MOSCOW, September 22. /TASS/. Russian gas giant Gazprom has invested $350 million in the development of the Incahuasi field in Bolivia, the company’s CEO Alexei Miller said in an interview with the Rossiya 24 TV channel.

"Gazprom has 20% as part of the first stage and we have invested a little more than $350 mln, the second stage will be much cheaper. If total investments on the first stage amount to $1.5 billion, on the second stage it will be $740 mln," he said.

Miller said that Gazprom is interested in the development of its activities in Bolivia. Last week, Gazprom (as part of the consortium) put the Incahuasi field into commercial operation.

Incahuasi is one of the largest existing Bolivian gas condensate fields. Its recoverable reserves are estimated at 70.8 billion cubic meters of gas and 4.8 million tonnes of gas condensate.

The Incahuasi field is located within the license areas Ipati and Akio. It is developed by the consortium consisting of: Total S.A. (50%, operator), Gazprom (20%), Tecpetrol S.A. (20%) and YPFB (10%).

Gazprom together with Total is also implementing a project on exploration of hydrocarbon deposits in the area of Acero. On the stage of the geological exploration the partners are involved in the project on parity basis.

In 2016, Gazprom and YPFB (Yacimientos Petroliferos Fiscales Bolivianos) signed an agreement on strategic cooperation, which provides for cooperation in the field of exploration, production and transportation of hydrocarbons in Bolivia, the construction and modernization of the country's oil and gas infrastructure, as well as the creation of power generating facilities.

In 2016, Gazprom International and YPFB also signed an agreement to explore promising blocs La Ceiba, Vitiaqua and Madidi.