New Times Group to buy two Argentinean oil fields

Oct 31, 2007 01:00 AM

New Times Group Holdings, a Hong Kong property and financial investment company, plans to acquire two oil fields in Argentina for HK$ 10 bn.
New Times signed an agreement to purchase a 30.6% stake in Targatal and Morillo oil fields in the northern province of Salta.

Citing an evaluation by China National Petroleum Corp. (CNPC), New Times said the two sites have estimated reserves of about 6.4 bn bbl of oil and 90 bn cm of gas.
New Times said it would set up a consortium to develop and manage the sites.

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