Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Total, Wintershall to Invest $2.1B in Argentina Natural-Gas Production

change text size
Total, Wintershall to Invest $2.1B in Argentina Natural-Gas Production

BUENOS AIRES - France's Total SA and Germany's Wintershall AG will each invest about one billion U.S. dollars in Argentina over the next five years to boost natural-gas production, the Argentine government said in a statement Friday.

Total will invest $1.1 billion, while Wintershall will invest $1 billion in projects that will increase the country's annual natural-gas output by 3.1% between 2013 and 2017, according to the statement. Increased output from the investments is expected to total 12 million cubic meters per day.

Argentina is on a big push to try and attract investment in its energy sector to boost output.

Oil-and-gas production has declined in recent years while has demand soared, turning Argentina into a net energy importer and forcing the government to spend billions each year on gas and fuel imports. In 2011, Argentina spent more than $9 billion on imported energy.

Last year, the government nationalized a controlling stake in the country's leading oil-and-gas company from YPF SA from Spain's Repsol SA, accusing the company of bleeding YPF dry with dividends and failing to invest. Now, the government is pouring billions into expanding YPF's production.

Copyright (c) 2012 Dow Jones & Company, Inc.

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Most Popular Articles
From the Career Center
Jobs that may interest you
Strategic Account Manager
Expertise: Business Development
Location: Houston, TX
 
Vice President Regional Business Development
Expertise: Business Development, Sales and Marketing, Technical Sales
Location: Houston, TX
 
Stakeholder and Communications Advisor
Expertise: PR / Corporate Communications
Location: Anchorage, AK
 
search for more jobs