October 13, 2010
French oil company Total has signed a farm-out agreement in which it will t
French oil company Total has signed a farm-out agreement in which it will transfer a 20% interest in Bolivia's Ipati and Aquio licenses to Russia's Gazprom. As a result, Total, the operator, will hold a 60% stake, Argentina's Tecpetrol 20% and Gazprom the other 20%. Terms of the deal were not disclosed. Total has been active in Bolivia since 1996 and produced 20,000 barrels of oil equivalent per day in 2009.