82,211 $30,014 $38.150 828,06 We s24.81 $22,201 3.813 Dbcounrrd 0In O00Wa bbl $1100.11?117 vVIn4$ 112,310 OocouomdOm d h1i0000 mc 814,774 Nsqd hInsu 311 0uSOlubv GeeslCondensate MP' 1)XLS Curnnl' Stwtd uhp In O 1obw n h Or .Ommcflofrwhi t f 02t1h IM. End of ISM... Planed LiuItt: 63 tpd hI to2 h I PrvnP. po, " t Weafts,h* In2 ad In h213 tenveo Reservms I0S Mt WeAs To Ie D0t0: 8 tol be ddlodInIS-18 UiIds In 1000 IWO bbils 00 sO2 101#? surface fretetb: Plan sotw d ekt pwslw plard In W. wih 2000 bpd ctondemto osh In Ont 4Y0 1 228 42 1 P1ine*: On: O we of CRCVBRt-Yo_POC4Cdps Guoduelee. $10S 27 In" 3 on: 4r. rs km II. On *- 7.e to Scheduleb 11n4 1111 1ne1 1n7M 1m5 1m"W 2000 01 2002 2002 1004 tool 2000 200r 2000 200 Pvodulon Plan: LqudhI barrels/doy 1S73 2406 2s00 2s00 t800 2800 no 2300 2023 t7o 1402 1242 00e 0s6 703 On t podhm nedt 440 0r.4 so 00 so 00 00 0 00o so 0o e0 eo eo e0 Lq.uid ert 35 36 35 35 35 30 25 21 la Is 03 11 10 Cash Flow (Ad,ud tlo I 4 SUS.) WOO $0 (610,00) ($18,61e ) Ptoduclon Fcl" 00 (02,768) (12.750) PI'p0ne (110.027) (52086) ($138) TotalIn.mtmnt (533,07) (SI0.027) (13,037) ($09412) so so 5so 0 so so $0 so o t(t t0 so so Ineomes ON $7451 12,454 1f4672 i,0o0 610e335 l07086 II 614,341 $120119 St0,24I 08.104 67.313 # 107t $5.221 64.401 Inon. 0On $lt,s140 300,047 630.,211 640.140 64200 2.0 43903 052 $43,401 1.3.110 642.9991 UA2.64e1 $42.39 S42,14? 1141,000 64t.64 OGros Rtvnue 620.000 143.fo0 *331,n0 u1s,743 .58360 s,1e0s 021 657.742 155,200 153,141 151,305 649,710 540.320 647.117 *48,050 yRoy @at02.5% (613,329) 05,380) (6.041) (1101008) (5I7,26 ($7,02t) ( 17e) (6218) (50.so000) (6.643) (18.413) (18.214) ($,041) (15e.80 (115.767 Oped.InCosts ($1.400) (11.400) (1,400) (6,400 ($1,400) (*1,400) ( i. (61,400) (11.400 ($1.400) (51400 (60,400) ($1.400) ($1,400) (51.400) O"Aht iriorInsoi(be0otadepeac.111*, 521.878 138,314 $145,0011 64f,315 640,002 151,940 $150.43 549.124 64800041 145.0198 643.400 642,097 640,085 520,027 638.1119 Oowpa. dop.aire 6 00,027 (411.003 (10,003) (1,003) (0,06) (5,06 (10.060 (sn.063) (60o06 (11.003) (S1lO3 so so $0 so so OwreC dPdow! W ($03,037) (110.40) so so $0 so so s0o sO t so 0 so so s0 so To 650% (13,488) (102.,0H0 (22.013) (523,108) (624,210) (625,443) (125,2010) (24.030) (122.940) ($22,010) ($21,745) (21,0.48) ($20.443) (110.004) (09.450 Cash Plow St,668 m ,02 I7,0T 124,216 610,612 62t,1ol 2,9.303 02e.0os t24.0n2 023,000 o 20,74 "11,04e 120,443 19.S,14 640.480 6.402 lcond OR Ihn 000,. bkb ttl10608 *4tWVIn14I 83.m f lloBbceudOo htOOOmf IU1.070 Red Inves. '-I 312 Patulup-^ 'I os MAIP "..x2 AS Currer.4. 1 tbuqM pmodulon n2 bpd hI 12193, 1008 bpd in 6/94 End co 19n3 .. P* a d Oe prodolmnO0 iO10 dhI 12t93 bn "(.458n Pro4 e robao. Production "We6 in S.1 .. dIpeedlIu M10l.scuunellodscavaiwo3 Resunv.s ft.u0wI MO4.VI Wdfh To S. OCr:tq* In 1344. F *n,eu 59- and 9 mnroe in 17. Liqu OnIn 1000 bbls I0 6 7w 9uifa P :mei6 Our 10e InV W4,11%.0 4tc. tolknM.i, dlb on eot Oat In bn act 14 0 0 P1plIn.s: d W* .m nwm 1 OO00 a 40 sodules 1n54 IoH 1 in7 if" 1" O 000 200t t0ol 2003 2004 20O 20e 2007? 200 ProductionPlan! sale tiquds Prod I 1600.0 2400.0 3200.0 2720.0 23100 160.00 670 1420.0 12000 10210 .10.0 315.0 290.0 270.0 245.0 G" prod. hI m Uquidefgs, nuO Cash Flow (Adjuse,d to 1tO4 tU9,) Wet ($10.000) 014.000) (54,000) (54.0AI ) ProducOvn F8 ,i, (51.150) pipne (53,30) TdIla uImemor (5,426) (504,436) (514,000) (4.000) (14,000) so so0 so s0 SO s 0 10 W o0 70 s0 s0 Iorw 0 57,7' $12,121 $16,997 $15,156 13,476 501,9t 8 1,11 S0,556 $?.t9 $e6,0s Mi1st O1le5 51.eor 51,70 01.417 Incorr in 00 10 s0 $0 5 $0 Wt so 50 70 70 50 50 30 s0 Glons Pvnnue $7,579 $12,121 116.907 $15,156 413,476 $111646 St 1.21 18,556 $?,19 6,105 55.1s5 S0,654 51.51? $1,570 $1.417 Roysity @12 (5047) ($.1es,515) (42.125) ($,t65$) ($1,85 ($11493) IS . (51.010) O( (5762 (5644) (5222) (6212) (5196) (6r7n OpwatIng Cost 1,000) (St.000) ($1,o00) (1,000) ($1,000) (.,00) ($1,000) (10,0) (50I,000 (,000 ) ($1,000) ( ( ( ( Op.mfiqn Ino ( b6lo;* de be.tao 55.631 59.60 513.672 612,23 610.792 69.453 5.S56 $6,467 55,290 54,342 S3.507 $972 5835 5724 $55 D6c ofpr 1i9 minwd 506.&53 ($t."8 (.64) (.664) (1,664) ($1,66 ($1,64) ($0664) (51,664) (110.64) ($1,664) s0 40 $0 s0 s0 0.p.c dNo InO. (514.000) (54.000) (54,000) 20 so so $0 so $0 so so 10 $0 $0 50 Tax a@50% No,026 ($1,91) (54.09) (6.20 (54,554) ($3,685) ($3,066) (52,402) (50,802) (5t,329) (50.754 (46 (9417) (532) (5295 Cash Flow ($X3,42) $5"4 $6,770 $5,576 f5,5 58,40 54,770 54.086 50,467 5s.o13 $1.764 5465 1417 5362 5256 4,466 ODbooed 011In hOl bbb 121,713 d1PVIh54S 00 Io RmdOm InlOOntod 535,435 R*Wd voawt. 313 La Penis Gas I Condensa CUntml f- ptjehi 1467 Ind hi23 ... o11fa6Me- Pt ttd 000., *5 KvMf In 12136 la VW . bwwwd hr. ax Pm*b ft VMIhFiO. S boo W NFl Om"mm WM. R.nv., RemOttoes 1-04-0- Web ?o Se D~ 2 .dd6louw( mqLd Llquds In 1000 b.bl 4601 e 1621 suretio PsUltw. SW 1Pt s"usmers4o t. s ton" &W 6*ih" Oss In bn set 3 26 PIpeline: none Sdloules 164 1ess 160 m? 10$ 1tth 2me0 001 2002 260 2004 2006 3000 200r 2000 2000 ProducllonPlan: tIqt( ePied kinbpd 2550 2250 few0 t160 6O0 550 JX 1n Itt 7o 40 26 Is 1s to Oenpmd.h Inin.cw t S B I att I s s 5 5 4 4 4 LiquWa/ges Ml*I Cosh Flow (Adutlgdto 1t94 suI $S WMlt ($,SS' ) P,eutcmn ptith (6$t1.254) tp4win. $0 Tolmll tmaW. ($10,580) ($10,89)m $0 so S0 SO s0 SO so s0 so0 sO SO SO S0 SO Inco Of M12.070 6(1.363 $9561t 66,749 66.420 63,S32 _ i 1.176 sea9 3417 $237 n147 $6106 S8? s Incom*: 0. 212 62,274 $2,361 $2,061 62.620 2.744 t S 2.713 e2.697 liNt u2.666 02.6ss $2,107 $2,005 2.062 Grlos Revee 614,211 )3.33? $111.92 st5.260 0,062 06.06 8 1 s3.688 63.386 13,008 12.902 S2,707 $2,213 62,162 $2.140 Roflt"y *12S% ($1W7M6) (61,705) ($1,44) $1.401) (nt.0ott (6762) (6486 (6423) (6387) (5 ) (6350) (277 (5273) (6288 oplr.ng Co*t (5,.0) n000)o ($1,000) (11,.00 ($1,000) (61.000) (11.000) ($1,000) (61,000) (u1o000) (31.00) (61.000) (51,000) o110001 (1t.000) Op.r.IngIrcone(beedepeeo.SIai) 11.435 610.932 $8.458 8.5 16,045 os $4,S34 13.137 12.402 61.163 u11.11 S1.540 $1.447 6628 1S09 1873 Deprc. of pra-#9rWa.I S13.24t (61,325) ($1,326 (01,325) ($1326 (61.326) (11.325) ($1,325) ($1,325) (1,325) u1,3215) 60 so so so so Dwee of Now tmt. sO $0 so $0 so so so s0 so so S0 o0 SO 60 s0 Tao * 501 (15,055) (64. (S6.406) (63.783) (62.38 (11.505) (6906) (65) (631) (SI" (6TU770) (724) (648 (S455 ($43) C r hplow $1,300 63,11 $5,1 SI'm $2,661 s$,000 $2,201 6166 61,$s4 01,616 $770 1724 0l4l Sl45e 430 2.72$ VOtNd Wd hi 000'o t6bh 024.r0o *NRVhi '940 12,205 Otsoared o Ihn 1000tnid sotnio adhr Inv3t. n ~~~~~~~~~~~~~~~~314 CEPAOFL X'S iMnerto sovica: O lfa _ i _} We-##- ToP Be........................................2. .- .iquids in -of g 354 1441 372 _ 12642 =.2 X t1M 117-L- . none _ ~ ____ ._._ _ =__ _ _aIi6 t _ __ _5 -_ _ IW ___ __.__ Schedule _ __s 1si tt21 155 iiii 15t 100 200 01 iC01 2003 2004 2000 2000 200T 2001 2" oa___ 1 -= -a t0 __ °-o0 _ _ C ___0 - 5o ---- _ _ =_ _ 11 __ T .~~~~~~~~~~-- -__ _ _ 0~ ~ ~~~~~~~$6 2 1S 3M -32k (_2 A M2 Ij _J!W!2) A!M 1052 =fW ________ $96 3lot 5!s so b 63_ $2$, 6 U _ld_4 S1 _§_ __ __ _ ____ ___ .______ .W . _I5 .4162 .i:j~MI .53 . _ _ ________ 12,55 52,076 ~i,05? 0 _ 0 000 315 NalsnjINom! asoI co MSYAPIOD XLS Curtert St& Pft"ie t id V Mbh1i 2je .. Onmtof1IM .. Plbnned ak a1t fmeM In h2 1fft h n Om,. Proven Probable fed%d Went 9In SO 1P,mducirv weft.d~otsI 02165 ,,dvfs 55**v It".nVP WOOt To 6, Ad, ? addIt4 altired bet se '072w. LiquidsIn I10 4S0 0 JU uftse Fa%s fz** %*Oe 5 I oIt 00s Sc,qduhs 1964 1681 ilos lIST 1*6 1* 00 200S 2002 200 2004 202001to 0O00200 PiodueOlln P.tw L. ProdInbpd Ts tn t5 7S 8s es 0io 77 73 at 41 47 45 42 30 a" tp t.huin (d 10 10 10 tt tJ IS t7 14 14 t4 1t 1t 11 11 7 *tlquld po I Ca0hSaw (A4 d ttto 0004 WUS) Weft (03.142) 0,742) (163) 70*i6n FFioffOO ($52 total InvestoW (W15,060) t0 (14,324) (13,742) (15.613) 0 s 50 so so s0 so s0 so so to t Imam: 00 55 7 J872 2 U438 $S18 SON8 58t 545 5409 J28a J27t s282 524 Incom.:On u14,26S U4.t4 A 4,7542 W5,e1 6,526 U0232 t . ,s5S *t.55, zt50. 551.8114 53.630 55,T75 $5.76i 13.144 CoMs ROVWO 14,620 64.026 6S.114 s8.61 67,268 W8,SO J .0 2 5.908 .013 6S.942 16.273 58,116 58,070 60 55,887 Royetly 12?A ($575) (5815) 5645 (55 4"5 MIA Is. (1.025) 400,02) (7" (1578 (575) (5 753) (545 Opeling Oasis ( (1400) (64) (0 ( 400) (0) (1400) (64 (40 ($4ow) Ope,tlng lnc, (bd. o dw6c. Sbto) 53,643 3.510o 54, 00to 4.740 $5,8 S,2se $5,220 titn] "6,1 tt.549 15.086 U4,fS3 14.01 5e8o 53,001 Doraeeof pro.l-o"Ivewt "1A0 (8,03) (6805) (i5s) ("815) (153) (46,3) (68t51 (663) (6803) (685 s0 la s0 s0 so Depsof d Nww nvwest(62,0 (3.001) (.2511) (6".6) (6s23) 6s s0 60 so 0 60 $10 so so so Tax I So 50 $0 s0 60 (52.311 (53.222) 413,704) (2,90) (2.89) (12.885) 452.644) (12,477) (2,45) (52,435) 50,5) castiplow (58"I 51" (60.80)) 14.745 15,647 S4,025 4454,1 5t2,7 03,712 60.561 52.644 62,477 52,466 62,430 0.500 083.091 OlWP0OW40 OmInbboI 610,831 .NPVInl4f U0,56 ourtOed GooIn Ih W 100 602.856 Prweat. R.q3d 316 Rio Oioradmt (Ms IC M9"- 'Txhi e, 4 V 0t * roducng 206 bpd In 1 * .., tned el 191"t ... IanVd 06u@4 8nlV9 mrht in2 n kw t td4ol PovesP P.r ble Prodnuti Weft h In Is Jrt, l S n ftose*n 9tbe,ve 4144-99 Weie ToS. 0r6hr d: 10 6&dtanel *eqrd Liquids In 1000 bb¶s 1J7U4 8 744/t lurf*tc F*cNfttle: AdWt W &fnwln t Ote h bn act IsO 0 7 Crniproveos , pboonwt4l hi 94 Scht&o 1it" 13 106 1007 1 10m 2000 2001 2002 2003 2004 200w 2006 200 Mt00 20 ProductIom Plan: .t1udPrsPo1 Inrpd ¶30 ¶220 t250 1250 1700 1725 1725 lo00 1500 1375 t285 1230 tttD 940 6so Onsprd. I,n mew 70 so g0 ¶05 143 ¶s8 ¶29 ¶52 140 110 ¶03 102 go as 75 LJqutWpe rnio Caslh fPo (Aove¶Uod to 1994 MJU.) We4 (M7066) 070068) ($176?) ($.707) Producon fan ($32) tPtu ($1,060 Tote? Invomnstrr ($19.56) (W1005) $0 ($7,000) (17,06) (1,77) (11.767) so $0 so s0 so so so so so so tnrcoiw t 6,158 $8,161 $6,630 $6,ON6 0.443 $10,51 SI t. $11,448 $89.66 $8,19 7?.0e $7,240 $8,405 15,467 14.914 Iros Got 129.854 $MM77 $s,046 S,662 175.12 $75,732 $7 183.481 17S.53 88.11,7 s541o 1 5045187 SSe,3 14.8009 639,042 Grou lR¶m $36t,012 $425.538 649.660 086, $885 $88,348 .2 $93.910 $8,499 $.7176 $82.518 6,87 $A58,2 S52,077 143.957 RoyWYa 0 ¶25% (S4,501) ($5,317) (".210) (67.456) (10,89) ($10,708) (1 (.11,739) (SD110,2) (18,397) (S7.15) (17.728) (07,2e6) (16.510) (65,49 op.rtng cal (02.00 (12,000) (2.00) (62,000) (12.000 (2,000) (12.000 (12.0001 ($2.000) (S2.000) (M2,000M (62,000) (2.000) (20oo0) (12.000) Opera¶ir, ¶nooro(elnerodpoe. latr) $20,510 S35.221 41.470 0S5,193 $72,881 173,488 S73.512 00.172 $71.938 656,71 152,704 $52,098 $48859 $43,5617 03.482 Dpc of po904 Iriveo 120,390 (12.) (6203)) (62,39 42,303). ($2,936 (M2.M36) (S2.039) (52.939) (2."93) (S2.93) so so 10o s0 1 DMItC,d Now a. 10 ($7,900) (T.066) (U1.767) ($1,787) $0o so so so so so so s0 o 10 TVW0 0% (63.286) ($12,1) ($15,731) ($22,743) (US4.078) ($35,28 ($35,268) (38.616) (34.499) ($26,920) (028,352) (128.049) ($24,43 (21,74) (18231) Cssh Flow 016,225 $15,130 $18,870 $21.462 27T,617 6S9,200 $s8,t2e 046,60 $37,431 $2,856 10,35.2 626,049 *24.430 $21,784 $10,2s1 s,s57 eDbcounf4d 0891 h 0 bbh 6100,04 aPV914 $ 220,661 Olet3otmfdOOnhIn 1000 md $0.616, invest. Rtsd 317 cEPnoFL XL3 Sonls Ciii: Gas I Con _ . . -I,__ WliSI I-n__1 Sero il-0 1tt oo _ 4 2e 200 200t 20CI ftvv 20i20 012ew Wat To ___ i;sd 3 11ffon 1o d tst~' 6 _tl 7!d In tM bt!l 51 t S In_3 648coh vFblw l -AddkiwW bwne Gas WS.jn s=F _ID _- Ty_ prdi % . - - 1(205 M TdR- imeml h-82 if _W (Ad,e83 I$2l(le3 O_ atoss ln $34574 ]1 NO, $017 $,404 $9.298 _ [!215 $9.11 _$9t It $7.39 $7.2 $731 Ftoyaiq9ty ai.5% = (59 ; ($1,146l St 5 N l,1e2 t t, St2 39) 12N) ( tS1097 d Owt c^hft I 270) 1270) o$27e)2 0270) ($27 (1170 __O27 O27 (270) S1M t$2t =70 OPiiibopwoq I_ 12t757 K574-2 _L.4 7,754 8.00 $ee $.793 V. " ,270 ?SW 1 6,371 $41,312 SS,lee Of Irmo. ! d40 ($I'M _ 224051 (JIm Wso so so I $so $0It,0 $0 soPo TOx 150% -sfl1137 ($o180 tS2 ($,317 43,21 ($3.1 (3.1 ($3.112 T$,023i 3,i685 (#.1 S50)l 1$3.123)1Q! (53.094) CashFlow _6,1 2? _3 l!