Page 15 - LatAmOil Week 02 2021

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Canje is adjacent to Stabroek (Image: OilNow.gy)

Echo Energy, GTLI in Bolivian

co-operation agreement

UK-BASED Echo Energy signed an agreement would benefit from working closely with its
last week with GTL International (GTLI), a fully Bolivian partner. “I’m delighted that we have
owned subsidiary of Bolivia’s UruboCorp, on signed this important co-operation agreement
co-operation in the Bolivian energy sector. with GTLI, a leading Bolivian energy company
In a statement, Echo said that the two sides [that] has a highly skilled team and an attrac-
would team up to promote their business tive portfolio of business interests in the Boliv-
development initiatives in the South American ian energy sector. The framework now in place
country. More specifically, it said that the parties under the co-operation agreement will ena-
would work to identify new business opportu- ble the Company and GTLI to combine their
nities “across the full energy spectrum.” It did respective skillsets, taking the best of both to
not reveal whether Echo and GTLI were eyeing work together to seek to originate and execute
any particular projects, but it did say that the transactions across the energy sector in Bolivia
companies had granted each other a six-month at a point in time where we see significant and
window of exclusivity. potentially highly commercial opportunity
This arrangement should help Echo build in-country.”
up a portfolio of energy assets “to be matured in Luis Carlos Kinn, Echo’s CEO, also expressed
a cost-effective way across the Bolivian energy satisfaction. “For GTLI, this co-operation
space,” the statement said. It also indicated that agreement is an important step for growing our
changing conditions in Bolivia had opened up energy business in Bolivia, where we see a great
“a window of opportunity to pursue business deal of opportunity,” he said. “We chose to col-
development opportunities across the energy laborate with Echo Energy due to their detailed
sector, including potentially renewables.” knowledge, strong relationships and passion for
Additionally, it pointed out that Echo was our country. They bring a reputation for pro-
sure to benefit from co-operation with GTLI, viding innovative commercial solutions and a
which serves as the operator of a hydrocar- strong focus on managing costs to projects. We
bon-bearing licence area known as El Palmar. look forward to working closely with the Echo
Meanwhile, it noted, GTLI’s parent company Energy team and using our combined knowl-
UruboCorp is involved in the hydrocarbon edge and skills to build up an opportunity set
and renewable energy sectors, as well as mining across the energy spectrum, as the future for
and real estate.“[The] relationship now formed Bolivia is very exciting.”
with GTLI under the co-operation agreement Echo is not currently involved in commercial
is expected to further strengthen the company’s gas production in Bolivia. However, it has been
local relationships and will provide the company working with Pluspetrol (Argentina) to re-pro-
with access to advantaged additional origination cess existing seismic data from the Huayco block
opportunities and valuable local insight,” Echo and with YPFB, Bolivia’s national oil company
said in its statement. (NOC), to conduct a technical evaluation of the
Martin Hull, the company’s CEO, said Echo Rio Salado block. ™

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