Brazil Joins Argentina to Explore Malvinas Basin for Oil

    Petrobras has subsidiary in Argentina

    Petrobras has subsidiary in Argentina Brazil's state-controlled oil multinational Petrobras, Argentina's YPF and Pan American Energy signed several agreements for the joint oil and gas exploration offshore in the San Jorge Gulf, the Malvinas basin and along the South Atlantic coastline, according to a report released Wednesday in Buenos Aires.

    The initial overall investment will demand US$ 220 million and includes surveying an area of 1.320 square kilometers (0.51 square miles) and drilling four exploratory wells in the next two years.

    The first agreement was signed between YPF's Executive vice president Sebastian Eskenazi and Petrobras Argentina CEO Decio Oddone with YPF acting as the operator and holding 67% of the association, and Petrobras the remaining 33%. The two companies have earmarked an additional US$ 120 million for their joint undertaking.

    The other agreement between the three companies involves exploratory seismic surveys in a strip extending from Rio Grande do Sul, Brazil southern most state, all the way to Tierra del Fuego. Two exploratory wells have been planned for next year, demanding US$ 100 million investment.

    "If exploration is successful the companies anticipate significant investments to develop the offshore reserves," said the release.

    Finally a third agreement involves YPF, Petrobras Brazil and Petrobras Energy and will begin exploration activities in several blocks of the Malvinas basin, more than 200 kilometers offshore Tierra del Fuego.

    In related news next December 20, Argentina's energy company Enarsa and YPF are scheduled to begin drilling off the coast of Santa Cruz province, according to the Ministry of Federal Planning.

    Mercopress

    Tags:

    • Show Comments (0)

    Your email address will not be published. Required fields are marked *

    comment *

    • name *

    • email *

    • website *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Ads

    You May Also Like

    Atlantic forest in Brazil

    Brazil’s 14-Year Law Regulated to Protect What’s Left of Atlantic Forest

    After more than a decade of wait and using the International Conference on Biofuels ...

    Ahmadinejad

    Ahmadinejad in Brazil to Erase Images of Iran’s Suspected Election Fraud

    The president of Iran, Mahmoud Ahmadinejad, arrives this weekend in Brazilian capital BrasÀ­lia accompanied ...

    Brazilian Chief Justice Cezar Peluso

    Brazil Supreme Delays Decision on Giving Watchdog Agency Punitive Power

    Brazil’s Supreme Court has delayed a decision on the most eagerly awaited case on ...

    Brazilian Vitor Meira, the new face of Formula Indy

    How Brazilians Are Helping Formula Indy Get Back on Track and Be In Again

    Open-wheel racing in the United States has consistently struggled in recent years to compete ...

    Argentina Is No Brazil Yes Man, Says Minister Sigal

    Argentina “needs” Brazil as a good trading partner on equal footing but not at ...

    Brazil's Vale

    Brazil Has Latin America’s Two Largest Companies: Petrobras and Vale

    State-controlled oil multinational Petrobras and mining company Companhia Vale do Rio Doce (CVRD), both ...

    World Wants to Know About Brazil’s Zero Hunger

    On the eve of the UN conference on poverty and hunger, Brazil has prepared ...

    Brazil Spends 8% of GDP in Communications, But It’s Still Too Little

    Between 1998 and 2004, the countries of Latin America advanced in the field of ...

    Brazil Has no Room For Crisis, Says Lula

    During a ceremony to install new members of the Council of the Republic, December ...