-20 3iii $374 ;i R ,7tt ii U. .nPA 14.||g1 J4,A3t ,4Rif J i 1,10 ii §3 318 tundy: Oil Mgt"--no xts Cw u Snt Pttduetn 4M bPd d ttndet tin h1 23 ... End of110H - P. anned oan0.IO need In f3 23 toI a Pleven n ttih .,msue W.ent In1 ftaaav.. R*ai1ms 1164.05 Wefts To S Dvmt.d: no iquids In 1000 bbIe 1410 IN 070 S"uol FMttO4100: 1o Gas n bn el 0 42 ° Plpelnes: no Shedulua 1H4 1006 111 100t 11tt 1s". 2000 20ft1 202 79H 9tt4 2009 2'9t00 2005 Producian Plan: LlquldPMod. In bpd 54t 480 J96 336 20t 243 20t l7e auopad. Innusod 0 0 0 0 0 0 a 0 tUqu)Wseot lo Cash Flow (Adjusted lo t9°4 $US.) Psoductin Facifti Total Inwv*lnI S0 so so so S0 10 $0 s0 so Sto so tt 0 s0 S0 $0 sos Incormt ON 11,s $2,766 22.475 12,20t 11,9tt $1,743 $ _ $1.247 IneuseOin so so so so so 66 so oaO Rtnrouu $2,5906 12,7066 $2.478 *t207 1t,60 2,T743 J .4 J 1,247 Royutty g 12.5% (1324) (M46) (300) ($276) (6245) ($218) 1(164) ($150) Op,ldgeCalt ( ) (00 (30 ( (6300) (6300) (6200) $300) Opsittut n o.(b.tea dp eec, Sto4 $1,071 U2,122 $1,06t $1,531 $12415 $,,225 $00 J791 DepecuP pre-9I5 irvoat. $1,521 ($152) ('152) (S152) ($152) ($152) (O152) Ism2) ($152) DopC. of No nv*t. $0 so $0 so 66 S6 66 SO 7cc 50% ($910) ($96) (687) ($739) ($632) ($537) ($418) ($320) Cash Fltow $1Ot2 $1.18? 01.009 $62 67U4 sell U670 472 StO so so so so SO eJ,9297 tlhcoLuntd x hIn bOb $4,031 .IPV In 94$ 0 Olac"tom4d a" In 1O00 f"C $0 Invest. R*qd 319 Mont, -udo: Oi I Gas / Condensate cuwtO&"FI bpd of cdt n 2) Woeo In emvle WON 7!0 000I10Cn puottd IC2 WONe t I.D~ 4 elle fti w eu bwme 20 1i O * $6400 SluutH PeeNIli. 20 v,w,dd wepeole ple in pIec Add fl00onlmw miiw oeuepsm P1pi Ues: in rpl_ Schelolh 1 16 6 16 12 200 10 2000 WM 207 20 200 PO&KtIobtPktlt UquldeProd,Inpd 75 0 11O0 10w low 180 I 1100 ogm 760 65 520 430 3o 2o5 O, Prod. In NMe S 6 I 7 7 74 f S3 I0 U it 0S17 6 6 UqUId,Ip relle Cccli low IA*Mo1d to 1004 SUb.) Woel (11,603) (II, I. (t1.n r) 81,06 t) ((n' tnAmulion Fad. (11414 rwem d18.004) $6 (01,414) so so $ so ($1,6 t1) .O (11,063 (11.63) so $0 so so so so Inconnw 06 13,583 $4.645 *6.106 $10,606 $11,t004 K $6,00 ,6.26 W53m PA.46 63,701 63,061 $2.616 22,004 21,700 km"c nui OV1,276 112.7210 42,609 Il.612 Piry 15,641 55.966 17.012 WM17 $15.30 $6,306 $3.646 $3,14 $5,123 afoot Rov"onu 14.62 $7,27 W6,67 $14.100 614,761 $23.472 $122,56 W1240 1114361 M100 $9,420 $6,204 25.236 $4,620 Iley,117@125% ~~~~~~~~~~~~($604 (6500) (St.122 $173 (11,046 ($1,664 (111,0.74) Is1,674) (11.500) (11,430) (111.262) (11,176) ($775) (1660), (1604) Opewelng Cosl, (6650) I$1,000 (21.00 (11100 (62,30)' (41.510 (61.300) (II 000) 1111.000) ($750 (1150) (050 10) (00) (30 NetA hnmonwbeo2o .ee 3.310 $5,364 06,65 $11,036 0$1,6I0 110,466 Si0,421 $10,021 19,853 $9,250 16.06 17,743 14.026 SO.O8 15,026 0000 cel t*11046nwed S6a0m600 00 (6600 (Wm0 ($600 (M00 M$00 ($00 (00) $0 so so so to3 so 0WC,of uNow Inmoi, (61,414) s0 so so 00 ($t,663) (111.663) ($1,66) (11.663) so so so t0 so so TsO%xes coun (6662) (12,362) (03,126) ($5,210) (65,508) (12) (14,07) (3670) so so so ( 1) ($2,44) (2,041) (1Si," OuOh Flow $6 01.202 02.061 $2,120 *6.610 16,160 $4,r12 t4,67e 14,470 19,110 ,16,26 "8.0$ 82s.1f 12,4844 2,041 *1.66s 2 . t w ;711,m6 xe t.dOhhhbh * *|> ad M jl ~~~~~~~~16,7,6 0fiSoum,0o*10 f_4f tO eo 111.975,115T -kowrW On i' iOV - , 320 320 n.ki Iberto: 011 I Gas I Condensate fi4tt 84 Ptdu1n 10s TY 1c1 5X Il WSIn IX4M wet le$FnWdtT*qul2b. 3i w 4,j , ;' i; - ..' W.oIN$ t o..Sdl%m' is WK4 bOtt grA . It k m - I t ton KMd C 6001KNI44 1101041 Me 1316 159? "191 10# 1000 2001 2002 200" 2006 200? x200 200 P,olion Plan: LJ.ltlA Prtod.In bpd 70 40 2 35 30 _ 25 t5 20 210 no 1`50 2ew 3 a" Prod, inFmc 0 0 0 0 0 e 0 0 0 o0 40 00 020 10o 011*8R*N WdbI bpd S3: 1: 9 . t i4M tPO I eoRv. in e n.dy a 2 4 0 27 Coth Flow ( tlodlh 1¶94 MS) 1 pm6xiw r""I" so 02~~~~~~~~~~~~~~~~~~~~~~~~~~(5,000 (1.025% S11.600) (916,600 ($1510 ("to00) Pkp*llnes ISM3) fst."4) tow afIifr,, (41119.0811 1 SD sO sO So to so IiS.50,) 01509,) (11l?16* (SX.441( (11,153) ($118,118) So ; oo, tON S32 202 $212 t9t 1204 sin 11 i5 Illstte 11,27 W9,IN $10,240 $19,23 11i0501 fr4m. 0e@ayo$,dy pd so 10 so 0 50 tO so t0 $0 14.92 S11.644 117,0)? 85.tY 113,070 t wt 0 to0 S0 0 0 so so so to 10 soe0 $350 STt13 t 1,063 $1,400 Irtemw tPf so SD $0 so le0 $0 to sO so so to so $0 Gross Rbvm 202t 212 SI15 1204 ties $1?2 $151 t150 Wlle 1t,079 $24,182 S410,09 171A 192,80 Rafy @ 129 5% (I4 (126) (iT) (124) (126) (122) IS13) (SIDI (1S5) (115) (1M6) (3,2) ($5,990) ($86.02) (111,22) Opti Coet$ (S10" (S110) (9100) (10% (1t00) (10 ($1100 (S100) (00) ($I0SM ($0 ($OM S11,70o (12,840) ($2,04 )ll504w t3W5or.d.7,roo urrdem,A.. 10 1? $86 $11 Ste "a0 15 132 II U4 .019 S2035S9 40.295 $59,804 118.517 O.pr.e pw995lrni . 41T.053 ($90 (1 ($6 (? Ism I1m (5 ($2) (1(4 (",010) ((11.343) $0 5 o C,proo, of4 twln.d so $0 t0 so 10 20 sO $0 10 1o So ($9014) (140w.:r) (5,804) (tsl.150 Tow qa W of Rol towr $0 so s to $s to so $s so $0 10 SO $0 so A*.15)tA C*ub Flow $196 $11 tt0 $71 $71 $0it 6) 112 (116,12S) ($r.In M1881 (1,4) 14) 1,01 *$1,8 $ $4S,446 14,8t8 321 San P'%'sua: Ol1Gas I Condensate MSTRP'nt X16 0w0001 S PNmdudn 162 bpd of 4f lqIn,h 12103 Wows hi 0.G S odcI on @ 2.20 mn*M to fl:.e PO . - ' m to Surfm (troM 6a rp(In Phc. G&SOb h S ky a t i$tI Uhr hto 2 bIpd 30 me W' Add f l is d pwOna etd e r n PIWIntsa: . I h at. Seh.dulo. 41u 1016 16 lost It" loss 2000 --2002 2005 2004 2005 200 2007 200 20 Ptoduco PlPan : tlw IProd. 1 320 2500 1900 1400 1125 0TO s 5 39S 30S 235 181 140 1o7 83 Oenpod.hInucld 2S 25 1S iS is it 1s 18 IB Is IS IS 1t 10 1O O tAm wrecsymod 194 154 121 121 121 121 21 121 121 107 10? 101 101 67 or Ctsh Flow (Ahustad to 1904 MUB.) Waft ($2,225 PFdul on FtsIeln ($206) PWI4 toel Inveosnarif (S2.437) ($2.437) so $0 so So so $0 0 0o o o so so so $0 $0 Income On $16,584 s82,6 810,002 50.136 s O.502 65.202 5.105 52.306 51,017 61.261 $1s00 $t8o $022 s480 Income": an t.e6o $10.458 6,606 $50031 $,456 $5,86 22 $,765 5."7 50.560 $80530 $7,050 57503 55.23? $5,206 tncon:OaaWIn $1,3 01.488 $1,22S $1,265 $1.345 $1.405 1 $1,585 $51.8 $1,221 $1,214 $1,131 51.124 5745 . 5741 Glo ., Incom 526.769 $24,5n $19.029 516.452 S17,03 105 515,267 $14,256 r13.456 511.67 511.135 510,146 $9,846 50.604 50.420 floylIy g 125S (53,349) ($3,071) (52.451) ($2.307) (2.70) , ($2,072) (1.506) 51,782) (51.682) ($1452) (5.22) ($1,208) (51.23t) (520) (5003) OpStlng Cot4W (S3.000) (53,600) (52,600) (52.600) ($1,600) (560) ($1800) (11.800) (51.000) ($S1o,a (5S1o0) (5500) (0 (5000) (55 ll lnctmKbeto Dp, s15,040 518.000 S14,034 515846 513,93 S2,715 $1,5509 10,75 S10.774 $9185 M.,74. $M 58,11 6279 $5,123 DOproc to p.94 IM,tl $20,237 ($2,024) (12.024) ($2.024) (52,024) ($2,024) ($2,024) (52,024) ($2,024) (52.024) (52,024) so 50 SO 50 so DOep. of New hsl. 50 so $0 $0 so 50 so so so $0 60 so $0 SO $0 txaso @50% of Not hncom (06 (5."s6) (56.455) (1e8.11) (55,60 (55,345) (4,706) ($4,320) (54,315) (53,671) (54,371) ($4,180) ($4,058) (52.635 ($2,561) COah Flow l8ie55 11,018 $5,476 5.55 87.106 5758 $6,151 66,360 U6.380 $Sf5,4 $4,n71 54,165 44,068 $2,856 n2,614 3,200.0051 Olsnossd 068,m Ibb W 45,t2t,857 Obu d Oft In 100 t s 322 Vuelte ",rando: Gas I Condensate Cea,m f P 'no.A,e1m1 334 wd of OwdtN In 1Vt3 . ii.t"i .dS,s'' 2.0' PIosct Q 0.003rmnncI b YA90ASOCitndsnh)sn. 8)V fob PtOd4.S* t1s1 Welts In, 8.0vIni 43 weIl In ro*xllon, 1001 f#'4)nlecVn-t**- 4 . Wofs to U. Ot66d A to df etKe 0I0t t)558 Asvom 2 d6. by wn '03 dl h 00 3 5uf,sem Yen08iss: Ooe,ej S i. w I an 17 O t T I2M 400 Add del'jlr.on ndr 8ttiond, 0*1231 4ndUiot Itont IIpe)r8: in pt" seltedulog - 1t74 lot8 1S5J 1MY7 19m II 2000 _ t002 2001 2004 2008 f00 2004 200D ROO Pioducl)onPlats: ulidsP,od In btd 2800 2St0 2230 2t15 20)5 19)$ 1 25 1735 1f50 15Tt 1420 1sso 1290 t225 1185 Oeesp In onwm 23 23 23 iS 2It 23 iS 70 0 1SO 126 126 1M 13t 1US NetvAm1ewv"ed 115s its ts 1ts 11 115 [is 20 4ts 50 630 6) 60 8t 730 LPO Re (IonnnesI 30 39 30 30 39 3 Ito 162 170 244 214 231 234 248 0o)h Ftow (1u$csta to 1804 StJ.) 1. Well (8136) Pmdllon F 5 _ _ Tool1 nv.8MO ($3,649) 153,849) so sO so tO 5O 0 so so soo tO sO so sO $ sO (neon", OR PM $11.8) 5111,65 *still" 511,785 611,8072 MAU,0 $.4 9.885 50.3) 89,3 S 8 .o408 57.94 *.54a 8. 125 *8,76 Inome Gas @dy get -5. *8,0 ".9611 80.630 6 1 510,612 *11,152 1 2 2 *ti.505 S45.373 547,127 $59.1)3 55,128t *61,92 *62,52s $8.6.70 Incn (30so.lle t1.041 KIMO J.ra6 1.25 S0,26J3 $1,340 61.212 64.022 IS.441 8S.684 S1,132 S7,oO0 $.807 tO,862 . 18.070 ln ton* tV0 12,258 *2.405 $2.530 62,654 42,78 52.003 11.656 86.734 S.11.74 52.112 55.448 55.3"? *18.478 5)6.370 S7.419 Oms, Income *24.900 24.322 $25.071 251.736 *8,428 in 127,088 $26,32 $56,724 912,282 $74,8)3 600.1tO 189.J2) *94,590 553.603 108.800 AOnRY6 b125% M (IM12.31 180403 (52.134) (83.217) (.304) (3,262) 1,295) (17.091) 1s9.sM) (10,321) 6101,284) (811,140) (1St1,24) 4S11.700) ($12,370) OpetIntq Coo (82.700 (8270) (*2.70 04t (S2.70) (12.71' (82,710 (12,700 (82,7a00 (13,700) (2,700) (t52,o0) (*S,70Ta) (12.70) (21,700 (2,700 Not Incoreebefo,4e . 519,0 68,882 515,238 50)1 J20,425 520s,64 520.365 14.034 560.547 MM2.88 576,147 *70.261 *0.071 S10,202 MM3.8 oOe.cIMIondEftf t4Tv.t t,1t3 (W4.718) (S4.716) l4.Tt18) (14,7`18) 44,715) ($4.11) (14.718) (I4,7)8) 4t,U181 4.716) so 5o 0o so so Dop.ec.odN4ew9mesi. h0 so so so so so $0 to so to 5o s0 so so s0 eIn* a50%ott Not ncn 497,585) (t5.932) 47,2801 41.155)) (8.,83 (1,033) (67,822) (12t.1081 (t27.9t4) (528,t'34) (838,073) (8t2.60) (t40.030) (539,605) 1t4t046t) e.)h tow 511.19 5t,#11.86 * T1,9 7 Ht51 515,8l7 512,611 11t,8u1 528,825 522,83 tSS,52 fl8,073 1t7,t40 t4D,0S9 629,504 "41,U 1,4,1046.126 O tou tted Oln ih *1St1* .8'NP b ~i ...........f' 12t1,93 t 0beunw4.Ontn 1000t3 *3,641* in(W i*4 .> :1* 3,260 -] 323 Caigus: Oil Gas I Condensate MIAPnoott Cwtt?e 0stne o hbpd I tO3b tw nwkt "oft duh ~ 4t0t' Im %ft WM In. Weft6 TIPof D~ 4 adds" Wells ON A4 ntt Plptofaox bic! ow" dwtolln.oln. Om tdpow * ~8oRtt -i 10 Ion @0 nwuc SctwduLo. 1684 189 165 36"7 168 160 206 200 200 2004 200 200 2m0 "Do 00 Prouio&Knoln": ON prod. Intipd 14 34 14 is 14 14 I2t3 12 33t 30 plentuS to "N ON pmd.t bIn mcs 20 25 20 25 25 25 25 25 25 25 Chsh Flow (A"edto 1D104 USUE.) Wtit (63,320) (U4SS (St, 5S PFo" F36(It (6t3 ( (6 ) Pko#n" ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~(S 36) toluiw.lm.q4 (t_10,763 ro 0 $0 so so (83,578 (64,657) ) so $0 r0 o s0o so so so iccont ON s0o l0 so 00 r62 es8 5 690 684 683 $7, $7 $70 84 s85 Inc1mw not s0 to 00 so $10,50$ 113,20 *3. 6t 3.503 133.484 o13.406 t13.32s $13,240 $13,171 $13,0M2 ,014 Gro ~eR , so 0 so so $10.58) 813,8m r 7 $13.653 813,588 6(3,48 833,4008 $13,320 813,241 $13,105 6(3,072 Roaty @ 12.5 0 00 $0 0 so (3.32)) ($3726 481,711) ($1,707) (136s (1. 