Brazil’s Giant Petrobras Gets Another Piece of Argentina

    The Executive Director of Petrobras Argentina, Alberto Guimarães, said that Petrobras is awaiting authorization from the Argentinean government to begin exploratory activities in two more blocks, raising to 20 the total number of areas in which the state company operates in that country.

    Unlike the current 18 blocks in which Petrobras is already active, all of them on land, these two are at sea, near Bahia Blanca. The start of exploration depends only upon the Argentinean government’s authorization.


    With an increasingly significant presence in Argentina, especially after the acquisition of Perez Companc, which is now Petrobras Argentina, the Brazilian state company has already invested US$ 4 billion in the neighboring country.


    Petrobras intends to invest an additional US$ 1.4 billion between 2004 and 2007, 65% of which will be in the area of exploration and petroleum and gas production.


    Guimarães said that Petrobras currently produces 186 thousand barrels/day in Argentina, but this production is concentrated on land.


    “Now the company wants to direct its activities toward petroleum exploration in ocean areas. Although the ocean in Argentina presents numerous difficulties, it greatly resembles the Campos Basin,” the director commented.


    The Campos Basin is Brazil’s largest petroleum region, located off the northern coast of the state of Rio de Janeiro and responsible for around 70% of Brazilian petroleum production.


    The Brazilian Development Bank (Banco Nacional de Desenvolvimento Econômico e Social) (BNDES) reported in May that it was setting aside US$ 1 billion for infrastructure projects in Argentina over the next three years.


    According to BNDES vice president, Darc Costa, by next year the bank should be financing at least five projects in Argentina (repairs on two railroads, a gas pipeline, a steel mill expansion and a biogenetic study).


    In other news of BNDES international activities, the bank has already released US$ 600 million for infrastructure in Venezuela, out of a promised US$ 1 billion.


    The Venezuela and Argentina financial assistance projects are part of the Brazilian government’s objective of speeding up South American integration.


    Agência Brasil
    Translator: David Silberstein

    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    Your email address will not be published.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

    Brazilian minister Reinhold Stephanes

    The Lure of Brazil as World’s Breadbasket

    Brazil's minister of Agriculture, Livestock and Supply, Reinhold Stephanes, claims that the Arab countries ...

    Brazil’s Lula Warmly Welcomes Chavez into the Mercosur Brotherhood

    During the opening ceremony of the 29th Mercosur Summit in Montevideo, Uruguay, Brazilian President ...

    Movelsul: Brazil’s Last Word in Furniture Design

    Brazilian furniture makers have been investing in machinery, design, human resources and management for ...

    Brazil's Copacabana Palace in Rio

    3.2 Million Foreigners Visit Brazil in First Half, a 2.7% Boost

    In the first half of the year, 3,205,562 people arrived in Brazil on international ...

    Brazil to Explore Oil in Turkey’s Deep Waters

    Brazil is going to explore oil in the deep waters of the Black Sea. ...

    Brazil Gets Ready for War with 12 Mirage Fighter Planes

    Brazil purchased twelve French combat aircraft Mirage 2000 during the official visit of President ...

    Brazil Steps on Minefield Putting a Price on Dead and Disappeared

    In 2001 the Brazilian government set up a Special Commission on Deaths and Disappearances, ...

    What's left of TAM's Airbus

    Breakdown at Brazil Air Control Center Causes 100s of Delays and Cancellations

    On the heels of Brazil's deadliest air tragedy ever, Saturday brought another chaotic day ...