The Vietnam National Oil and Gas Group (PetroVietnam) has signed a cooperation agreement with the state-owned oil and gas company of Bolivia, YPFB, to study gas potential in the South American country.

The Bolivia News Agency (ABI) reported that the results of the study will lay a foundation for the partners to sign contracts on natural gas exploration, exploitation, development and production in Isipote, Yoai and Algarrobilla areas in the southeastern region of Bolivia .

Bolivia is estimated to have a natural gas reserve of 281 billion cu.m and is calling for foreign investment to exploit this huge resource.

Bolivia has annually exported about 30 million cu.m of gas to Brazil and some 7 million cu.m to Argentina .

In its strategy to expand operations in South America, PetroVietnam has invested in some projects to explore and exploit oil and gas in Cuba and Venezuela. /.