Pan American Energy to Invest $3.4B in Argentina from 2013-2017

BUENOS AIRES - Argentina's Pan American Energy plans to invest $3.4 billion between 2013 and 2017 to boost natural gas exploration and production, the company said in a press release Friday.

The company reached an agreement with the Argentine government boosting the price it will receive for natural gas production over a base level to $7.5 per million British thermal units the company said.

Pan American said it had reached a similar deal as state-run oil company YPF SA. In November, YPF said that it would start charging $7.5 per million BTU, more than three times what YPF charged for its gas last year.

Pan American Energy is 60% owned by BP PLC, while China's CNOOC Ltd. has a 20% stake through Bridas Corp. Bridas Corp. is a joint venture between Cnooc and Bridas Energy Holdings Ltd., the oil and gas company owned by Argentina's Bulgheroni family.

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


Click on the button below to add a comment.
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

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $51.87/BBL 0.40%
Light Crude Oil : $47.64/BBL 0.56%
Natural Gas : $2.94/MMBtu 0.67%
Updated in last 24 hours