French oil major Total SA (TOT) Friday said it has signed a cooperation agreement with Russian gas monopoly OAO Gazprom (GAZP.RS) and Yacimentos Petroliferos Fiscales Bolivianos, to explore the Azero block in a gas-rich province in the foothills of the Bolivian Andes.
Azero, a 4,764 square kilometer block, is next to the Ipati and Aquio blocks, where Total made a major natural gas find in 2004, the company said in a statement.
Total said the agreement is "further demonstration of Total's commitment to working with national oil companies, both within and outside of their borders."
Total plans to help Gazprom exploit Russia's Arctic offshore Shtokman gas field.
Total, which has operated in Bolivia since 1996, holds stakes in six licenses in Bolivia.