6) (1,78) ($1665) ( M,55) .645) ($1,834) Opwrlng Cm $0 0so s o 6340 t 0 $340 ($340) ( ) ($340) ($340) (6340) ($340 (34 ($340) HN Inca.e4 adpoc to so so $0 68,604 324 $U.43 2350 611,607 811.532 8113483 811,388 0 SMS1 83.248 t1t72 613f.00 Dspdslctrmofpr*o'48 mn $3,155 00 00 00 $0 ($U,155) 0 0O sO so 00 00 $0 00 so so Dt . m ofNownvwt*n. $0 so 0s $0 ($3,57 (4.6n ($252?) so 00 o slo s0 $0 00 0o Taxn a0% S0 0 0 0 60la (12,435) ($3,8111 384612) (6580I (615,760) (65.732) (5.605) (5657) (50620) (65586) (115.40) Coti now $0 tO 60 $t,"O *4,6132 KM,002 88,76 $6,722 $8,66 66,63t7 88,02J 66.666 $I,84 84A6p A;M~V4 4 ,3102482 DOhom . 0t °tt b b 324 TABLES IV-10 Exploration / Development Economics Representative Exploration Plays on YPFB Producing Blocks Sara Boomerang Vuelta Grande Grigota Chimore Camiri 325 Sara Boomerang Block Oil Find| t t tW: _ 1 04 MMW1 in Ith VIcWidV; of~ _ _ M*M : 1 U9k - 41 J 10ijL : :: Fli t_:d" I I'Vanc tJOI tor"t: 40/KK tStbV_ __;gplc ._16111 P ~~~~~~~CnJb ti * oftho"": f km .........,. :hAb 0.000*p,;. .......___.__.._.__. tiabntin iiiii; ~~~~~~~~~~~~~~~~~fllt 303t oTs3 fall 1el 7tt7t 0301 4332 131tt $0O 24tt sl 1 044 1370 tl4t Cd. =lv 1Amo to 194 tU IU ..___ f *:cb lbn Nvagm ifto"t 114,COOI1 t (14ce400 1 10O Its,$" tO4= 4 so ID to. to #0 t o to I0 O 0 I o thzabtnitsm_ __ _. IIU.0~~~~~~~~~~~~~1N14 11I6.0m ("so so W0 k0 to so 70 i0to 40 !° Totli h0311b110 _ rllft 8 (117tO00 lltl. 3000 11417.XC I l ^ ,to t K 0 so K 0 la H 0 _ 0 H lo H to._ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~14,74-* I _.__- 7113 040741 63III88 -114.00 1 a= i.;i ett01 07, . dolistqcn oo Ito 117,00 11.!0 15.0 0 t700 9 ! to i l.0001 --tl7!00 It,o It O' It70001 iz.l !_ = =1 e.oex *}s x7e $X5 oa7 *se.eex fis,oos X4t ss.eoo fteat j2290 2.2400 ---- ODOI 2t00o1 112,00) _Lq000!, istot,l _ Unnn411wdhw"tmeni _ _ l§e4Zetl neOes 3~~~~~~~~~~~~U-2r2r 1i3:,i1 1 to so so to .0 = O0 to¢ go* ___ to !§-§ O 50* *1 "1 n: = . 10 0 0 {zl4,-Ifit 2-001 _ t1X ,0( §1. * t ¢ _ t 4 {ee5_=31 so 10 2 so ° -s _f4 ItiAt_~~~~~~~~~~~~~~~~~~_L4 IT 64@2e 10,3301 4t2t 2 1 31 1 e-W tltto 5t.440!I2 *21t i u 0 e _ 4J713 _ t2.0 - -io 326 Vuelts Grande Block Ons Flnd | 1 - - - - I I Do.oW 0014_ GWC Imnl #WM I ni mf t Cw V_ ____ __h& WM tSA m__ _ _ _ _ _ _ _~~i I ooo 1-W_1_ _ _ _ _ _ _ _ ___________________ 4___ 70 _o _ - - i __ j . __ ____________ ::s, :::: 12 *062 oE ____ i;ib~ --'-'i ____ __ ._I_I LP06.~4 |l1005. 12 - 4? 47 42 37 32 7? 72=X _ eSh bw ~~~~~. _," 1'0h * 10*q VW LM 0. __ Orn !!821 "Ppi sta60 t6 60 00 6o. o o lo 0 00 o a¢t 1l hnl = = 1It1 @ 1 II _ 1111 oo 9 4 0 6 1 6 1 60 _ o0 on podg0on _ _ 1 t4 ICI 11 214 Us 3 10 0140 44ose 13 a40 13 66.6161 441 016 _ 0 10 _ __0 _________ 6 = X222. 6707 66.26 6.465 72 t 7 0 066 60 626 437-_ 672 670i 6 _6 C_ __6:tP0 66_0 =-6 @42,*} @1|¢072 62.76 6 ! 67.60 47.-27 6624 64-04 6470 6207 17 22 I I 2 ______4 o-e*elW. Psp" 1116"_ _ __ 614.02 673.006 2o3,22M 426.610 62o.724 so6.44 672,.7o .0 0 __.4 7. oftdw~~ P"V" ifildtom 1411~064260 61,660 6726 6720 67446 57,6$770 64,26 6.6,60 266) 6.70t07o0 6.066 toiw k.."Wo 16* 1" = = 3 67.601 77.460 611.22 M.0 . 60 60 50 60 50 to 60 0 6 0l d0.64 0,00m6.2 __ = 636,676) 2.421) 1 643.147 6 2,47 761 3 3047 60 00 60 60 60 60 60 60 40 so In e O v on heWe -1 __ _ _ _ $|,SI0 60 60 __ 0 76,57 1 760.277 76_.60 6612,4 767.20 46770) 600 _6__4M 0 _0 60 b-o ip off! = i istw"l ^oxi e.s 11.181 --gkfo 11.s010¢.t o 11,2 w w $81 00u 161 -43-0 (* - t iil _i 76.6 A.....d C..A K... 6626,6661 766,~i4a027 762.60) 7.0 7.40 6261 4.0 62.01003.66 67.22 6710 766647 701.4707 6.766) 662066) 327 Grigota~ ~ Blc Oi Find- iz;1B I oi#m o...... of nt|_....__=: 400 b _ _- , __ _ s i _ @ -- t!k_ 8~~~~~~~~~~2 . _ lo_ ___ t__e 4>ttt>i t73}. W 410 _ 59 t -24ts8 1-I4 _ 1370 W 1370__ tC wdW tso i~~~~. Itt 311 a_ lo 8 1 to_ a~~~~~~~~~a m- = _ , lo s | 0 _l0 1 at,e,H,5 , 0 63 i fi ___,__ °tS C = _ c < <~~~~~~~~~~~~~~~~~~~~~~~~~~~l tlo 4040 t ,X __ 00 3 eo.___- i l0o9".1 m a= So *0 10 * 0to % 6 so tlo42 J-_i _- 1. ___ t,t, 4,l 1,2_ ,5 :§3 l,4.__.___ ............................0......................................- ._d _m~ _411o _IA _1106 _MO __so __ ._._... _ JIwti.Z-*~~~~~~~~~~~~~~~3 ''U''jSAl :E X011 iS.105 _0.0 - #110 : 4,44 1491 ol go 1:I:.1 17328645 ECONOMIC OVALA1NO 50 CVII 0POJC5 009____ I 0H4 011444, 01OmN0400061 W 61060 b.,A 1 I k.IL5. 004 Us00o4, I___ *8 108~~~~~~~t3 543 5004 5000 1005 101 05 00 00 55 20 01 0410 8530 0620 p.l,h.o,h k.w4...04 1.00600 5,0342 1.500 1.14 1.314 .58 1.171 3509 i.354 O3s0 Iso2 I.;03 1.2301 I 010 1 2024 I 3040 0.2002 Di hb..&M 058.00 053.0 2.0 I0,0 013.0 053044 1. 0016.20 M1."0 410.80 t1000 008.06 50040 *020 000-23 600013 000003 011.04 --II06_4 so140 50.22 00.03 fill? 5028- 61.35 G 0532 5044 0Io00 A G04I04! 41143 0,40 A05404 41140 0044 00.43 01.43 0-4&. 0.00 530.84 03000t 232.00 054.00 03045 02 002 0.0 534.66 030.02 020.06 0344 0oII30 4 0302 600 00, 30 03 0im80 030.41 030.20 0800048..... 0100~~~~M 0ll0004 0053.36 4000.00 000043 0000.3 0000.06 048 0004 00340 05833 0304002o 0500.00I 400.36 0008of 000 43 0000.38 0104.50 000l 23 I 00 0.16061 Ite.41540 1.~004 1150 60M Ime8 48 1 460 *3 405o 563 0374__ 82100 00 26525 *00 024 68500 1654 320 5*2,0415 *0 esci SU73 1.80 *.3 *706 *165 *805 03,9 2.3 2.0 *430 0008 *,o 4.3 231585 501 Chimore Bloc Gas F 4 ,0060Ooeood 0ilbb.____ ____ ____ ____ ____ ____ Deseniptinn of .3P.11de!1 Gee4 100010____ __In _t_ ___K_ ____ ,___ oevoo. .... _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ A_ _ _ _ _ _ _ _ _ 2_ _ _ _ _ _ _ _ _ _ p,&el. W% eVm' Lby ii8 swiea,Vocdee 70rnnoddsisPINR k&Aq 104*410. 4OW'tIm go m oipp 329P C.mirl Block 011 Find | I t t: tht ~ ~ ~ ~ ID (imt In Vlddl of* C nw tate NM__ . :.N; :...v *tiit . §7 D~~~~~~~~O,km ot* C d fl_ 1, S....................:s.:.Mgiijw . f__ tl_l ~ ~~ ~ ~ ~ ~ ~~ ~ ~~~ ~~~~~ Y_4a 31 4 0 4a t 1_ I ___ t3 t4 _ t6 ma tio M: _4A PSd, ill bp P74 N59 022 oil N98 54t F41 2 _ 3_ 74 == ° = __O____ cmhb t w1o fA/to 194 t1USU.1_ ___ _ _.. fWpblUliO l n _ {~~~~~~~~~~11.111163 t° tD 0 ID t o t D0 so_._ 10 _, to. _0 to__ telul hslnwnl _ Ill~~~~~~~~to.tom l4aec 14.0001 10401 s° t o t l* 10 11 0 60 - 0 so - tot h 0 _ _ OA 17,9 t270 t 439 Jl Xl 44170 t4J7 t0.301 *13 7 i 541 _ _04 _13 _ _ _ __ 0,oe1. n 1.441 - 2,012 04.028 .. 4.901 - 3.0e0 13,14t 114.Oit 12.017 __93 $j__1.95 ist-_- - 1. __ PlowdvOl}|% _._ _ ti8tWl llXttR~~~~~~~~~~1301 III?$ 1 _8l241 114641 114931 (0@OS 302 11242 1_{ 2411 (tiX2 . __.1 Op /elmi-t Cel = = th~~~~~~~~~~~1013001 16.30t 1111.30tOO01 l 11.001 1,301 1OOt 3's°° "1'01.300 '°°'I0 '" ,30 '°°'-' '° I - "°jw - N.l ne ln4 b.e.,.AM 11821 1"230=M= 42ele J ,oe7s149 2,2e0 1635 43sb _ a5 0241 __ .0._ Ol pecl"b>l _ it} tX;2301 (|2.T4§1 lX,oes (§ ttt51 (etaxsl sX.X50 _ 4#39718 _ IJ11{23102, (01 .3_1_1 3_.___ _ ___ =4 Mmvtdhwn.f 19|%9,75 1 6)|.@z 0*22,1|61 1619,@161 1116,t87) (114.1931 1112.7,11,1 1i10.4141 1119.1501 (19.550 111.170) 109.§X3) _ _ _ __ . _ _ §0 10 10 0 20 _ - ~~~~~~~~~~~~~~~~~~~~o 0 _ @ 0 to so _ _ ___ _ . ._ Tim * e0 at! r4 v%o": 10 _ 0 to so..___ ._ _._._. _ Nei A tw C_h Floo = -$sX1 (4Nt (Xt 2,749 Ogg0 $1,wS $2,14 42-6 lillm 4315 $3tE 85_ __. L~~~~~~~~~~~~~~~.,1.0 :tts 0^nE 1.o - lo setX 330 Annex IV-3 ECoNOMIC and FINANCIAL EVALUATION of CONTRACTS OF OPERATION I. Study Scope and Objectives 1. The objectives of the financial and economic analyses that have been carried in conjunction with Study 3 (Report III) are as follows: i) To develop an analysis of the profitability of different contractor producing properties with the primary objective of ascertaining their net present value {NPV} and the revenue streams that they can be expected to generate for the state. ii) to assess the economic potential of remaining exploration plays in contractor producing blocks, and estimate the levels of investment that would be involved in the event of successful exploration. iii) To assess the economic potential of identified exploration plays in contractor exploration blocks, and estimate the levels of investment that would be involved in the event of successful exploration. iv) To estimate the NPV of contractor producing and exploration blocks to contractors, to the Government of Bolivia [GOB] and to YPFB. v) To examine the financial im=lications of the different options for contractor/GOB/YPFB contractual arrangements. II. Study Methodology and Key Assumptions 2. For the analysis of net present value and revenue generating potential of contractor producing fields, a standard cash flow methodology has been employed based upon the field development program and forecast of production discussed above. Alternative price scenarios and fiscal arrangements have been analyzed as to their impact on prospective field economics and the various contractor and state revenue streams. 3. In the analysis of the prospective economics of identified exploration plays in contractor producing and exploration blocks, 331 Annex IV-3 Monte Carlo techniques have been employed in the development of plausible exploration and development scenarios, as discussed above. Given the time constraints of the study, the economic analysis has focused on the those scenarios given the highest probability of occurring in the future. 4. The economic and financial analysis has been based upon a series of assumptions summarized below. i) Pricing ex-field: The average prices realized ex-field for gas, crude and condensate under contracts of operation in 1993 have been used as the point of reference with the gas field price adjusted to eliminate the 7.5 percent marketing fee charged by YPFB. For the field prices of LPG and natural gasoline, the reference price for LPG in 1994 has been based upon NYMEX values in May, 1994. The field price of gasoline in 1994 has been set at the level proposed by the World Bank group advising upon product price deregulation. These prices have been projected out in time in accordance with the World Bank Commodity Index for Crude Oil dated March, 1994. Two qualifications of the study price assumptions are required. An important determining factor in pricing is whether domestic production is likely to be in balance with domestic market demands, or in deficit or surplus. If the latter, consideration is given to what is the appropriate market of reference and what are the transportation cost differentials to be taken into account. The variance between export and import parity- based prices can be significant in situations where transportation costs are relatively high as in Bolivia. Always of concern in an analysis of this nature is that unforeseen supply developments might be such as to warrant a shift in the basis for fuel pricing. As an example, the supply outlook for LPG in Bolivia is uncertain, and it may be appropriate to anticipate that LPG will in future be exported in significant volumes, and priced accordingly ex-field. A second qualification relates to the assumed uniformity of contractor field prices. Normally, one would have individual field prices reflect the auality of the gas and liquids being produced and location-specific transportation tariffs. In the study analysis, these factors have not been taken into account, rather production ex-field has been valued the same whether produced in the south or in the Sara-Boomerang region. 