Repsol obtains 45 % in Argentina's Pluspetrol

Jan 15, 1997 01:00 AM

Jan. 3, 1997 Spanish Repsol has bought 45 % of Argentine firm Pluspetrol Energy S.A. for $ 340 million. Repsol said the purchase was made via its affiliate Astra, in which the Spanish firm has a 37.7 % controlling stake. Pluspetrol is a fuel exploration and production firm which has a 60 % stake in the Ramos gas field in northern Argentina. It also holds 100 % of the Central Termica Tucuman SA co-generator station, which runs on gas from the above-mentioned field. The Ramos field has gas reserves of 100 billion cubic metres and more than 100 million barrels of associated fuels (oil, petrol and condensates). The field is connected to the Argentine gas pipeline and also with Bolivia. It is planned to be connected to Chile's Atacama pipeline, which is also due to provide Brazil with natural gas. The Tucuman power station should come on stream by 1998, with full potential of around 460 MW.

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