Repsol YPF, Enarsa to invest US$129mn in offshore exploration
Bnamericas Published: Thursday, June 02, 2005
Spanish oil company Repsol YPF (NYSE: REP) plans to invest US$129mn in seismic studies and drilling in offshore Argentina in partnership with state oil company Enarsa, Repsol YPF chairman Antonio Brufau announced. Brufau made the comments after meeting with Argentina's President Néstor Kirchner to present the company's 2005-2009 investment plan, which includes US$6.5bn in Argentina. Offshore exploration in Argentina "is one of our great opportunities, we believe there is still gas and liquids to be found in Argentina, but our main interest is to collaborate with Enarsa," Brufau told reporters. If the seismic and drilling is successful investment could be "very much higher" than the US$129mn budgeted for the initial exploration program, he added. Enarsa was created by the Argentine government in 2004 to increase the state's presence in the hydrocarbons sector and monitor the oil and gas activities of foreign companies in the country. The company owns all the rights to offshore exploration in Argentine waters.
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