332 Annex IV-3 --ge The only exception has been the distinction between the prices of wet and dry gas, with the price of the latter assumed to be the reference price in the Argentinian gas export contract [US$ 1.045/mcf in 1993] in those instances when LPG and natural gasoline are or are assumed will be stripped out of the gas stream at the field. ii) All capital costs are normalized to 1994 US dollars using the current MUV G-5 index of manufactured goods. iii) Future operating costs for contractor operations have been set at levels which reflect the current experience and production forecasts. iv) The discount factor employed has been set at 12 percent to conform with World Bank quidelines. v) Royalties to state governments have been assumed to remain at 11 and 1 percent. The additional royalty of 0.5 percent that has been proposed to fund the operations of a state agency has not been included as it is a matter to be negotiated between GOB and the individual contractors. 5. Table IV-12 and IV-13 summarize the exploration/development economics for representative exploration plays in the contractors' producing and exploration blocks. 333 TABLES IV-11 Analysis of Prospective Contractor Field Profitability Performance Surubi [ Maxus) Carauda [ Perez Compaci Colpa [ Perez Compac] Palmar [ Solpetrol] Bermejo [ Pluspetroll Escondido [ Tesoro] La Vertiente [ Tesoro] Los Suris [ Tesoro] Porvenir [ Diamond Shamrock] 334 msVlpnoo xi 9 ESci lo': Gas I Condensate Cuotwo lt. , 's"we tt I h 92 lrp q I dM , t .9 bpdh 1 22193 Al4SIP bpd In Juin ItS rn *d hr Ju 4 y wg os- It mn t In t2r93 Al I itr mn wd hm lumn Et4 >{ ,p , z,1'i Wel In Sorvkr: 6 Ih hI tl kold tWoe2, t ric puwducdri. ts CuNIMi 7 sore 1.qnldc 100 bpd fIn 12M# ~kdeI*. WIbernt8 Sw.bh.8bsto" WI to?ucllen we.6. to6 0.U. 06 edi8 "ohu s4oued~I64 6 mdc.to PscU6eo CeNeder6 Me"&A p £COW*nisse! Atm. to VtlOero 7N~o~~ Plpelhncs: I ai kIne to LeVIt.nEt.u por plant ttcowdo. 4664 1686t 1886 1687 1*66 160 20M0 2081o 20D2 2002 2004 200S 2006 2007 200i 2wo ProductIon P Ottp. 0 "d. In bpd 228 228 2U8 285 475 475 M t 342 285 247 is 78 57 S7 S7 0nXPmd. In MUcMd 12 62 is is 25 2It0 1I 1 3 5 4 3 3 3 0a,oIfnR.co 80 80 75 7S 125 125 It I t0 75 e8 25 20 IS 15 15 Clh FPlow (AdIuni.d to1994 SUS.) Production FaCHtIt Tdoa Inv.ntnertf so SO so so *0 SO so so so so so S0 ss so SO ncomn t ON *0 61,11 11.514 $*1.08 $2,"7 62,86 2 10 .$2.080 6,7o0 $10470 582 *447 64 s32 30 neomo. 0as *ss's U8,456s $7.IT3 67,82 $1.112 663,720 0oI $t , 68,001 $6.071 SSOtl 62.2120 61.5801 S* 11 1.5082 Incon OoSon. *5,3 6570 $782 6700 *1.364 s1457 I 5 1.037 $85 6740 6283 0225 688 VI? $led trsm Revenue *8,740 S7.187 9,449 69.94 17,2e7 618.072 2 T S20263 $10,857 t9.1i2 *3.501 *2.762 2,062 S2.0849 S2.057 GOD Share 64.045 $4,312 65,66 s 5.048 e s 0.378 110.843 U8,15 $?.7l8 *8394 5.1s9 2,107 60,675 6,t249 21,242 i44234 .eR"yR a 021 6SW0 "a2 st.14 *0.180 62,078 'l 02.,06 S.72 *1,544 60,270 11.102 *421 $35 *250 6240 U247 *YPFI 20%4 s0,5s 62,054 *2.740 *2.s8s *8,010 08,240 *4.180 $3.730 $3.091 $2,663 1,0108 *80 s*4 560 650 NPV to 008 .. '4Z44 (NPV to YPFP) xilkg I Opeo Shro 2,8011 *2.875 *8.760 *3,5 #t.et st.22e 13,710 $5,145 u4,M 13,673 61,404 *1.117 6s33 n828 823 Orilr C..t. (*731) (*7)0) (*730) ($731) (630) (*7300 (*730) (* ) (1731) "3) (57360 ($731) (*731) (*736) (6731) (4731) N4A ctW Icomes 6106 *2.144 53.046 15.254 6i,688 68,406 U .o01 54.414 *3.532 2.02 5873 t 6102 S07 92 Operoac Cush PI 10 60.065 62.144 63,040 M3,234 68.te8 e6.46 ".50 64,404 $.532 *2,94? *73 sm 8102 *97 n92 ~~2t,11e 2~~~~~~~3,802 Discoeunted 0.. In00 nrc8" 337 La V ntne : Ol I Gas I Condensate M3. Cmvq sor po*g~ h1971 IJqM. 890 .p bt 10037 's June .oS ?O W> tMEIM W*No Om G fc: 10 wet In "1114 beSor W. 2 dry hele. S pooducing now,t, S$6V*, W 4...t. Wall Tob Osle rd: Noo d0ftnal wellopisoodI od. kew, ol w). o, lui.11,UudkuOObb* t Sudtk Percistwl., 60 men dd pladnt pInoc. Conenutss dhtftwtl cAPACiTY *d 1000 PO. Noed&I1.M S suhd v*An too Ssts to""., t " It c. Refttoolo 514. *e , _a . bem 41 , csewnd by Tnnro. LPOC reowy d oad by YPFB dno. hys . l*. Ar'nhoen I oo m6wthe RtU eooie *pe. P.IIMne! 24I0l WnaeutlloYAr OOhiPe. Cond 1n.l ONlMedtoe h, 200u Schedules * S U 15 1is" 1t 1NC 1N2t O los 2000 2002 0 4 25 207 200 Piodutlon Plan: ON pod. In bpd 025 755 715 820 476 275 63 Oesnpod.hInlndd 53 3) 18 25 is II 7 0.edio Roo s6 1M 140 126 n 55 35 Ceah lotw Adod to 1994 SUS.) Win ProducNon FIellIbs Total InvOttwi so so so so 0 so 60 10 Incom: 01 t3.906o 63.813 3.70 63,456 s 2.769 1,676 Iu Income Oat 614,074 14,0" $1,390 1244 $1,96o 66.03? Income OmeIlnd 61.494 n1.49? $1,422 sf 1.3 $10.60 $4 6406 Ofo m 619.476 MAN 616.610 612311 $13,61126 $ 68,354 15.213 tOOOShescf Rewn $1 1.616 611.643 $611,166 $10.396 $7,297 65,012 63.126 Rovltty 0 12% $2.337 62.529 ,2.233 $2.060 S.16 $1.002 5626 .YP6 tNot Q29% 15,648 t5.26 85.50 65.026 64.010 12.423 11.512 NPVI lO006 [:t . NPV to YPtS s S Opwetor Shoar of ReU6 67.a90 6.782 67.444 $.132 $5,531 $3,341 62.086 WIs Optllo CoON (116.00 t (1,00) ($1,60 (61,00 ($1,20 ($0 (0500) NotOp tolIrln 5s.eoo 65,362 65.644 65,t32 64.33t 2.541 11.56l Opol*tor CeshFl tO K59M $5.,6 ".644 65.132 $4,331 t2,541 1,665 96h'4.667 Oheneune Ol hI bblh *2.1 , 4i e0......NP ~ A3,673 Olgcotded0sulmlOOOmnd 338 Los S"trs *: Gas I Condensate MSTYRMOOXMs ; | ~~~~~~wo; hIn: h tx 2 un ,SmhE -. ta;:..;.. Wells,on Searvi: weitin t t ett4. C~w9Hc6dOt .mHIlt d1dh. Stells To 3 rllfted: I welI 84Sel mn19420 oma ioleqot.Uu600b , u , SiNceo FocittIe ° .01* cOlortoreulmtd. AN p ucejon Iflw ta La Vetintee ptonstnin. I ) ,j 200bbh eeodnut./I0 mn et PtoplInts: 26 knt n dnclof oWnd geo. Oneq0td to LA veubno proctntlnt. Pfle Incudted In eermlot oots. Schedules 10t4 166 1is" 1ts? 1ost 106 2000 t 2002 H0ot 2;04 200S 2"00 2007 2006 3006 PoductlIon PMn: Otl tomd In bpd 0 0 0 738 38 736 736 738 736 738 696 626 563 Om ped. Inmnscdd 46 46 48 48 48 48 48 46 45 41 37 3 30 Olsollne ReoIveed 240 240 240 240 140 240 240 240 227 204 183 1sS 150 Cash flow (Adlusted to 094 S U_.) Weis (*3.00 (83,500) (67.000) Produciomn feclltt (12.000) Pipeline _ Tolel Invetnrie4 (sts.0me (03600) lMM) (000) (11,000J to so 1o so s0o t0 so so so s0o s0 Inom Oil s0 so s0 so 60 PA49SS . 4.447 14.421 64.395 *4.370 64.344 $4.064 $3,641 63.255 nco. o0. e0 0 62.2956 24064 125,213 $26,342 6 I 626,041 $25.690 625,740 824,150 W2IN50 $19.282 117,282 6SS.S3 Ineom: Ounne $0 $0 12,43? u2.657 2.67 *2,767 $2,8t 21 2.785 82.749 12.733 *2.564 $2.290 62,047 $1,s5 61.653 Gros Rnue so s0 *25.3§2 $20.641 627,690 S33,637 533,445 $33,252 833,0o0 632.608 S310.03 $26.204 325.414 822,8 820.472 003Shae of Rrnu s0 s0 *12.6961 $f3.20 13.945 ;1866118 116,72 *16.626 618.530 616.434 *15.542 614.102 $12.707 $11,373 610,23s .ttadles 0421% *0 S0 493,04? *3,117 *3347 *44034 64.013 3.690 $37' $39.44 83.730 U.384 *3,050 $2,7)9 $2.457 .YPFt N4tet1% so so $4,025 $.062 *5.269 $0e31 t 35es4 $.316 $6281 $6,245 85006 $5,359 U4.62t 4.324 s3,8e0 NV to 008 (In ')tt4 *74,66 (NPV to YPFP) *8.07s Opetor Shots 0s so *12.69 1330 813,945 1e.6 616,722 516.626 $16.530 *16.454 *1,542 614,02 612.707 $11,370 u10,230 len operrg COIN sO so (*731) (*n3) 731) (S7m) (1731t (87311 (*731) s67t) (*731) (n731) (*731) (1731) (8731) l Opentor Irm. 00 t0o $1016 *12,566 *13,214 $16,067 *18.9 $15.685 15,7601 $15,703 $1411 t13st71 $*1.976 $*10,.64 *950 Opeqslor Cash fl ($3500 (*2,000) (*3.500) 84.663 612,581 *13,214 $15.091 $1.886 $1.709 $15,703 $14.811 13.371 1,07 t 67 S1O.6s s905 ?.054.001 t OId N bIn sei,se4 ht~,eC6Iod59.VII.s4* 107,212 DInoourAtd Gas In 1000 wOl fe,0b00 **t i .'3 1 ~~~~~~~~~~~~~~~~~339 Beormp",* :: 0111 Gas I Condensate M3IR.iAOXIO Well, In SMC*ko: I waft hI f e beOrre 0 X $t WoO.e Toe UrOtled: 5 w,h plomiwd '4idkOb) , Iu.fae PeeOWflos: S1l5prog, m noille &88ft215 Capechy In ploe 60 owN IoODD80 bpd Pieloe: Cs4 nM hI p1ev Set*dulee 1884 10U6 "SH 1897 18t3 10m 200 2002 2002 2004 2008 3008 2007 2008 200I Produdlon Plan: OhNprod.In bpd 1000 0093 84 758 67o 770 02 650 003 6S6 25 492 405 440 41e Osismod. In noodd 1a 37 sO so 43 3s 33 4 44 42 30 37 35 34 32 O isw(m Rac dt 6 IS0 lS 250 150 215 108 Ss 240 220 210 11s 1155 175 1T0 1S0 Cash Flow (Adjusted lo 1U 4U.1.) Weloh (810.015) ($5,621) ($5,405) Podudbxkn FKIllie (120 Toel Im menwO (822.26) (`10.016) (S5.841) ($5,406) $0 s0 8o so 10 s0 s0 so so so s0 $0 Income4 O 84,73? $5,018 84.8 64,214 89000 $4,801 11 $3,017 $0612 $3,341 $3,108 u2,896 2.721 $2530 82,406 Inome Os$ n7.rr 818.824 823,611 26,007' $22,86t8 020.54 $ 828.041 521.733 822,522 020.91 81e0.09 $18,439 8l7,80e 88,8S5 Incme eolsn4 6is 8 $1786 U2,533 *2K084 2,3061 82,214 _ 72.765 02,520 $2,391 82,208 62.002 1.956 $1.811e $*.769 Cmt Revenue 613.220 823.625 $31,03 81191,818 U28.tss $2r,e6 S24,73 $32.722 202.es U28.255 020.107 024,587 $23,118 $22,258 820.832 cOo Rneeue Share 8l6,01 $12.81 $87T,0 $817.850 $15.938 015.204 813.219 $18,1110 $10.64 $15.642 $14.451 $13.613 81280C0 812,330 S11,540 *Roy$ty a6211 $81.7 2,835 $3,725 83,8? $3.48e? 63.330 8.201 $3 .92? s584 $33e1 3.10 82,060 8,774 $2,87 $2.500 .YPFB Net *14827%) 2.850 5.f40s 87,454 $7,7386e80 55725 17 068 Ow .288 8K88 66.3e8 $5.0011 $5,834 U .436 8.502 NPV to GOB (NVto YPPU) Operator Revenue She,. 88,278 $10.80? 963865 64.,525 $11,866 *14,T8 $11,1sa4 $14.8r2 *1340 1012.0`12 $1i,i0 )10.9'4 $,1 $18. 8909,2 89202 eusOperelog coft (81,200) (81.300) ($1.300 ($1,300) $1.300) 01.300) ($1,300) ($1,300) (61.300) (1,1300) (61,300) ($1.300) (81,300) ($1,300) ($1,300) Not Ope t or lrni 84.076 10,80? 112.5 81,005 811.1651 8t0.M5 898.84 $13,312 $12.040 $11.312 10.350 160.574 $9,018 88.626 $7,092 Op.istor oe rs Pl ( (6903) $4,t02 812,63 $813,025 011.8"5 $11.258 $9.654 $13312 $12,040 $11,312 $10.350 s9e074 ",Ol0 $8,826 ,992 1.85i3,085 Oounted 06 hI bbls $bot4S7,,, tt*WPVFS es.se4 0IgoourWe .hss OOOmc4 340 M i1 I 4t Ias/ CO MS RPrtOX(S CuOtrsa ntO" rs AP*fo4 PloducOn 78 bpd ofl nude t in 0193 ... End of 19n2- Mfanntd Noprin Gasa020 2rr 1 J m3 to tt Ptovm, Probable Prducion vft. thhih _w1 t, boom 2 tVIverysa Resssrv 194M 0 OMt to go . J I _wal twt inln4 t100 LlqjuklS In UD0 bbto 2428 on93 241 su0t c6.5il00.. S.Wslon IAn 0 Oah Itn bn se0 so ii Ppa40wolm oft ...c Sc0h0.&M 1t4t 1nt lotS 1*"? 1M 1091 2000 20"t 2D02 2003 2a04 2"co 2004 2007 20t0 200° prodciinPianv kbu0d Prd ntbpd 45 3 t 30 e0 58 55 0s 45 45 45 4S 35 SS 35 M apod, Om moocf 0.5 0.5 o's 2.0 25 2.0 2 25 2.5 2 2.5 2.5 2.5 2.s 25 LlqtJIdhIo0 0110 cGsh Flw (Autut eO 100 4 SUB9.) W.0 (31863)tt (30,682)} f'roducelln ra.I6$a (l212) otoal0nw,tn4wt (U33,3) (1, 63) (3202) 30 t41'5t6) 30 $0 0 30 s0o so a0 so so so s0 Inra: Ot *203 3077 3St0 Xt4 U 21 933 M10 3210 1208 5206 5268 10 5204 5202 toseu ao 320213 *22? e233 *0,214 01.313 *0.372 t nt5tt *.348 01,341 *f,333 s1.325 0,307 $.309 $1X,30 Orou Irncm 3426 J 404 *29* s1056 t 0.64 30.70? J 7 3.03 tS.606 S9,0 $1,59 s oe*.0 *0,522 $0.sn3 $10.04 006 RevSA Oh" 3213 *202 $39 Om94 807 3854 5834 $829 ON uos 1800 j7igs ,7s1 8756 3702 *Ro3100 0 12% tJ 94t 548 $60 $*0"6 *$205 320 $091 *064 St"* *191 901 *192 O12 1t10 -YPFOShare "8 $77 1 1 9302 3310 U, 324 3017 U315 5s301 Om 304 5302 J289 32t7 $258 NPV to GtOD - 4,0t tHPVIOYPFt) 53,t38 Oparalor R rvhon hre $2*3 r202 $191 794 sl 384 m64 829 5809 5804 *800 795 5180 5758 5152 I.. OptIt Co 8 5 ((8)3" ((3) 38 (385) ( (385 (5) (5) (w (85 (385) (tS) Not opeator sorn. 31126 *111 904 90o P52 37te 4749 9Y44 o724 31t9 Ir7s 3700 $876 S0 9s? Cash Flow (3146 63 (*6 ,11 (3,t4J) $t03 972 3739 *749 1144 1724 07109 $119 5100 341J t41 3*6t I 1,1774 8heoountitdOth b 3201,0 *M6/Onv4* 4,482 Oheetd Ga In I0000 ow 3,639 Invst RWd 341 Caranda ^: 0111 Gas/ Cond MslocotS Ooen list 'veto Pioducln 082 bpdtOcldecalo 1/0 . fn of 1093... Panned no omft ~0 e @tOOnWrftfdb In2I 3 to YASOC PkI ono~. Ptagoele Productono Well neSo,e 13 weJleIn v.duction Resetv.. -ew" 191-I W4.0. To go tA,,.d: 3 rwl pManned In 03944 'to12800 Lktulds In 1000 bbIs 1148 1004. 