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.
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