Pan American Energy starts exploring for oil offshore Argentina

Anglo-Argentine oil company Pan American Energy said it began exploring for oil in Argentine waters in the central Gulf of San Jorge.
The company, Argentina's second-largest oil and gas producer, is developing the exploration project with partners Petrominera Chubut, which is owned by Chubut province, and Fomento Minero de Santa Cruz, or Fomicruz, a company owned by Santa Cruz province.

The first phase of exploration, which is expected to end in 2012 and is being fully financed by Pan American Energy, will cost some $ 80 mm, the Anglo-Argentine oil company said.
Initial exploration efforts are focusing on a 4,700 sq km (1,814 sq mile) area in the Gulf of San Jorge in waters belonging to Chubut and Santa Cruz provinces in extreme southern Argentina. Pan American Energy, which is owned by Britain's BP and Argentina's Bridas, said it was operating at average depths of some 80 meters (262 feet).