1111 Swloce Pecflflhe: tHi end Io p/mure %etpedot pasnt PIn pic Os In b, set 107 for t69 tot addionsl 0tkws. Pipten.gs In pldo Schodults 1ns4 lots 1ose 1fee 10it 1is 2000 200 2002 200t 20 2005 206 2o0 2000 Ptoduction Ptan: LlIuk Pwd.uI brpd 101 266 262 23r 2 270 3Jn 20n 270 240 22 200 1s5 1e0 050 os prod. b rmerNd t7 IS IS IS ts Is t 20 20 25 2s 25 25 2t 2s Llquldo/ou rati Cmoh Fkow (A4usled to 0994 111US) WeN ($2,01111) 01000) Producton FPCIttN (172) PIpelIne. tout lnnme.t 3.062) (12.0622 so s0 so so so (01,000) Io so S0 0 lo $0 70 0so Ilooer 00 81,49? $1,464 n.32 01,320 $,d 1,646 6 1,79D 1c.e67 $1,40e U1.320 It,00f U1,002 so"' $156 t,erner O.s 85.1,6 00.6t2 67.07) $7,020 $7,A7o 6.232 $10,050 $10,788 613.406 $13,328 $10.249 $130,01 $13m2 U13.014 Crou Rove 06,.0ts $8,273 e.5 $8,te2 #9.612 89.6r71 $ .1o 126440 012,405 $14.071 014,641 $14444 $04,253 $04,070 s$00680 008 Revenue Share V3.247 U4,070 $4,227 U0S4 04.73Y $4.utn 6.001 $6,246 $8,00 17.377 $7,2 t $7,174 $7,063 $6,06 $,0t14 -Ro/tia 12% 574r $003 $1020 40,021 11AS3 lilies S0.210 80,317 01.40$ $1,705 $1,75r $1,733 $1,710 0,S00 $1,6 .YPFB Shr 6a,o1,10 $1,014 Itr,02 01,20t s1.7rs ,l$0,1 U1.S1 $,2330 $21.20 82.707 $2,738 $2,057 2,6 $2.634 2.600 NPV to 00a - (NPV to YPFf) 011,741 Operator tevmnu Ohw $3,30t7 $4,16 $4USS $U479 $4,075 00.000 3.1059 $, 0,207 6,404 S7.377 $7270 $7TO $7,074 $t6,0 boa opet C.h (0 ($24 (030) 04 (634 ($3641) (34 (036t4) (0364) ($064) ($34) ($6) ($36 ($3W (S3) Net Owpeeto Incore $3,003 $3,32 $3,074 $4,115 $4,500 $4,640 $4.75 $81.02? $5003 $a7,00 07,013 $0.1006 $6,006 $#7t0o $6,021 CaSh Flow (62,062) $3.003 $3,632 $3,074 $4,11n $4,t51 13.541 84.705 00.027 05.002 $7,130 #o,010 $.1006 00.606 $8,710 00,021 664,107 DOloouled Ot n tbh W27M1 I NPV In'U4 43,100 Disounted Oa lm IWO mnd $3,9n2 Invest, Held 342 Iollpa ': 01111 Gas I Conde MrlPRnDxtg CutN1HA S r O.4C ,toIsro*cngt lpddliquidhh 32M Endof 1015--. Ptltrtd Cato 0Om 3nscdh1219to VASO. Wv.ow P.obab3 ProduetIon Wells n t t14 wollt h ltor n Rv rv m R rvoe 1 9tt t " Well. Togo -. .d 2 addlUk.sI hIn 94 $4400 tmol Liquids Irn 1000 bin SU 242 05t 104 Sud.r.Paclepa133: psu"torplar*ln ..roc. Gas Inbn eel IS 40 1 10 FJo14 ls$o n h14 rP$pe!tn.u" or. Oehwdu3.o 19t4 1t8t 1t2t 199T 1st It8t 2000 2001 2002 200 2004 2008 200 207 "00! 2000 P ro_dunFPtrtU LiquidsPiod Inbpd 322 290 253 221 102 tet 14 120 Ill t0 65 74 65 5a 40 U "Oes pd Inmnscd 12 12 1 2 3 5s I s I 15 I5 15 s15s Is i t IS Ltqsjlutdolas reltb Crsh Flow (A4ot,ld to 1994 $US.) ES FodllI.4 ~~~~($4,574) To70U tnv*kwnwt (14,022) (4.0t22 * $0 *0 so 0 00 0 so s0 50 S0 50 s0o- S0 S0 lneomr 0 01.573S S1.40 $1,344 5,232 $01.120 01.024 t7u $0s 0078 M00 0426 3S80 0)26 s 263 htcomo:an $5s110 $5,496 $5,7 $520 $7,0r0 t0tt32 $3 1 5 $138 S0001 00.044 $70,07 $.050 si00" $70065 $7?00 Oots Revenue $8. ss .03 7,o003 $0.756 $8.,009 90.258 0 0.09 08l706 $80.21 "8,5s0 $8,305 08.283 08.81 U O.002 005 Olevwe Shae. 53,282 $3,402 $3,488 $4,330 $4,426 $4,507 044900 $4.424 $4, 31 $4.20 $4.230 U4,175 4.320 $4,078 $4,025 -RoyfRy a0 12% S$am $831 $s5 $1.051 01,000 $1,111 $3 080 $0m 06 1.05t $1.025 03.020 $3.000 2S4 502 0071 *YPF hots 01.200 $1,256 $1.202 Si01,019 $1,60S s $li7 $1018 $1,002 1.637 $3,61 $1.05 $1,67 11.559 S16411 $1s,20 NPV tO OOB 027204 (NPV to YPF a) t10,200 Operalr Rorert. ah.r. 03,400 03.510 $3,205 $4,420 U4,544 04.060 04,570 $4,405 $4,404 U4.X34 $4,270 $4,210 04,157 04,304 S4.o00 lt, OperaI Cod$ (6 $36 ($364) (6 (4) (0 (6) ($36) (O304) ()4) (0304) (ow (4x ) 084) (024)t NH Oprtor tnrom 03,044 U3.155 $S,21 $4,064 u4.,s0 $4U30 04,200 U4,121 U4.040 $.070 $3,00 $3,46 $3.793 S3,740 03.003 Cash Flow ($4,22 $3.044 $3,150 $3,2t3 $4,064 $4,10 04.305 $4,206 $4123 04,040 03.70 3.000 $2,040 03,793 $U,740 $.203 470,12801somMucod CO In bbl. $20,300g *NPVIn'040 346590 OtclouchdwO&In stOOOme $4,022 kmytIt. t.ttd 343 Surubl : oil MSIRPRtXlXIS Cura tn S4aha News SW" in m1 Prduftre 2070 bpd do dF i2)3 . Endooflist** Plurnnd ,A,st.d ps ' * t mn6dd lo fts,0 Oiven PtbOtI Podulon WoRs In 4 hnpmAKtWmn CcWt4S?0OCOft92, . l2hldlvoeyw%ieo.lI$16000 Pesetwo RHvot 1604-0 Woft1 To J a la 10 wlts In W4.95 G02500 ech. LtJuhd In t000 bbis 2416U 2100 2182) Owft. paceim: 8000 bpd srpriwr plha kw V3. Al p1t Owe tnbocel ... Os$ In 14 W 14 1I 0 Upgmd tr II500 planned. food as oll p be oronuid ml pnnt. Plnet: 4' 9 ton 4 Mae to CwO Fnm . Upgtb& oll ne In FS. No pg Ih iled. Schd,nu o 1nr4 16s 10 180 1 m lst0 00 2oo0 2002 2003 2004 2006 0 2007 20 2000 PrAKdudlP : Iqud t(bpdM 5150 000 7es05 530 6550 4720 40 3410 290 2400 20 t7eo 1510 1m n1o0 oaeqsctd 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Cash Flow (AO O Od O O 0O4 $US.O We% (17.700) 1420.0005 Produdlon fe,0Mw ($3.000) ($4500 Prehw (1lo000 (0t1t, lotllrw bi (W.M44.00 ($2700) (122.000) so so 0o $0 0o t0o so so 0o $o 0 so so Icorm ON 127.220 345.452 40.10 $20,00 $32,378 20,700 $2 n 120547 $17.373 614,001 $52.315 $10.477 ue.e s7s0 16,300 tecrnm 0hg sO 0 10 o 1 s0 00 t0 U0 10 s0 t so $0 SO s0 Gross Revenue $27236 645.452 640.00 363o *22,370 328.709 $ .02 120,47 $4,373 614.654 $12,375 040,4' $77 ,e35 S7,50S3 u0.3 009 OReventue 12. 2, U20,451 $4,380s $16,270 $14.570 $,046 $40,636 0.240 $?,016e u8s593 s5.569 4,715 03.e07 $3,376 2.602 -ROvPY an2% 68.266 35.4U4 $4,006 9 4.s7 056s5 13,452 U.0 U2.40 $2,065 04,750 $1,465 31,257 $04500 0m00 O705 *YPF9 Share $.S5 06.36$ 05,745 05.005 04.533 $4,020 13.402 02,err 02,432 12,054 S1,132 $1,467 $1,237 s11o50 t NPVItOOO8 004113 (NPV to YPFB) 420,130 Operator Riwnu Sheoe u44.a 324,00 022,450 02.044 WA7S $0.623 4S.366 S11,301 $9,555 3o,056 "0 $5,763 06 43127 $3,49u IowO a Code (03.200) (03,0 (3."200 (03.200 12 (03.2005 (t13200 (03,0 (2 (13.200) 413.2005 403.200 (5.0) (,20 1)."200) . Operato I4760eo 27 $40,50 310.044 W14,0S 342025 $10,466 06,404 3.355 4.658 03,00 2.563 460 $27 $s2 Chrbi Flo7w($210 ( 20) 27 10,250 $10,64 814.100 32.23 $0010 0.101 06,356 04,058 u3ee 2,563 $1,u0 $027 $209 12,543,102 O utrld 0101,In4W t00.004 *NPVYhnW 0 0hoawuhed eo fit 000 dmd $44,300 Invest. Pqd 344 TABLES IV-12 Exploration / Development Economics Representative Exploration Plays Contractor Producing Blocks La Vertiente [ Tesoro] Chaco [ Diamond Shamrock] Palmar de Oratorio [Solpetrol] Marmore 1 [ Maxus] 345 o"_~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~4 A - ii i E __ el I 21 E _ t_ 1P11 im _ _ X g X X X Xr XX X < S~~~~~~~~~~30 30 i l C. _6 _ 6a1a X 11.I!t12 X m | E; _N"o iii^l-"iy_04 _- _0 so .-_ _ 3460 g Chaco Block Gas Flnd I _ -i~~~~A.. E4 *-V _T-b-<-___t -i _ r ~~~~~~~~~~~~~~~~~~7: - _s. -r 1 _ _ __ wSM Xaaa X ~~~~6 6. I a ff~~~~~~~~~~~~~~~~~~~~~~i-A " i - O Ti _- ___ el. W 731 loil347 Polmer de Orototlo Block Gas find_ _. _ ._I__ 2_ = v_ . X 3i i i _ =~~~~~~~~~~~~~~g so i !i 01deZ t Z t 0 i 1." 1 4o OO1 _"_nn_4 _ . e __ _ _ __ < ]3 w ] < ' X0 f_i_3_ _ >:~~~~~~~~~~~~~~~~~~~~~~~~~~~~~614 a- _ Io I4 aa **0 g a2 °= _ _ _ X X R"4 = esndt ;M = =~~~~~~~~~~~~~~~~~~~~~~~613: te~~~~~~~~~~~~~~~~~~4 0_4 _ __X X @l4 Sz - IKtavn _ SW _ _ .. ",lr4 2Fn . IOD= _=D _. 348 6 8t _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~14 OW- wena IR g I". -I AM, M!Lo - - - - ~~~~~~~~~ii- -W -as go I- W6-f-d - -s ,80 oi 991 P a.VO wt s" I.W ____ _ M_ _ f_. .- O _ - - T. -,,- _ _ E E 0C ~~ila'll Wl 1. U o _ sf'~ _ _ - "it - - -w u -i r_ _ - _11W iVIF V V a aI =ni1 A-44 _ _ _ _ _ ______ o*ot ~'W ~.oo ~ 'ij~if33i 60*0l it 0l 6401 4141 0iiW to ___-f_ I ___ _i_ __i - _ _i__ 7 __ ___ --1 -*l. - - - i D ___ *4°ogW __ *4-810011 .... 'I U10 cit'1i*i o~ 4,.._ __ "'a, o~~O 41 t o~f 3 imii. E iiIjJIs'iI " - ~~ ~~zz~~2 ~~r- .'o. 417Z ~~~~~r- ci 1jj~~~~~ 1r-~ _________ ______ ______9 It I ot1 00 at I rit 01 [40___ a *60 IIIt It 0 1 ~ ra _ * 0 0 I'M0 be90-j. ______ - - - - - - - - - ~~~~~~~'~0~J0..0 6'001 01~~~~i. *~~oin 6,40 P6,0~~~~0~~~6lt_--A_4__________V- ___~~~~~~~~~~~~~~-~z - {___________ Ipulj S.D ipo01g Giow.aij hPARK) NRn Mom Jlock - 011 Find| 008Ih . 6Ze oil,oI 14Fie,4ld.66 1722 1.40 .67 6136 10,A1 6o6 .6oyN( 6w. t34o3,36 4.60w63 4fo462b4.y36Va6s6t3 6344 1 =nPuV6@& 000 t L hr WW St_r___ _2. to03i I 1,0I.il0on0t I032OWA03 0 b03 3 1,0: r12.3003 362,200) 3 2.!__ Oil/notm U to oito 3,Alt 01 6NIOS km 66636 663 .63 6.6 6.4 3,6 i70.4 twbn~~~~~~~0 Vale In tbof 1 4l_ - 21 9 la b 8 8 4 t t 4 , I ._81.__ >______________ 6 rn.663 6 .64l4646 66,036 67 to64 2 t0 66.6 2,066 66oto4 4_o TzI@ hv*elt ii ;ii 44ji,@*t~~lolleo 60; l|to #0 gO -to - 1o 0o _ o aloRov _ _ a X i ls X at' i, X r1.614.638 .......111i11)(01 to . = - - = to _ 661.667o *,.~ 4 reubt11I b 82al 1 * 1111 11 _ 1 top."" Obel go jnob 100 me1 _ _ so ..o 2 3362 4081 fllstIfilyo EM- TUs3510,1 TABLES IV-13 Exploration / Development Economics Representative Exploration Plays in Contractor Exploration Blocks Caipipendi [ Chevron] Carandigua [ Santa Fe] Chapare [ BHP] Ritovillazon [ Texaco] Lagunillas [ Petrolex] Madidi [ Texaco] Madre de Dios [ Mobil Poopo Norte [ Esso] Poopo Sur [ Essol Tarija t Tesoro] 351 Calpir 'Block Gas Fn h =v=ron = == = pign*. - =--.- .- - --= -- -- _..._ -- - 1--s ar _ _ _. __2 . _ eo...................................... . ___ I se.d u b, I r- __ - - - _ _ ~ e __z ..j ................................ - _ __~~_ *ait-- '__......5 , ....... - e 153 _1 g!! _ o IS __I -jq~ 245 5884 _~j .0 ~ -~ - _._ _. ___ _. tPO F Iut O q _ , t 9 . e __ _ ° ___ _ O __ 0 _ ____3__2 __8~Siv.____ *. 85*, ._ _ __ t___ ___----__ --mm j it _ _. _. _. -._ ._ _ __ _M_ _ _ ___ _ . jo- Gt"__. l4 1 93.5 t1 - AM M 7II M t M -35Lo _ YzFit9wi!-__-_ _ztl-nl nim n}at~~_420~::~ 1 S.n 5 1- >j i" n77tt1? W4e3 J)(.13 152 tl3.50 H~~~~~~~~~~~~~~~~~~~3 IMl OFOR ==5 __112 -mtt3! -_"=___.= ._4 -R---- --- -----~~~~~~~~~~~~ --- ---_ tt4t,2100 tP I w 3t{E.X1 t F .4? SM-ttt2 L-WO _t _ _ 2 -P23 tkttlFaln '~' . __ ,0sSr,t7 .! ~ XlO.e4l _ttz t _n sfo tM042 __S1tt7 -n!|!r? _t7 ">non eqic1 _ $X&L2 "11A I5i fill S 4tO $-,5 __5.13 zi7?_1112 l.3s -nitis5 .__ _04 n iinel r .~~~~~~~~~~~~~~~~~~~~2 __. . _ _. __A3 O{4tM t531 (tl3.045 .-_AKtt?-W._lll] _I_wJ WA ISOt. ° 7t = tSF>__, ,Jt 3t99i~~~~~W'" S3,572 _. t.3lP_2 t - ,e-2t -!M _",532l53,t ,859 _t20,M _ t1O450_18 _i8_ _ _ __.. _ S1.41* OPP #,*' ' id ............. , . _ __ ........... _ _ _ = . = I = .__ _U ____Si__ _ _O W.W4~~~~~~~~~~~~~~~~~~:W 0=9 A- .i .Ea _i _ _I -A__ _ _._ SD_ SD _ ~~~~~~~~~~~~~~~~~~~~~~~fID0 | 14,31 tt_11 _L SI' ,__15,0)0 __ tse§_ LS.>-l, !_ f9 !td t -- 352 Carat i Block Gas Find [Santa F _M_ Oy.kpnml"* =ni . cs ___-_ .___ = ',pdml___ 1 -.fqI.4 ___ Ssl*nII9 _ _ . __ __ .__ _____ GA , into __ , i = * O _ j 1 11 1J 3 Mm: $si ,0 t4r, ft e6 25 1 424 21 fi Is Q p w M or I C R 4A _. I M I C-S14~~~~~~~~ so _ ._ I, so $it0 so § l se t. n to nn so , ' $ Tool r,b W99 _ =fl 6 183 0 05 1= 158 _ __ W A S _0 -02 0 214t00 _ = _820 $1448 urqa s- . eo t4,Zt =3Ni 07.@00 7uice < < < ! _ E _ so _--4 - LPG IDt ID ID _s= - ____ 8)818 II 412 _2245 12111 1002 101 e1 7e 1424? 414 08 8206' 11448 proyv!~ a 1u1 9 I $or 1 1S R] 4 185014 1 1 L $891 5 i ) 304 1226- 353 WOW--eloV k-so - owid - - e; ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~M d -14= otiv o qEw Sili to 3 " _~~~~~AE _ _ __W . .S- (it_ _ _ _I91 _ul _ ili (t eil Woe '__-p. -(EIV M ( ,11 MM- =u' _ - _i _VW,__. _ Os bi -- I a-- s - bi W-- 51 --- 0-- v- i- It w a o-n ~~~~~~~_ 9 o o- -- - e °_ d°GI _" _i D-i O _ _ Hltovill|xon Block Gas Find SxC . _ _B1t/, : tl' tiE ME . oi.. -,i _ _ _ _ _ _ .