State-run oil holding Petróleos de Venezuela (Pdvsa) began to survey areas for oil prospecting in north La Paz region, reported on Friday Bolivian Minister of Hydrocarbons Carlos Villegas, as quoted by Bolivian press.

Venezuela reported on an investment of approximately USD 600 million to explore oil in the sub-Andean area and gas in southeast Bolivia, under the agreements entered into last August by Bolivian President Evo Morales and his Venezuelan counterpart Hugo Chávez. Based on the deal, bilateral company Petroandina was incorporated, AFP noted.

As from August, Pdvsa will have a calendar year to complete the survey, said Catholic news agency FIDES.