Gazprom said it would focus in particular in the Ipati and Aquio licenses in southern Bolivia. The country ranks third in terms of natural gas reserves with an estimated 9.8 trillion cubic feet.
The companies agreed to work in the blocks in 2010, with Gazprom taking a 20 percent stake.
Gazprom describes Latin America as strategically important. The company announced last year it was solidifying its position in the region by opening an office in Rio de Janeiro.
The Bolivian government this week passed a bill that would lead to production at Ipati and Aquio by the end of 2016, Bloomberg News reports. Neither company offered a specific reserve potential for the blocks.
2014: The Year in Music [PHOTOS]