__ _ ~~~~~~~4 W_ we _" .__ 00 _~~~~~~~~~~~~~~~~~~~' Su Om . _. _ . _ _-_HO.' _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ _s-__-m- P= m *= -. _ _ i:_ - -I - -'YS' = 35wi = __= : = r--r= F F o _ r 1{-_ s o -- 3 11 3 ~~~~~~~~~~~~~~~' _-=_w _ _ _ _ _ igi W= ts~~~~~~~~~~~~~~~~~~~~~~~~~~~~l§ so -o = l __S"4 Madidi Plock Gas Find (Texco= ___ lS_ __ __ 0 __ _ 6 41_ __ _ _ __ 1 ~ 1 2 1 o490-t_ft- IN ia IWl,___ _ . $all 6 __ _ __ _ _______ __ . 'b'~~t~~* '~IMAM so w9 C . 1 ~~~~~~-- -A-? ARM-- -y - = 95 t . _ x! ! 3 ~~~1!! iii =j,w , _-stl 3 2 4- __ _ pflCm - - . . 4 AA_- --AI- % 77=~~~~~~5 F=---DD~~~~me $=O __-a i _ 4X-W Ti 5- 14-54 >16 0 ," ._ _ ~~=M _. = 7 ijm# E -" _1S"E9 --Wi go! _ 1," U .flt hs g to no no Mo i3 _ _ 24*ttt t.2" ^ sith,52J J55 X~~~~~~~W.16st "3.4 MKD C4fo TIiT61 _s _ _" . . om- Pr"- Mgggg bwvbeee~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~O _0 ID _ -b . _ _ _ _ _ a _ **astt btPt H?3i zns 7ii iiii;E t5,fiK " = tes.;tt aX.2he tWs,eo2 i tO^^t~~~~~~~~~~~~~~~~~~~~~~~~~1- buCiex _ _ nt.ex " no mo.oe ns.ew nso.ne tO.DA "lODD t".DZ ",OD ttt.Ot "5.0ha (,t- tSt.tlX tt5 jN*t jgyalY heeiw _ iii nai" ~3 558i 3 Stt* it 65£ 1 - W 1 4= wd=a~~~~~~~~~~~~~~~~~ok . _ _ _ _ __ __ _ _ _~~~~MI IT _---m. - 'A.. .f= . D 3 ticst _ 'tiif- = *~~~~~~~W Wkifz ! zir rr GiW7RrVA f rt9gX - 3 w=*-- ~~~~~~~~~~~~~~~~~~~~wi=w i=rs } ww SWFfr _ > B~~~-W.i vf- lit'im- r ie IF =w} _-d = "if _ , im'i iislOW1 ;i' FEt'l U" us|u- Mwy _---w _-a i-E ax-s lit~ Fv E _Fil a-to u N .r,. c,- _.l_,t- w- S _ _ _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~---! -- _ __ .1- o Poo Blockt Oili Find [E _;.-,_ t~~~~~~~~~~~~~~~~~~~~~~~~~~2 N , __ _ ..?-- --o 1---- __ _,. _ .. ___ ........ _ _ _ . .__ ~~~~~9 .-. - _ rPQ XR (tfi. __ t __ ___ J - 4 _° _ O -e- __ __~~~~~~~~~~~~~~m. -0 1 . iP_ _ i X1 __ _ X =~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-71 ,W.10_ 5o_o_ to _ fotw _i _-M I t 2-1,4 _W" IW,8 fl a s . _,ot,1 wt,* t. 2t tnZ hmm"Wt9ne_= ___ == _= ___ = = hRX- -- to;3<,w .!"!_t5Q iiit*zgRSt-Zt2.s--~~~~~~~~~~~~~~~~~~~~L lam= = t - t° un~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,o too 3 3 ,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~"' t.CU ,491 _1.1 _111,1 3I4 WIND oppon.,.o _MOn__W =_ = . Cnh'rbs __. 3i3 _ i7;;ii niiiZ ii ~4-40 :riorsft"t §o ii ! t,2ta i 1t4t 360 .11.1 1 .! nc 1 sorf,_S..iM§a - 1''"I -- flC OSOrO _ _ _ ItWt 0=" YtSW ?=I ox . - 6 IS , ,2 3S tblW tXtPn a" SW __ tct " 311 30 in t3 ICt Anamid I~I3424 I I? Id I7 ___________ _ a a a a a C_____ CPOR A I 0vg~ 0 §s0 0 0 0 IttR5Z=g.O ii ,X i 4;i 42 .tS TcS ~ ~ ~ ~~d"dbI M.) 4 so o01 OD go I __ Xtt=Cntitbw _ .-t.t N t.t"O= 11.X so to soi ; 10 I!__ tt"t~~~~~~~~~~~~~~~~~~~1 toZ == k".one. s O GM"bcc :498 tWI I 1i" WM 15,226 20 1446 gpv b d o s " ;i ii ii i Sism 0060 Sw. *030 El ~~~~~~~~~~~~~~~~~~~~~~~~~W174 I50? $,A 132 *Il 1 iiass.1a = 3 gi% I I o o Io aY CFSSm SI I.I hd tl s .Ya i ii ii;M 12 4 Fo L#ib9l--|$1 45 t t . ° _ i -361 361 CONFIDENTIAL Report No: 14005 BO ANNEX V LEGAL AND CONTRACTUAL - RELATED MATERIAL LIST OF CONTENTS Encl. No. Descjjtion 1. Legal Analysis of a Capitalized YPFB in Bolivia 362 Annex 5 ANNEX LEGAL ANALYSIS OF A CAPITALIZED YPB INBOLIVIA ]REPORT TO WORLD BANK Alfred J. Boulos -lawyer and Contrc Speialist June, 1994 363 LEGAL ANALYSIS OF A CAPITLIZED YPFB IN BOLIVIA REPORT TO WORLD BAN( ALFEDJ. BOULOS LAWYE AND CONTRACr SPECIALIST JUNK, L94 I' NTRODUCTION a EABLTIr ENT AND FUNCTIONS OF YPFB M OPERATIONS OF YPFB AS AN INTEGRAIM TROLEUM COMPANY IN EXPLORATION AND PRODUCTION IV YPFB AND CONIMACTS OF OPERAON V LEGAL SUCTURE OF CONTRACTS OF OPERATON VI POSSIBLE OPTIONS FOR YPFB EXISMNG CONTRACTS Of OPERATION VI SUMMATION 364 LEGAL ANALYSIS OF A CAPITALIZED YPFB INBOLIVIA REPORT TO WORLD BANK I INTRODUCTION A. TERMS OF REFERENCE 1. OyEyrIEw a) Under the Terms of Reference as Lawyer & Contract Specialist of the World Bank Mission to Government of Bolivia ("GOB"), the Lawyer and Contract Specialist has the responsibility to review the legal and contractual basis of the hydrocarbon industry in Bolivia. This requires an analysis of the proposed fundamental estructuring of the hydrocarbon industry in Bolivia and the future role of a post- capitalized YPFB. -- 2.THE SPECIC TERMS OF INCLUDE THE F IG a) Contractual review of al exploration and production blocks held by YPFB. b) Contractual review of all exploration and production blocks held by YPFB and Contractors. c) Analysis of existing Contracts of Operation and the capitalization of YPFB. B. GOVERNMENT ORGANIZATION OF THE HYDROCARBON INDUSTRY 1. MhNS1TY OFQECNO.MY a) The Ministry with overall responsibility for the hydrocarbon industry is the Ministerio de Hacienda y Desarrollo Econo6nico (Ministry of Finance and Economnic Development). 365 b) The National Secretary of Energy reports directly to the Ministry of Finance and Economic Development. The National Secretary has an Under-Secretary of Energy and an Under-Secretary of Hydrocarbons who report to himL c) YPFB reports through the Under-Secretaries to the National Secretary of Energy. d) The National Secretary of Energy, therefore, has a number of roles in the hydrocarbon sector: it monitors the activities of YPFB in its relationships with the President and the Executive, and other branches of Govenmment as coordinator and liaison. e) The National Secretary of Energy has additional functions in the hydrocarbon sector relating to safety, environmental rnatters and other governmental related issues in the hydrocarbon sector. 2. YAT 1 TOT TOR FlAT BOTANOS (pR) a) YPFB is the governnental entity granted the sole responsibility for the management and conduct of the hydrocarbon industry in the counttry C. FUNCTIONS OF YPFB 1. YPFB as a 100% Paricipart YPFB carries out a dual function in the Bolivian hydrocarbon industry: it is both a fully- integrated oil company involved in exploration, development, production, transportation, refining and marketing operations and it is also the government entity which negotiates and supervises contractual and legal relationships with Contractors under Contracts of Operation. As a 100% participant in its own operations, YPFB functions entirely differently than in its function as a govemment entity in the Contracts of Operation. This distinction is critical whenever references are made to YPFB. It should always be clear as to which function of YPFB is under consideration whenever discussions take place regarding its role in the hydrocarbon sector. 366 2. YlPFB as a Goverrment Enti2y in Contracts of Operation YPFB as a government entity acts in the capacity as the agent of the GOB in Contracts of Operation with Contractors. lt has no function as an oil company in the Contracts of Operation. It monitors the operations of the Contractor under the Contract of OperatiorL It handles the percentages of petroleurn liquids and gas which mnay result from operations on behalf of the Govemnment. It is not a direct participant m any phases of operations under the Contract of Operations and provides for no share of costs and expenses whatsoever. ESTABLISHMENT AND FUNCTIONS OF YPFB A) CREATION AND HISTORY 1. YPFB was created as a govenument corporation in December 1936. It has individual juridical status as a governmental entity and is organized in administrative, techical and economic groups. It has perpetua existence as a goverrunental corporate entity. 2. Under Supreme Decree N2 10170 of 28 March 1972, YPFB was granted the sole responsibility for the conduct and management of the hydrocarbon industry in the country. 3. Its objectives are to supervise, control and administer aU petroleum activities in the country on behalf of the GOB. 4. It will carry out these adjectives in exploration, production, transportation, refinery and related activities either directly or in ventures with other public or private groups. 5. There are four titles and 50 articles in the corporate statutes and by-laws which have been confirmed by Supreme Decree N' 15122 of 18 November 1977. An amendment to the fiscl provisions in Article 35 was approved by Supreme Decree N' 15888 of 19 October 1978. 6. In the event that YPFB wiU be capitalized, appropriate action under Bolivian law to temiinate or amend the status of YPFB as it now exists as a government entity shall have to be implemented. If it retains any number of the present portfolio of existing exploration and production blocks as a capitalized company, it will have to enter into an agreement with the GOB as does any other company to provide for terms and conditions for the number of exploration and production blocks which it will retain. 367 m OPERATIONS OF YPFB AS AN INTECRIATED PETROLEUM COMPANY IN EXPLORATION AND PRODUCTION A. EXPLORATION AND PRODUCTION 1. Mode of Operation Under Hydrocarbon Law a) Under Article 8 of the Hydrocarbon Law, "'YPFB is hereby granted the responsibility for exploration ... and exploitation ... in the entire national territory". It may carry out this responsibility both in its capacity directly as an integrated company in its own operations as a petroleum company or in its capacity as agent for the GOB in negotiating and concluding either Contracts of Operation or Contracts of Association with another company as a Contractor. b) In its conduct of operations as an integrated company in exploration and exploitation, it is essential to review the procedures and processes under which YPFB acquires rights and interests Sn exploration and production properties on which it wishes to conduct operations. B. ACQUISITION OF RIGHTS AND INTERESTS BY YPFB 1. Exloration andProduLfion Blodcs The following procedures are carried out by YPFB when it decides to obtain exploration and productions interests in areas of the country on which it wants to carry out petroleum operations: a) First, YPFB has established nine geological areas of interest in the country totaling 608,000 sq. kms. This represents about 55% of the total territory of the country. b) Based on technical evaluations by YPFB, a proposal is subrnitted to executive management to approve of a block or blocks on which YPFB wants to conduct E & P operations. 368 c) The block is described in square meters, hectares and square Idlometers and coordinates of latitude and longitude are described in the proposal. d) When executive managenent of YPFB agrees to accept the proposal for a 100% YPFB block, such block will thereupon by such decision be allocated exclusively to YPFB and no further governnental action, approvals or decrees will be necessary. e) With the block now allocated to YPFB, the next steps are formal notifications to the appropriate governmental and regional authorities, who should be informed, that the block has been allocated to YPFB. f) Accordingly, YPFB now carries out its exploration program, and if there are commercial discovenes, develops and produces the hydroabons on the block. z) Under these arrangements, YPFB has title and interests in the block. h ) Asof row, as a governmental entity, such blocks as allocated are held in perpetuity - until YPFB decides to relinquish the block in the reverse of the above procedures: executive management approves the relinquishment and appropriate notifications of such relinuishment mrade to government and regional authorities. i ) As a capitalized company in the future, YPFB may be granted by GOB sone or all of its eising 100% exploration and production blocks. As a capiaized company, however, YPFB will have to comply with Bolivian Hydrocarbon Law and Regulations in respect of whatever blocks it may retain. A capialized YPFB will have to enter into a petroleum contract with GOB and be subject to al laws and regulations as any other company in exploration and production operations in Bolivia. 