Petrobras Argentina Says it Finds 6 Million Barrels of Oil Equivalent

Petrobras Argentina Says it Finds 6 Million Barrels of Oil Equivalent

BUENOS AIRES - Petrobras Argentina SA (Petrobras), the Argentine unit of Brazil's oil and gas company Petroleo Brasileiro SA, has found an estimated 6 million barrels of oil equivalent in the province of Santa Cruz.

The discovery is the second at Petrobras's Estancia Agua Fresca concession in the province, where it already produces almost 3,000 barrels of oil and close to 3.2 million cubic feet of gas a day.

Petrobras Argentina operates the concession and is a 50% shareholder in it along with Compania General de Combustibles SA, according to a statement Petrobras Argentina sent to the Buenos Aires Stock Exchange Tuesday.

In November, Petrobras Argentina said it would invest $800 million over the next four years in Santa Cruz.

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

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