"Given the increase of consumption of gas in Bolivia, the two sides stressed the viability of conducting exploration works of new areas in the region," the statement said, after the meeting of the heads of Gazprom and Total, Alexei Miller and Patrick Pouyanne, respectively.
The two companies are already exploring Bolivian gas fields in the Ipati and Aquio blocks. According to the statement, the companies are preparing to start industrial production in those regions in 2016.
Bolivia has as much as 296 billion cubic meters (10,453 billion cubic feet) of natural gas, the third largest amount in Latin America.
Gazprom and Total have been working on exploration of the southern Bolivian regions for gas since 2008.