2. Analysis of Procedures a) The above procedures are important to understand. They are the existing basis on which YPFF obtains rghts and interests in exploration and production in its own name as the government entity with the responsibility to carry out operations in the hydrocarbon industry. 369 b) These rights and interests to explore and produce will have to be reviewed in respect of any potential chane of the status of YPFB as a govemnment company into a capitaized axnpany. For YPFB to be granted these existing rights and interests. as part of its capitalized assets, an appropriate mechanism and arrangement must be made for a transfer of such rights and interests to YPFB in its proposed new status as a capitalized com,pany. c) Future rights and interests which a newly capitalized YPFB may wish to acquire will be granted to it by the Government by the same process and under the same agreements, laws and regulations under which such rights and interests would be acquired by any company in Bolivia. C SCOPE OF PRESENT YPEB OPERAIIONS 1. ild a) ProducinmgFields - At the end of 1993, according to statistics available from YPFB, there were 32 producing fields of liquids and natural gas by YPFB. These blocks and their rates of production for 1992 and 1993 are listed herein as Attachment A. b) Exploration Blocks (Non - Producing Blocks) - Under this category are listed non- producing blocks which may have potential for exploration and production activities in the future. Thee are 14 YPFB exploration blocks. IV YPFB AND CONTRACTS OF OPERATION A. BACKGROUND 1. dX Mehrn Law a) As previously discussed, under Article 8 of the Hydrocarbon Law, YPFB may canry out its exclusive right to conduct petroleum activities in Bolivia not only directly but also in a contractual arrangement with another company, called the "Contractor" under Contracts of Operation or Contracts of Association. At present, there are 17 Contracts of Operation which have been executed with Contractors. So far there are no executed Contracts of Association, but negotiations are taking place regarding these Contract of Associations. 370 B. CONTRACTS OF OPERATON a) For purposes of completeness, Attachment B is attached hereto and lists the following infornatirnn with respect to the existing 17 Contracts of Operation: * The total government percentage share; * The net share accruing to YPFB after deduction of the 31% tax and royalty allocated to the government; * The percentage share to the Contractors; * The names of each Contractor and the names of the Blocks under the Contract; * The effective dates of the Contracts. C. YPFB's NET PERCENTAGE SHARE IN CONTRACTS OF OPERATION a) FoT purposes of knowing more specifically the net share of the liquids and natural gas accruing to YPFB after deduction of the 31% tax and royalty which YPFF provides to the GOB, the table below sets out each Contract of Operations and the net percentage of YPFB: CONTRACTS OF OPERATION YPFB's NET PERCENTAGE SHARE PETROLEUM GAS 1. Tesuo 29% 29% Production 1978 2. Tesoro (Los Suris) 19% 19% Production 1978 3. Occidental (Diamond Shamrock) 19% 19% Production 1974 4. Maxus 14% (1-3) 19% Production 1992 19% (4 + 5. Texaco 14% (1-8) 19% 19% (9+ 6. Santa Fe 14% (1-8) 19% 16% (9+ 7. Chevron - Pecten 19% 19% 8. Esso - Marathon 10% (30 Mbls 15% (30-50 19% 19% (50+ 9. Esso - Marathon (Identical as license 8) 10. Texaco-Shell - Mobil 12-19% 19% (prod. Levels) (1 - 6 yrs) 20% (7 - 12 yrs) 21% (13+ 371 CONTRACTS OF OPERATION YPFB's NET PERCENTAGE SHARE PETROLEUM GAS 11. Oxy - Mobil 4 -19% 19% (prod L,evels) (1 - 3 yrs) 20- 29% (prod. Levels) (4 - 6 yrs) 24 - 34% (prod. Levels 7+ 12. Phillips 12-19% 19% (prod. Levels) (1 - 6 yrs) 19% 7+ 13. Petrolex 19% 19% (1 - 6 yrs) 24% 9+ 14. Pan Andean - BHP 12% 19% (1 - 6 yrs) 15. Cia. Naviera Perez 5-49% (Sec. Rec.) 29% Production 1989 15% (OpeL) 19% 16. Pluspetrol 4 - 51% (Sec. Rec.) 17- 51% Production 1990 14-19% (Oper.) 17-27% 17. Sopetrol 14-47% (Sec. Rec.) 19% Production 1992 D. FISCAL CONSEQUENCES FOR YPTh IN CONTRACTS OF OPERATION The fiscal consequences for YPFB in the Contracts of Operation may be assessed at the end of 1993, as follows, based on production of liquids and gas from the following Contracts of Operation: 1. Petmleum Liquids From the total of 8.1 minlion barrels of petroleum liquids produced en 1993, 16 rnillion were produced by Contractor under Contracts of Operation. This was 19.7% of the total production of liqmuds. These volumes were produced from 10 producing fields wherein the percentage interests of the Govermment ranged from 45 - 60% of total volumes produced, with a net average of 49.6%. The net percentage interests of YFPB - after deduction of 31% of taxes and royalties for govermment take - range from 14 to 29% of total volumes produced with a net average of 18.6%. Thus, YPFB's net percentage share of petroleum liquids produced in 1993 under Contracts of Operation would amount to about 302 thousand barrels of liquids annually which would accrue to it. 372 COMPANY GOVERNMENT YPFB NET PETROLEUM LIQUIDS PERCENTAGES PERCENTAGES PRODUCED 1993 _____________ ______________ ______________(Thousands gf Barrels) 1. TESORO 60 (29) 365 60 (29) 147 2. TESORO 50 (19) 56 3. OXY 50 (19) 237 4. MAXUS 45 (14) 304 15. PEZ 46 (15) 130 46 (15) 127 16. PLUSPETROL 45 (14) 148 85 17. SOPETROL 50 9)23 49.6 19.6 1,662 2. Nat=l Gas From the total of 197 billion standard cubic feet of natural gas produced in 1993, 52 billon was produced by Contractors under Contracts of Operation. This was 26A% of the total production of natural gas- These volumes were produced form 9 producing fields wherein the percentage nterests of the Governmet ranged from 50 - 60% of total volumes produced, with a net average of 54.0%. The net percentage interests of Y:PFB - after deduction of 31% of taxes and royalties for govenment take-range from 19 tD 29% of total volumes produced with a net average of 23.0%. Thus, YPFB's net percentage share of total gas produced in 1993 under Contracts of Operation would amount to about 12 billion standard cubic feet of natural gas. 373 COMPANY GOVERNMENT YPFB NET NATURAL GAS PERCENTAGES PERCENTAGES PRODUCED 1993 tMillions of Cubic Feet) 1. TESORO 60 (29) 12,662 60 (29) 2,418 2. TESORO 50 (19) 1,836 3. OXY 50 (19) 19,392 4. MAXUS 50 (19) 333 15. PEREZ 50 (19) 5,1% 3,720 16. PLUSPETROL 58 (27) 6,475 17. SOPETROL 50 (19) 88 54.0 23.0 52,120 (Average (YPFB (Millions Cubic Goverunent Net Feet - Total 1993 Percentages) Percentages) Contractor Production) V LEGAL STRUCrURE OF CONTRACrS OF OPERATION A. OVERVIEW . Stats of YPFB in Contracts of Operation As agent foT the GOB in Contracts of Operation, YPFB plays the role of the governuent's representative in all dealings under the contract with the Contractor. The Contractor provides all the costs and expenses of the petroleum operations and YPFB is not required to provide any costs and expenses. In consideration of providing all costs and expenses of the Contract, YPFB - as compensation for the investments of Contractor - allocates to the Contractor its share of petroleum and natural gas which has been discovered and produced under the Contract. It must be emphasized that YPFB does not act as a working interest partner under this arrangement. Its function is to monitor the Contract and confirm that the Contractor is carrying out the terms of the Contract. This is done by the DCCO Group within YPFB which provides reports, reviews, confirmation, documentation and 374 supervision of all aspects of dealing with the obligations of the Contractor. Meetings are held every 3 months under the Control Board, composed of two representatives each from YPFB and from the Contractor. At these meetings of the Control Board, the Contractor and DCCO review and carry out their respective functions. B. CONTRACT OF OPERATIONS 1. Genera Prvs The existing Contracts of Operations follow the same general pattern, with no substantial differences among them. The main differences are with respect to the: * Work Program * Percentage Share Interests * Areas to be Explored The Contracts of Operation are based on the following provisions: - A basic exploration period of 4 years, an additional period of 3 years and an exploitation period of 26 years. - After the first 2 years, Contractor has an option to terminate or to drill a well in the 3rd year and the sarme option m the 4th year. - The Contractor also has option to terminate or drill a well at beginning of each year of the additional 3 year period. - A Bank Guarantee shall be required and presented at the beginning of each year and it shall to be reduced when the work is completed for the past year. - Contractor will pay YPFB for ary part of the Work Program not completed. - An Exploitation License in issued if there is a commercial discovery; Contractor submits a Plan of Development to Control Board for its consent. - All of Contractor's operations will supervised by the Control Board. If the Board cannot agree on a proposal of the Contractor, it may nevertheless proceed to implement its proposal under the Contract, subject to YPFB's right to resort to the dispute resolution provisions of the Contract 375 - Contractor has the exclusive right to conduct operations. - Contractor has a specified mnonetary obligation each year to train Bolivians in petroleum matters. - At the end of any period of the Exploration Phase when the contract is terminated, or at the end of the Exploitation period, all assets will be transferred to YPIFB. - Contractor may make assignmnent to a third party with the written approval of the Government and issuance of a Supreme Decree. - Contractor must provide data of all operations to YPFB but not proprietary informatior. - YPFB has a right to require that Contractor's pro-rata share of the domestic market be sold to YPFB at a price to be determined under a basket of crudes as determined from Platt's Oilgram monthly. - YPFB wilU pay al taxes and royalties on behalf of Contractor in the percentage share of hydrocarbons which it retains from Contrator's operations. - YPFB pays on behalf of contractor royalties of 11% + 1%, and taxes of 19%, prior to delivery to Contractor of Contractor's net petroleum percentage share of hydrocarbons which it receives as remuneration for operations (the net tax percentages on a 50 - 50 split, for example, will be 22A6%). - Contractor may freely use foreign currency in operations, maintain foreign currency abroad and convert foreign curency at market rates. - The royalty (11% + 1%) and the national tax of 19% shall be based on gross production at the wellhead. - Pipelines may be built and operated by YPFB or the Contractor alone, or jointly, but pipeline operations are not considered part of Contractor's hydrocarbon operations. - Arbitration shall be conducted under the rules of the Inter-American Commercial Arbitration Commnission ("IACAC"). 