Firm announces new oil, gas finds in Argentina
Tuesday, January 29, 2008; Posted: 02:57 PM
Buenos Aires, Jan 29, 2008 (EFE via COMTEX) -- PAEYE | news | PowerRating | PR Charts -- Pan American Energy on Tuesday informed the Buenos Aires Stock Exchange of its discovery of new oil and gas reserves in southern Argentina equivalent to 100 million barrels of crude.
The company, a 60-40 joint venture of BP and Argentina's Bridas, also said in a press release that it will invest $1 billion in the exploration and production of hydrocarbons in the country.
The new reserves were found in the Cerro Dragon concession area in the Patagonian province of Chubut, Argentina's leading oil-producing region.
Pan American Energy "has consolidated itself as Argentina's second-leading oil and gas producer," the company, which also operates in Bolivia and will begin to do so in southern Chile's Magallanes Region, said in the press release.
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