Shell started drilling offshore Argentina

Shell started to drill its first offshore well in the coast facing Mar del Plata, Argentina. This is the first step of a project to cover a 15,000 Km area in a $ 20 mm high risk offshore venture on which Shell (51%) is partnered with YPF (29%), and Agip (20%). Shell is expanding its oil & gas related business in South America, and earmarked investments of $ 3.5 bn in Peru and Bolivia. A similar figure is to be invested in Argentina. In 1996 the company announced investments of $ 1 bn up to year 2000, of which $ 600 mm to modernise its refinery at Dock Sud, $ 183.9 mm to modernise service stations, and $ 42 mm to renew its vehicles fleet.