376 G. General Conditions in Contracts of QOerttion The general Conditions which apply to all Contractors in Contracts of Operations under the Hydrocarbon Law - Article 22 - are as follows: - Establish residence in Bolivia and appoint a representative - Provide guarantees for Contract performance to YPFB - Provide YPFB with all technical and financial data relating to the Contract - Maintain confidentiality of dealings with YPFB - Renounce rights to make claims through diplomnatic channels - Train Bolivian nationals - Employ Bolivian nationals in accordance with Bolivian Labor law. - Adopt industial security measures according to international standards - Adopt enviromental standards established by the authorities - At the termination of the contract, all assets to be transferred to YPFB in accordance with Article 22. 377 VI POSSIBLE OPTIONS FOR YPFB UNDER EXISTING CONTRACTS OF OPERATON A. YPFB REMAINS AS GOVERNMENT ENTITY OR NEW GOVERNMENT ENTY FORMED 1. Cneg Under this scenario, there are no changes is the operations of the existing Contracts of Operations arrangements. Either YPFB or its successor government entity would continue to admirister and supervise the Contracts of Operation under the same terms and conditions of the Contracts as are now in existence. The govemment will continue to receive all revenues due it under Contracts of Operation. The new government entity will substitute for YPFB as the government entity under the Contract. It will continue to administer and supervise the Contracts of Operation. B. CAPiTLIUATION OF YPFB TJnder this scenario, YPFB will be capitalized by the Government which wiL thereupon determine YPFB's capital structure, either by increasing its assets or decreasing its assets, as it sees fit. From such capitalization, YPFB would be operated in its new capacity as a capitalized company, subject to the Bolivian Hydrocarbon Law and regulation in the same way as any other company. a ) As a capitalized company, YPFB would have no rights to automatically assume the percentage interests in Contracts of Operation which it had as a government entity. If the GOB decides that a capitalized YPFB is to become a party, YPFB capitalized would have to renegotiate the Contracts of Operation as a non-governmental party, providing that the Contractor so agreed. In any event, the governmental rights and obligations under the existing Contracts of Operations would have to be renegotiated between a new GOB entity in substitution for YPFB and the Contractor. Thus, although there are several options in respect of a capitalized YPFB and the Contracts of Operations, one likely scenario seems to be a negotiation of a new Contract between the Contractor and a govemment entity in substitution for YPFB, and may include a 378 capitalized YPFB as a party, if decided by the GOB and agreed to by the Contractor. There may also be other related agreemrents but structural changes would have to be negotiated in a new Contract in place of the existing arrangements. C LEGAL POSMON OF CONTRACTOR 1. Right to Maintain Contract Regardless of whether YPFB becomes capitalized or not, the Contractor retains the right to maintain its existing Contract of Operations with the GOB. The Contractor cannot be compeled to change or renegotiate its agreement without its consent. The GOB could not compel a Contractor, as a condition of continuing its operations in Bolivia, to accept a capitalized YPFB as a partner under a new Contract. D. STATUS OF YPFB 1. Dual Status of YPFB In considering options under the Contracts of Operation, one must always maintain the distinction between YPFB as an integrated oil company conducting its own operations and YPFB in the Contracts of Operations as a government entity with no operating role as a petroleum company. Thus, whichever option is eventuaDy considered for a capitalized YPFB, a distinction must always be made between YPFB as and integrated company and as a government entity. To change its status in the Contracts of Operation from a government entity to that of a capitalized company will require renegotiation of the Contract - subject to the. agreement of the Contractor to amend the existing Contracts of Operation. Any new Contract will have to retain the governmental character of the existing Contract of Operations and the new government entity in substitution for a capitalized YPFB would become a party thereto. 379 VII SUMMATION * The State Oil Company, YPFB, will be capitalized by GOB under a fundamental restructuring of the hydrocarbon sector in Bolivia. * YPFB now has two separate and distinct roles: as a government entity and representative of the GOB in Contracts of Operation with Contractors, who are private oil and gas companies; as a fully - integrated oil and gas company with 100% ownership of exploration and production blocks and acreage in Bolivia. * YPFB's role as a government entity and representative of the GOB in Contracts of Operation will have to be assumned by another or new governmental entity. * Such new governmental entity will be substituted for a capitalized YPFB under existing Contracts of Operation, if no further changes are rnade to such Contracts. * Under this scenario, a substitution of a new government entity for YPFB in the Contracts of Operation would not be a fundamental change to the Contracts of Operation and would require only an amendment of substitution of a new government entity for YPFB. - Accordingly, all revenues to the GOB and all relationships with Contractors will continue in the same way with a substituted new governmental entity for YPFB. * Thereafter, the government rnay decide that some or all of its interests in existing Contracts of Operation shall be granted to a capitalized YPFB. * UJnder this scenario, any interests granted by GOB to a capitalized YPFB will result in a fundamental change and restructuring of existing Contracts of Operations in respect of relationships with the Contractors. * Any such fundamental changes will require the agreement of the Contractors since the Contracts of Operation will now be transformed from its present status into a new joint venture arrangement. * Such new joint venture arrangements between a capitalized YPFB and the Contractors may be either Production Sharing Contracts ("PSCs") or tax-royalty agreements and will require that the new governmental entity also become a party thereto. 380 * A capitalized YPFB will require new corporate statutes and new by-laws to change its status as an entity of GOB into a capitalized entity. * The other aspect of a capitalized YPFB is that it may be granted some or all of the exploration and production which it now owns 100% as an integrated government company in Bolivia. * In this scenario, the capitalized YPFB will have to enter into petroleum agreements with the GOB to secure these existing interests as exploration and production licenses under terms and conditions as shall be negotiated. * Such a scenario would enable the capitalized YPFB to offer a percentage share to other oil and gas companies under an assignment - "farmout" - of the interests granted to it under licenses and a petroleum agreement with the GOB. * In conclusion, a capitalized YPFB would no longer be an entity of GOB. Its new status as a capitalized YPFB will require substantial changes in existing activities and operations. The GOB must decide on its options for the future of a post - capitalized YPFB in relation to the existing Contracts of Operation and in relation to its role in the hydrocarbn sector of Bolivia. Alfred J. Boulos 381 AT TACHMENT A YPFB AND CONTRACTORS ANNUAL PRODUCTION 1992/1993 PETROLEUM LIQUIDS AND NATURAL GAS "LEGAL ANALYSIS OF A CAPITALZD YPFB IN BOIVA" REPORT TO WORLD BANK ALFRED J. BOULOS JUNE, 1994 382 ANNUAL PRODUCTION YPFB (Thousands of Barrels) PETROLEO LIQUIDOS Buena Vista 7 8.4 Bulo Bulo 5.1 Caigua 7 3.0 Carrasco 292 701 Cascabel 250 361 Cambeity 33 234 Camatindi 29 28 Camiri 120 111 Espino 0 0 Guairuy 32 27 H. Suarez R. 103 29 Katari 73 363 la Pefia 857 587 Mangales 0 Montecristo 9 9 Monteagudo 281 254 Naranjillos 28 23 Palmar Contractor 9 0 Patujusal 4 Rio Grande 444 429 San Roque 1,042 635 San Alberto 27 14 Santa Cruz 34 17 Sirari 495 490 383 YPFB PETROLEO IJOUIDO (Thousands of Barrels) 1992 1993 Tatarenda 45 48 Tita I Tita 21 1 0 Tundy 36 84 Vfbora 668 101 Villamontes 15 12 Vuelta Grande 998 962 Warnes O Yapacani 284 256 Otros 0 Contratistas 1,532 1,621 Total 7,752 8,116 384 YPFB NATURAL GAS (Millions of Cubic feet) 1992 1993 Bulo Bulo 190 Caigua 0 Carrasco 2,640 7,999 Cascabel 3,313 5,153 Colpa 0 Cambeiti 200 219 Camatindi Camiri 1,169 879 Espino 0 Guairuy - 45 43 H. Suarez R. 412 269 Katari 1,203 4,558 La Pefia 2,080 1,339 Mangales 0 Monte Cristo 131 121 Monteagudo 1,084 1,184 Naranjillos 4,880 4,202 Palma 104 Patujusal 1 Rio Grande 38,008 35,726 San Roque 9,695 9,451 San Alberto 618 206 Santa Cruz 2,493 1,112 Sirari 12,932 15,214 385 YPFB NATURAL GAS (Millions of Cubic feet) 1992 1993 Tatarenda 188 186 Tita 244 113 Tita 21 Toro ° Tundy 9 19 V'fbora 9,337 14,354 Villamontes 20 152 Vuelta Grande 36,354 38,584 Warnes 0 0 Yapani 5,094 4,134 Contratistas 62,935 52,120 Total 195,007 197,520 386 _ CONTRACTORS PETROLEO LIOUIDOS (Thousands of Barrels) COMPANIES/FIELD 1992 1993 Caranda - Perez 142 130 Colpa - Perez 141 127 Esondido - Tesoro 18 147 La Vertiente - Tesoro 405 365 Taiguati - Tesoro 131 56 Palmar - Sopetrol 9 23 Porvenir - Diamond Shamrock 350 237 Bermejo - Plus Petrol 160 148 Toro - Plus Petrol 91 85 Surubi - Maxus 79 304 Total 1,532 1,622 387 CONITRACTORS NATIJRAL GAS (MILLION OF CUBIC EE COMPANEES/FEES 3 Caranda - Perez 4,626 5,196 Colpa. - Perez 4,104 3,720 Escondido - Tesoro 340 2,418 La Vertiente - Tesoro 13,408 12,662 Taiguati - Tesoro 1,836 Palmar - Sopetrol 100 88 Porvenir - Diamond Shamrock 29,927 19,392 Bermejo - Pluspetrol 6,813 6,475 Tbro - Pluspetrol 0 0 Surabi - Maxus 226 333 OTAL 62935 52,120 388 AT TACHMENT B PERCENTAGE INTERESTS OF YPFB AND CONTRACTORS IN CONTRACTS OF OPERATION "LEGAL ANALYSIS OF A CAPITALIZED YPFB IN BOLIVIA" REPORT TO WORLD BANK ALFRED J. BOULOS JUNE, 1994 389 Attachment B co.M.cs OF O1EUATIN YM's NET NCE GE =KAYI= .LOCKS AND EFICTIVE DATES PEThOLM GAS L La Vertimnte L T"= - 3/21J77 2915 2915 Paduc wiz178 2. Lo Sum. 2. T so (Lw Suds) CUM 19% 191% Production 37 3. Parmur 3. Ocdde.ta (Dimnd 191 19% Produetin 1974 Shocdk) 1111)77 4i. Maw 1 4. Mz= 8/4189 1415(1-3) 1915 ProdueL 1992 . low Vmam 5 TmCoS 1191 13% (4+ 19% 6. CrandagM 6.SantaFelr2/9 14%( 14;) 19% 7. Caioipmdi 7. Cheon - Pecten 111S19S 19% (9+ 1 8. Puopo Node L im - Marato 8/191 13% 191 9. Punpo Sur 9. Qm - M3arssm (Iduies as 19t U_"8) 10. Ms"di 10. T - Shenl - Mobil 7l119 12-19% 19% sprod Leetls) (1-6 ys) 20% (7-121 yrs) 21% (13+ IL Madre de Dias 11 Oxy - Moitb 10-3-8 4-19% 19% o Levels 20-29% (4-6 yrn) 24-34% (prod. Levds 1+ I2 Cmhur 12 Plnips 3129192 12-19% 1W% (Prod. Levels) (1-6 yrs) 29% 7+ 11_ lanuuls: 13. Pdrl 7119 1.% 1 91 (1- ys) 2415 14. Ch2pare 14. Pan Andesjs - NWP 102393 12% 199% (1.6 yzs) 1L Cara 4-loepe 15. CL. Navam Po 814189 549% (Sec.ka 29% P } dcto 139 15% (Oper.) 19 1C. B3iajo 16. Plmpetrol 10/23190 4-51% (Sec.Rm) 17-515 Prducion 190 14119% (Oper.) 17-27% 17. Palmar Del 17. Sopetra 719/92 1447% 15 Productin 1W9 Astoria 390 rliuILpE______ ESMAP zd Energy Department The Wo44 aank t.1SflS4eet WdRtrn, 0. C, 20433