Petrobras to spend $ 1.4 bn in Argentina

Oct 08, 2004 02:00 AM

Brazil's Petrobras plans to spend $ 1.4 bn in Argentina over the next three years, mostly to increase exploration and production in the 20 blocks it controls there, Alberto Guimaraes, president of Argentine subsidiary Petrobras Energia, said at the Rio Oil & Gas conference.
He said Petrobras will soon begin exploration activities at two Argentine offshore blocks in the Eastern Mar del Plata.

Argentina, where Petrobras pumps about 186,000 bpd of oil, accounts for the largest portion of Petrobras oil production outside of Brazil, where it pumps more than 1.5 mm bpd.
About 64 % of Petrobras' Argentine spending through 2007 will go towards exploration and production, Guimaraes said. Petrobras is also expanding a gas pipeline it partially owns, a project worth $ 285 mm, and also operates refinery and distribution assets in the country.

Source: Platts
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